ᐅ Anyone with too much money and poor judgment buys an old house and renovates it.
Created on: 11 Jun 2018 10:58
T
ThierseH
HilfeHilfe11 Jun 2018 11:36Why?
There are always some like that. Within my circle of acquaintances, a house built in the 1960s was purchased, and nothing is happening. My hair stands on end whenever I am inside; they seem to be content............
There are always some like that. Within my circle of acquaintances, a house built in the 1960s was purchased, and nothing is happening. My hair stands on end whenever I am inside; they seem to be content............
My hair always stands on end when I read that people willingly and happily take on debt equal to a third of their income for 20+ years and have to work until retirement because of it.
Or when someone spends over $15,000 on a carport.
Or when a house is built 6 meters (20 feet) from a state road and the new owners are surprised by the noise after moving in.
Buying an old house and renovating it? No, that doesn’t bother me in principle.
But if you pay $300,000 for an old house and then need to invest another $300,000 in renovations, that’s where it gets scary. On the other hand, if you buy the old house including the land for $100,000 and bring it up to standard with about $100,000 more, that’s perfectly fine.
I’d rather live mortgage- and rent-free in a single-family home that needs a bit of renovation than pay $1,000+ per month for 30+ years for a fully renovated single-family home.
But everyone’s different… Some people are good at convincing themselves and sugarcoating or rationalizing things; others aren’t.
If money isn’t an issue anyway, then the whole question becomes irrelevant.
Or when someone spends over $15,000 on a carport.
Or when a house is built 6 meters (20 feet) from a state road and the new owners are surprised by the noise after moving in.
Buying an old house and renovating it? No, that doesn’t bother me in principle.
But if you pay $300,000 for an old house and then need to invest another $300,000 in renovations, that’s where it gets scary. On the other hand, if you buy the old house including the land for $100,000 and bring it up to standard with about $100,000 more, that’s perfectly fine.
I’d rather live mortgage- and rent-free in a single-family home that needs a bit of renovation than pay $1,000+ per month for 30+ years for a fully renovated single-family home.
But everyone’s different… Some people are good at convincing themselves and sugarcoating or rationalizing things; others aren’t.
If money isn’t an issue anyway, then the whole question becomes irrelevant.
R
readytorumble11 Jun 2018 12:19I don’t think much of that.
A new build can be planned and therefore estimated better than a renovation. However, depending on the situation, either a renovation or a new build can be more economical. It always depends on the circumstances!
A new build can be planned and therefore estimated better than a renovation. However, depending on the situation, either a renovation or a new build can be more economical. It always depends on the circumstances!
What kind of sweeping cliché or “common wisdom” is that supposed to be?
Rarely have I read something so ridiculous, sorry!
You really can’t generalize like that.
If someone is too careless to thoroughly check the house beforehand or to realistically assess their own skills and capabilities, that’s their problem. The house itself is not to blame.
The same can happen with a new build—someone might misjudge their financial capacity, their ability to contribute work, or something else entirely.
It’s definitely possible to buy an older house at a good price and renovate it into something decent for “little money.”
You just need to inspect certain aspects beforehand.
It’s the same with new builds, though the relevant factors differ.
And you can fail anywhere, anytime.
Rarely have I read something so ridiculous, sorry!
You really can’t generalize like that.
If someone is too careless to thoroughly check the house beforehand or to realistically assess their own skills and capabilities, that’s their problem. The house itself is not to blame.
The same can happen with a new build—someone might misjudge their financial capacity, their ability to contribute work, or something else entirely.
It’s definitely possible to buy an older house at a good price and renovate it into something decent for “little money.”
You just need to inspect certain aspects beforehand.
It’s the same with new builds, though the relevant factors differ.
And you can fail anywhere, anytime.
"It is certainly possible to buy an older house at a good price and make it into something decent for 'little money.'"
Certainly. But this is becoming increasingly rare, for example, in economically booming metropolitan areas of southern Germany. It might still be the case in structurally weak regions. Otherwise, prices for old, worn-out houses have risen significantly in many places.
Certainly. But this is becoming increasingly rare, for example, in economically booming metropolitan areas of southern Germany. It might still be the case in structurally weak regions. Otherwise, prices for old, worn-out houses have risen significantly in many places.
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