Hello, dear forum community,
I have been reading along for some time and have already learned a lot, so thank you very much for that!
My husband and I have been searching for a home for ourselves and our two young children for 10 months. Currently, I am interested in a semi-detached house listed as having 4 rooms. However, these are not fully separate rooms. I have two questions about this:
1) One of the four rooms is a converted attic that is open to the stairwell (with a small gallery overlooking the staircase) — so it is not a fully enclosed room. How much would it typically cost to replace the gallery on the top floor with a drywall partition to create a fully separated room from the rest of the house?
2) According to the listing, one of the two fully enclosed rooms on the first floor can be "easily divided." In my opinion, it would only be possible to add a drywall partition through the room (which has two windows), but this would inevitably make one half a walkthrough room since it wouldn’t be possible to fit a second door. Additionally, there is only one radiator in this room. Is it feasible to install a second radiator "with minimal effort"?
Otherwise, the semi-detached house meets our requirements quite well: built in 2017, gas condensing boiler, and photovoltaic system, with no renovation backlog. The location and number of rooms represent a compromise we are willing to accept for financial reasons (yes, I know there are forum members who advise against any compromise, but after extensive searching and many disappointments, I no longer share that view. Therefore, it makes little sense to advise us to simply keep looking for five fully separate rooms in the desired area, as these cost more than 750,000 euros and such offers are very rare at our current place of residence).
Thank you in advance for your answers! Warm regards!
I have been reading along for some time and have already learned a lot, so thank you very much for that!
My husband and I have been searching for a home for ourselves and our two young children for 10 months. Currently, I am interested in a semi-detached house listed as having 4 rooms. However, these are not fully separate rooms. I have two questions about this:
1) One of the four rooms is a converted attic that is open to the stairwell (with a small gallery overlooking the staircase) — so it is not a fully enclosed room. How much would it typically cost to replace the gallery on the top floor with a drywall partition to create a fully separated room from the rest of the house?
2) According to the listing, one of the two fully enclosed rooms on the first floor can be "easily divided." In my opinion, it would only be possible to add a drywall partition through the room (which has two windows), but this would inevitably make one half a walkthrough room since it wouldn’t be possible to fit a second door. Additionally, there is only one radiator in this room. Is it feasible to install a second radiator "with minimal effort"?
Otherwise, the semi-detached house meets our requirements quite well: built in 2017, gas condensing boiler, and photovoltaic system, with no renovation backlog. The location and number of rooms represent a compromise we are willing to accept for financial reasons (yes, I know there are forum members who advise against any compromise, but after extensive searching and many disappointments, I no longer share that view. Therefore, it makes little sense to advise us to simply keep looking for five fully separate rooms in the desired area, as these cost more than 750,000 euros and such offers are very rare at our current place of residence).
Thank you in advance for your answers! Warm regards!
Why a rental agreement? There is no rental agreement if it is properly arranged, only ownership.
The transfer of ownership is, for example, on October 1, 2022. The notarized contract is drafted so that they must have moved out by that date. If they have not moved out, a compensation of, say, 3000€ per month will be due.
If their new house is not finished, that is not your problem but the sellers’ problem. They will have to rent elsewhere or pay the penalty. What they “want” is their issue. Once a notarized contract is signed, there is no turning back. There is absolutely no right of withdrawal.
This is a very simplified explanation from my side, but there are proper ways to implement this. You could also pay 75% immediately, and the last 25% upon move-out, minus 3000€ for each started month.
The transfer of ownership is, for example, on October 1, 2022. The notarized contract is drafted so that they must have moved out by that date. If they have not moved out, a compensation of, say, 3000€ per month will be due.
If their new house is not finished, that is not your problem but the sellers’ problem. They will have to rent elsewhere or pay the penalty. What they “want” is their issue. Once a notarized contract is signed, there is no turning back. There is absolutely no right of withdrawal.
This is a very simplified explanation from my side, but there are proper ways to implement this. You could also pay 75% immediately, and the last 25% upon move-out, minus 3000€ for each started month.
