Buying a house at 40+, is that feasible?

2020-07-08 14:41:15

I understood that with the bank you can finance in between, but not the full purchase price of the house, only the expected equity, right?

Correct. For the rest, there is a regular (long-term) construction financing.

but you can only sell the owner-occupied apartment once the new one is finished being built.....

That’s what the interim financing is for. Apart from that, you can also already sell your current property now. Purchase price payment then, for example, in one year. Or purchase price payment already now (then you already have your equity) and agree on a usage compensation for the time until moving. That works without any problems. Or start the sales process in one year. Do it however you think is right.

2020-07-08 17:30:34

Hello everyone, thank you very much for the numerous replies. We are still looking for a suitable property and I have a question for the financing experts (and of course anyone else who knows about this). Keyword: bridge financing. Suppose we find a house that is yet to be built; the respective construction phases must be paid. In that sense, we don’t have any equity yet, since our condominium is still being occupied by us. How is this best financed? As I understand it, you can bridge finance with the bank, but not the full purchase price of the house, only the expected equity, right? But you can only sell the owner-occupied apartment once the new one is finished... Sorry for the stupid question, but I really don’t get it... Thanks. Best regards

Hello, that's exactly right. You must specify the amount to be bridge financed. I always recommend being more conservative so that you don’t have to sell under pressure. Bridge financing is cheaper than additional financing later. And if there is money left over, simply make special repayments.

2020-07-09 10:55:59

Thank you for the explanations.

So we would have to take out a bridge loan for the down payment of the new property until the apartment is sold. At the same time, a construction loan for the new one and the existing construction loan for the old property. So we would have 3 loans running temporarily, is that correct? And we would have to service all 3 loans at the same time, right?

I find that incredibly complicated, better we sell first and then look for something else.......

2020-07-09 12:03:47

So we would have 3 loans running simultaneously for a short time, is that correct? And we would have to service all 3 loans at the same time, right?

And? It's actually quite normal You can simply have the interest financed for one year as well.

2020-07-09 12:23:06

My question now is: is it still feasible to take such a step at our age?

Do you want to discriminate against me?- I am 59+ and building..... Basically a thoroughly sensible idea; I can only endorse having the mother in the house, as I have lived that way myself for a long time. If one can appropriately separate interpersonal matters, also structurally, it will be a gain for everyone. However, the idea of a small apartment for the mother nearby has the same appeal.

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Buying a house at 40+, is that feasible?

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