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?
HilfeHilfe schrieb:
at your age, I wouldn’t build anymore.I really want to know where you get your life wisdom from and where your incredible urge to impose your strange views on everyone here comes from.
We started this year, and I am 51 years old. We had visitors at the construction site who wanted to take a look at our house because they themselves want to build again. Both of them were over 70.
It’s not about age; the financial background is likely much more decisive.
To the original poster:
Calculate everything carefully so you know what you can afford, how long the financing should/can last, and how you plan to handle your children as they become independent.
Make this clear to yourselves and then get started.
You have my full understanding for wanting to get out of this situation. I still shudder when I think about the owners’ meetings for my condominium. I was so relieved when it was over...
H
HilfeHilfe22 Oct 2018 15:12As I said, you don’t have to put yourself through that at your age. At least, I wouldn’t.
HilfeHilfe schrieb:
As I said, you don’t have to put yourself through that at your age... and when you reach a nice age, living in an apartment for the next 40 years that you were already unhappy with at 45... Very wise!
It’s best if you explain your financial situation in detail in the financing thread.
There you’ll most likely find people who can tell you what is possible and what is not.
Your concerns probably come from uncertainty. Read through the information here and get advice. Age doesn’t matter as long as you’re still able to act. 😉
There you’ll most likely find people who can tell you what is possible and what is not.
Your concerns probably come from uncertainty. Read through the information here and get advice. Age doesn’t matter as long as you’re still able to act. 😉
montessalet22 Oct 2018 15:29We will be 62 and 59 years old when our new house is finished.
You can’t base it on age.
You can’t base it on age.
HilfeHilfe schrieb:
As I said, you don’t have to put yourself through that at your age. At least I wouldn’t.Just wait until you reach my age... do you think your expectations will change? I was 45, my husband 55... most people we know who build are around retirement age or just before or after.
Wickie schrieb:
Financial matters need to be fully settled by the time retirement comes.Why?