Hello,
here’s a somewhat "unusual" topic. How did you manage to fundamentally decide between an apartment (condominium) or a house for yourselves? And in the end, how did you manage to put your name on the loan agreement for a construction project, where you are basically always an amateur but financially have to compete at the highest level? I have been following for a long time, and good offers come and go. I just can’t seem to overcome the feeling of uncertainty. Am I the only one struggling with this?
here’s a somewhat "unusual" topic. How did you manage to fundamentally decide between an apartment (condominium) or a house for yourselves? And in the end, how did you manage to put your name on the loan agreement for a construction project, where you are basically always an amateur but financially have to compete at the highest level? I have been following for a long time, and good offers come and go. I just can’t seem to overcome the feeling of uncertainty. Am I the only one struggling with this?
I wouldn’t buy over the phone either, but the property brochure was very informative, and the plot of land was large and located in a prime area of high-value Frohnau. The value of the probably sub-dividable plot alone likely reduced the risk. Someone clearly knew what they were doing, had the money or financing ready, and acted decisively.
On the other hand, I know several people who have taken the opposite approach: they actually had enough money but kept finding new reasons after each viewing not to commit. Having a good rental apartment made it even harder to take the plunge.
A 320,000 (320K) property in central Lübeck (where we would have loved to move, too) with a view of the nature reserve probably seemed too good for the buyer to go through another round of building inspections and experts. But don’t be upset—who hasn’t missed opportunities in the last 10 years that they now regret? If only I had listened to my father and bought a plot in 2008—that would have saved me 200,000. Or the property offered to us in 2014 on the city outskirts—new build, over 200m² (2,150 sq ft) with all the amenities for 500,000. Back then, I just laughed. Nowadays, no one is laughing in Berlin who’s looking for a house!
On the other hand, I know several people who have taken the opposite approach: they actually had enough money but kept finding new reasons after each viewing not to commit. Having a good rental apartment made it even harder to take the plunge.
A 320,000 (320K) property in central Lübeck (where we would have loved to move, too) with a view of the nature reserve probably seemed too good for the buyer to go through another round of building inspections and experts. But don’t be upset—who hasn’t missed opportunities in the last 10 years that they now regret? If only I had listened to my father and bought a plot in 2008—that would have saved me 200,000. Or the property offered to us in 2014 on the city outskirts—new build, over 200m² (2,150 sq ft) with all the amenities for 500,000. Back then, I just laughed. Nowadays, no one is laughing in Berlin who’s looking for a house!
Unsure schrieb:
You always know better in hindsight, and buying over the phone? Only if you’re Rockefeller. It can also end badly with a run-down property. As an average person, you can only afford mistakes like that once or not at all. For people like me, who have no expertise in this field, it’s practically suicide. Often, these phone buyers are some kind of corporations or real estate investment funds. They are willing to include a run-down property in their portfolio if the location of the land is right. Nobody really cares because these properties are frequently sold on for profit every few years. You see this with urban rental blocks where the owner changes constantly, nobody is ever around, and a broken heating system leaves tenants freezing for weeks on end, literally leaving the landlord’s side in the cold.
H
hampshire28 Jun 2020 16:27What is a missed opportunity anyway – the next one will come. The important thing is to first develop your own mindset. Then you have clear criteria for when to take action quickly. And if not – you all have learned from experience not to end up out on the street. So what actually happened?
Should I regret not shorting Wirecard? Or not buying Bitcoins at €50 (about $54)? That’s nonsense. The fear of missing out or not making the absolute best choice is a sign of prosperity disability.
Just stay relaxed and keep going, it will work out.
Should I regret not shorting Wirecard? Or not buying Bitcoins at €50 (about $54)? That’s nonsense. The fear of missing out or not making the absolute best choice is a sign of prosperity disability.
Just stay relaxed and keep going, it will work out.
ypg schrieb:
Folks, you’re just scaring the original poster even more. Thanks – but I’m not that sensitive. I used this past weekend for some "sightseeing," which helped solidify our preferences for a house/semi-detached house/townhouse, especially regarding the surroundings. We’ve actually been working on this for about two years now. And now, to be frank, I’m already getting annoyed.
We’ve had two situations so far that we regret in hindsight, but back then we didn’t have the knowledge we have today, and interesting things keep coming up. For me, that’s no reason to act recklessly or give in to FOMO.
In the end, it’s about a house, not life or death.
N
nordanney28 Jun 2020 18:42Nummer12 schrieb:
I still clearly remember a property in Berlin Frohnau — just under 700,000. Online at 11 am, contacted the agent by 11:15 am, viewing at 2 pm. One hour beforehand, I got a call that someone had bought it over the phone without viewing.I’ve done that as well. It’s not really a problem since property purchases in Germany must still be notarized by a notary. So you can agree over the phone, send the financing confirmation (which you can generally arrange with your bank in advance), and then have plenty of time to still visit the property afterwards. There’s nothing more non-binding when buying than agreeing over the phone. It’s less risky than any electricity contract or magazine subscription!That’s the only way to get “bargains” in high-demand areas. Although “bargains” should always be understood with quotation marks.
Unsure schrieb:
You’re always wiser in hindsight. Buying over the phone? Sure, if your name is Rockefeller. It can also end sadly with a rundown property.No, you’re not actually buying—you’re just giving the seller a good feeling. You can agree and then meet the sellers at the property to discuss details like the purchase contract, inventory, and so on. If the property turns out to be rubbish, you simply say “Thank you, but I’ve changed my mind” and watch the confused look on the sellers’ faces.