Good day, fellow enthusiasts!
I registered here today hoping to get some opinions from you on my plans.
We are a family of four with a good income. My younger son is still a student, the older one is 24 and already earns his own money but still lives with us.
Ten years ago, I bought a quiet 5-room apartment close to the city center in a building with 22 units, which is still being financed. The apartment cost 140,000 back then. I estimate the current market value to be between 190,000 and 220,000. Last year, 3-room apartments here sold for around 160,000.
At that time, I was rather naive, and now I regret that every small decision has to be voted on, the property management doesn’t perform its duties properly, and the reserve fund is increased every year. So far, we have saved 330,000 in reserves without any specific plans, but still, we are expected to pay more each year. I have come to see it this way: my house, my money, my responsibility. I prefer to be on my own.
I am therefore considering either buying a house of a similar size and renovating it or building a new one. I am able to contribute some work myself (electrical and plastering).
My problem is that I’m hesitant—I don’t know how to approach this and whether I might be making a mistake. I am completely undecided.
Are there people who have been through something similar and can share their experiences? What would you advise? How should I approach this? Or should I just accept the status quo?
I registered here today hoping to get some opinions from you on my plans.
We are a family of four with a good income. My younger son is still a student, the older one is 24 and already earns his own money but still lives with us.
Ten years ago, I bought a quiet 5-room apartment close to the city center in a building with 22 units, which is still being financed. The apartment cost 140,000 back then. I estimate the current market value to be between 190,000 and 220,000. Last year, 3-room apartments here sold for around 160,000.
At that time, I was rather naive, and now I regret that every small decision has to be voted on, the property management doesn’t perform its duties properly, and the reserve fund is increased every year. So far, we have saved 330,000 in reserves without any specific plans, but still, we are expected to pay more each year. I have come to see it this way: my house, my money, my responsibility. I prefer to be on my own.
I am therefore considering either buying a house of a similar size and renovating it or building a new one. I am able to contribute some work myself (electrical and plastering).
My problem is that I’m hesitant—I don’t know how to approach this and whether I might be making a mistake. I am completely undecided.
Are there people who have been through something similar and can share their experiences? What would you advise? How should I approach this? Or should I just accept the status quo?
Where is the problem? Decide whether to build new or buy. See what you can afford. Sell the condominium so that you retain a sufficiently long right of residence, which lowers its price and thus reduces the buyer’s additional purchase costs. Then build or buy. Keep in mind that new construction takes time.
H
HilfeHilfe22 Oct 2018 06:51At your age, I wouldn’t recommend building anymore. What’s the point of a large house if your youngest son will soon be moving out?
You still have remaining debts and would have to take out more loans. Do you really want to start that at 45?
33,000 euros for 22 units equals about 15,000 euros per unit. Over 10 years, that means you’ve saved on average 1,500 euros per year.
Is there no backlog of maintenance or repairs you want to address? With such a large property, 330,000 euros can be quickly “used up.” Be glad you have that much.
You still have remaining debts and would have to take out more loans. Do you really want to start that at 45?
33,000 euros for 22 units equals about 15,000 euros per unit. Over 10 years, that means you’ve saved on average 1,500 euros per year.
Is there no backlog of maintenance or repairs you want to address? With such a large property, 330,000 euros can be quickly “used up.” Be glad you have that much.
M
Mottenhausen22 Oct 2018 11:14I would build. The question is, what and where do you want to build? An age-friendly bungalow? A single-family house with two children’s bedrooms that will likely be empty in a few years? Close to the city for schools and such, or in the countryside where it’s cheaper and quieter? If I were you, I would base this decision on the available plots of land (or existing properties). Finding the right place might take a few years anyway, and by then the children may have moved out...?
So, help help, am I too old to start building at 45? I was 59 when we began. You just need some capital; he has his through his apartment. We only had to borrow 100, of which 50 were to be repaid through an old life insurance policy this July. Now there are 37 left to pay off. Thirty are already in a fixed-term deposit. In a few more months, the whole thing will be settled, before retirement in 2021. Besides the proceeds from selling, he will probably have some other resources. Aiming for a bungalow would be wise. K
HilfeHilfe schrieb:
at your age, I wouldn’t build anymore What kind of nonsense is that?
It really depends on how you use your equity and when you would be finished paying off a new loan!
We are now 43 and 52 and have built again. The financial part just needs to be settled before retirement age.
Besides, it’s not stated anywhere that you have to build with a children’s room. Then the son can simply find his own place for a while. So what?
To the OP: Nobody can really help you with this. Personally, I couldn’t feel comfortable in a "residential complex" like you currently have. For me, the choice would always be clear: to have your own house. Then you can do whatever you want.
If I were in your position, I would probably look into getting a plot of land and building a nice house for two people on it!
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