Winniefred2 Sep 2021 12:12Don't worry about that, this is routine work for notaries and can be resolved smoothly. Even without the usual tenant-related issues. Make sure to get good advice on this, as notaries charge their substantial fees for exactly that. Fingers crossed that you get the house!
Kensington schrieb:
The house will be handed over no earlier than autumn next year,It is common practice and not a niche solution to sell a house well in advance when the handover will only take place in about a year.K
Kensington2 Sep 2021 13:46Okay, that sounds reassuring. If we could pay three-quarters now—a creative solution—that would actually be ideal because we wouldn’t have to take out a loan and would be free of that debt. We don’t want to pay everything upfront if it means having to cover both our rent and a loan at the same time, which would overwhelm us or be unfavorable and unfair if the current owners receive nothing (i.e., no rent) for their use.
We would need to assess how much loan would still be necessary in a year if we pay three-quarters upfront. I have read that banks are generally reluctant to grant loans below 20-30% of the mortgage lending value because it isn’t profitable for them. On the other hand, if interest rates rise again due to the current inflation wave, it’s at least less problematic to borrow only one-quarter of the value. (However, Ms. Lagarde is determined to keep interest rates low at all costs.)
Still, the idea of evicting a family in housing need makes me uncomfortable, no matter what happens. We have serious reservations about that. It’s important to discuss in advance what they intend to do if this scenario arises.
Thank you for your ideas!
We would need to assess how much loan would still be necessary in a year if we pay three-quarters upfront. I have read that banks are generally reluctant to grant loans below 20-30% of the mortgage lending value because it isn’t profitable for them. On the other hand, if interest rates rise again due to the current inflation wave, it’s at least less problematic to borrow only one-quarter of the value. (However, Ms. Lagarde is determined to keep interest rates low at all costs.)
Still, the idea of evicting a family in housing need makes me uncomfortable, no matter what happens. We have serious reservations about that. It’s important to discuss in advance what they intend to do if this scenario arises.
Thank you for your ideas!
In any case, do not include the word “rent” in the contract or mention it in any other way. Because no matter what happens... you don’t want a rental relationship to arise through the back door.
You will always get a loan. A quarter of the purchase price will still be a six-figure amount. Banks do like low-risk loans. And don’t worry about the interest rate. Nobody ever really catches the ideal timing, if ever, only by chance. With such a high equity share, it shouldn’t matter to you. Wherever the rate ends up, it won’t ruin you. The rest is purely speculative.
You are not doing that. They willingly sold their house. Imagine this family is unlucky with an ongoing construction project that never finishes. In an extreme case, if there’s a legal dispute, insolvency, or similar issues with the construction company, you could wait years(!) for them to move out. Therefore, set clear deadlines and clear consequences. After all, they already have your money. This is a completely standard, fair arrangement. Keep it factual. You are not responsible for the other family in any way. And if you want to offer them a deal next year, it also has to make financial sense for you. So again: high compensation (not rent) if they do not move out on time.
You will always get a loan. A quarter of the purchase price will still be a six-figure amount. Banks do like low-risk loans. And don’t worry about the interest rate. Nobody ever really catches the ideal timing, if ever, only by chance. With such a high equity share, it shouldn’t matter to you. Wherever the rate ends up, it won’t ruin you. The rest is purely speculative.
Kensington schrieb:
Still, I don’t like the idea of evicting a family in need of housing, no matter what happens.
You are not doing that. They willingly sold their house. Imagine this family is unlucky with an ongoing construction project that never finishes. In an extreme case, if there’s a legal dispute, insolvency, or similar issues with the construction company, you could wait years(!) for them to move out. Therefore, set clear deadlines and clear consequences. After all, they already have your money. This is a completely standard, fair arrangement. Keep it factual. You are not responsible for the other family in any way. And if you want to offer them a deal next year, it also has to make financial sense for you. So again: high compensation (not rent) if they do not move out on time.
Kensington schrieb:
Still, the idea of evicting a family facing housing insecurity doesn’t sit well with me, no matter what happens. We have serious reservations about that. There needs to be a prior discussion about what they plan to do if this scenario occurs. Sellers can and should protect themselves with appropriate measures (completion guarantees, penalties) to ensure their future house is not finished with the delays of a major airport project.
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