400k house estimated - became a 470k house / an experience report

2020-08-24 21:33:24

Sooner or later, the money will be squandered anyway....

Some spend it on:

House
or
Cars
or
Lifestyle
or
Travel
etc.

I have friends who spend 200-300€ every weekend on entertainment, I put it into the house, my hobbies are practically free.

A colleague of mine is over 60 years old, has always rented, his monthly rent is about 1400€, in the end, he and his wife will only live off their pension, not much will be left.

2020-08-24 22:30:18

Stupid thinking. It belongs to you - you are the owner and proprietor. Nothing more and nothing less.

No, the bank does not do that. If you ruin your life and can no longer pay, the bank has it auctioned off and does not sell it. It is exclusively your "fault" if you run your life into the ground in front of the bank. Not the bank's fault, which actually does nothing and just waits for its installments. There is no "evil" bank, only insolvent customers who never can help it...

tell me, what's wrong with you...?
I never wrote anything about "the evil bank" or mistakes.
The fact is, if I can't pay my installments, I lose the house.
Therefore, it is not completely mine beforehand either.

2020-08-24 22:39:25

tell me, what’s going on with you...?
I never wrote anything about "the evil bank" or mistakes.
The fact is, if I can’t pay my installments, I lose the house.
Therefore, it doesn’t fully belong to me beforehand.

....therefore, you would hardly own anything at all, since ultimately most of it could be taken by the bailiff if one does not meet their payment obligations. Not even the money in your wallet... pocket seizure.

2020-08-25 08:01:37

You can't save that much there either. The simplest house without a basement and garage costs 250k plus additional costs plus land. If you're in Bavaria, it's always over 500k. And whether it's 500 or 700 doesn't really matter anymore...

The big difference is 200,000 euros. How long do you work for 200,000 euros net taxed? I need a large number of days, weeks, months, years of life time to work for that... That is a significant difference. You also have to pay it back at some point..... it's not just the 300 euros monthly additional burden (or so...)

2020-08-25 08:56:05

Your monthly installment hardly affects it. The value of the house increases. So it is almost irrelevant.

Regarding purchase or leasing/financing. Both are to be seen as equivalent. You have to evaluate what is more economical. Leasing cars can be cheaper than buying with your own money.

That has nothing to do with buying on credit.

2020-08-25 10:53:16

Leasing cars can be cheaper than buying with your own money. That has nothing to do with buying on credit.

Identical to the house. Often buying is cheaper than renting – with the advantage that it is ownership and forced saving in addition.

400k house estimated - became a 470k house / an experience report

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