Hello, we are new to this forum and have many questions.
There are only two of us left, and we would like to either build a new house or buy a used one.
My wife is afraid to build new because she is already 50, and I am 46.
We have set a limit for the monthly loan payment in our financing.
It is difficult to find something suitable among used properties, so now we have a new offer: a small house of 100 sqm (1,076 sq ft).
Our equity will be mainly our own labor for the interior finishing. It is unlikely that we will fully pay off the mortgage before retirement.
Is my wife’s uncertainty justified? What do you think?
Best regards..
There are only two of us left, and we would like to either build a new house or buy a used one.
My wife is afraid to build new because she is already 50, and I am 46.
We have set a limit for the monthly loan payment in our financing.
It is difficult to find something suitable among used properties, so now we have a new offer: a small house of 100 sqm (1,076 sq ft).
Our equity will be mainly our own labor for the interior finishing. It is unlikely that we will fully pay off the mortgage before retirement.
Is my wife’s uncertainty justified? What do you think?
Best regards..
J
j.bautsch14 Feb 2017 09:07Um, did you notice that this thread is from 2011?
S
Steffen8014 Feb 2017 09:34j.bautsch schrieb:
um, did you notice that this thread is from 2011? oh... right. Back then, you could still get 75m² (807 ft²) for that price.
I’m not sure, but from what I understand, there was a house that could be sold for a good price.
It’s clear that doing this without any equity would be nonsense, but that’s not what’s being discussed here, right?
So, let’s stay calm.
For many parents, this is a normal path:
- Build a house
- Enjoy the house with their children
- Children move out, and the house becomes too big
- Sell the house and buy something smaller.
I think this approach makes sense. I’m currently experiencing the opposite in my own family, where the grandparents (both mine and my wife’s) missed the chance to move to something smaller and better suited for their age.
Now the relatives are left to clear out the houses.
It’s clear that doing this without any equity would be nonsense, but that’s not what’s being discussed here, right?
So, let’s stay calm.
For many parents, this is a normal path:
- Build a house
- Enjoy the house with their children
- Children move out, and the house becomes too big
- Sell the house and buy something smaller.
I think this approach makes sense. I’m currently experiencing the opposite in my own family, where the grandparents (both mine and my wife’s) missed the chance to move to something smaller and better suited for their age.
Now the relatives are left to clear out the houses.