ᐅ Too old to build a house at 50?

haussucher schrieb:

Do you mean it costs more than a used one? I’d say my last viewing was a property for 115,000 at 120m² (1,292 ft²). The electrical system needed updating, the heating was fifteen years old, and the bathroom had to be renovated, so there were some smaller renovation costs plus the agent’s fee. The plot was a bit larger and included a garage.

Regarding the older house, my wife didn’t have as many concerns as she does with a new build; people tend to have a lot of negative impressions from TV shows about new constructions.

Regards..

I wouldn’t let TV shows about building put you off. They are mostly staged anyway. And to make the show entertaining and get enough viewers, something always has to go wrong.

How expensive a used house is also depends on the current real estate market. If there are many houses available, prices naturally go down. Maybe you should look at more options than just the one for 115,000. Time is always important with these things. Don’t just take the first one. Do you know much about electrical work? If yes, you could do that yourself. But if not, the expenses for that will add up, and that’s not little. And that’s not the only thing that needs to be done on that house either.

To be honest, I can’t imagine how 130,000 euros would be enough for the house plus the land.

And on top of that, without any equity?!

I still wish you the best of luck with it!

You are definitely not too old... In my opinion, this is the best age to build, as you may already have some experience, etc.

Hello, a quick update on this topic: new construction is off the table, it will be a small used terraced house.

Building a house is an exciting and new experience. I work in the home construction industry. This year, I am turning 50! And yes, we are building a new home. With all my experience, I know that I am building for myself and my wife. A new home, simple, straightforward, but effective. For us, not for the neighbors. Today, our children are almost grown and ready to leave the nest (we need many drywall partitions), and our parents have recently passed away. Finally, the desire for a little private retreat drove us last year, and we are approaching this not with excitement but with rational planning. This is OUR next project after raising children and caring for aging parents. Why not! We are still young, full of energy, and we have a huge advantage compared to younger homebuilders – my financial planning – the bank can realistically assess it. And the best part is, when the house is paid off in 10 years, we won’t have to worry about renovations like we did with the house we built at 30. We were able to sell that house very well in the current market, but we would have needed our retirement savings for renovations.

Seriously? How many square meters should the house (small house) have? 60? It can’t be more if I calculate with 1500 plus own labor. There are many additional construction costs that are simply "forgotten" here. Sure, you can build with 50, but if you have no equity at 50, then something probably went wrong and you should rather give it up. Exception: You have a really good income… but then I wonder again why there is no equity?