House Building Forum - Would you buy or build a house again?

Interesting question!

My two cents:

I always wanted to live in a detached single-family house. Detached. I always wanted a "home cinema," hobby basement, basketball hoop, and a garden. I was willing to sacrifice a lot of my freedom for that.

At the same time, I felt very, very comfortable in my (still) current apartment. The rent at 700EUR in Hamburg for 75sqm is more than affordable. The street is very quiet, and it’s only a 10-minute walk to the city park. So, I could have lived here for another 10 years. Easily.

While looking for the right plot (with or without a single-family house on it), I found one property estimated at 540k all-in. I almost bought it and would have been in debt for the next 30 years.
I (and did) talked myself into my calculation. (6200 net salary and 120k equity).

- "We have more net income than many who own a single-family house"
- "I have to work anyway"
- "I don’t want to pay for others"
- "It’s a great retirement provision"
- "Better quality of life than in the apartment"
- "It’s easier to raise children in a house"
- "My salary will never be lower. If anything, it will go up."
- "My wife also has to work. The child goes to daycare. It’s better anyway, so the wife keeps her independence."

and so on, and so forth...

At the end of the day, I didn’t buy it. My gut feeling didn’t allow it!

Thank God!

Shortly afterward, I luckily found the catch of my life. Under 100k in Hamburg for about 90sqm living space on 1000sqm directly by the lake. It can be comfortably expanded (if necessary and desired).

The house is paid off. Renovations are ongoing. Everything is good, and I am debt-free and happy.

Therefore... the answer to your question is: No! (If you have to go into debt for 20+ years).

A clear YES! If you get a bargain or have the money to pay off the property within a few years.

Despite a reasonable salary, I didn’t dare to buy a single-family house. The debt wouldn’t have let me sleep. I think that’s a personality thing.

Most women see it more relaxed. I can imagine why...

For the convinced tenant, freedom of movement and financial freedom are the main priorities. Career opportunities associated with changing jobs are not hindered by the obstacle of owner-occupied property.

I would add another component, which I personally find the most important and which, unfortunately, is so rarely considered. The decisive factor for our place of residence and why I would not change my workplace even for €50,000 more per year is my social environment. Having my family and friends around me is more important to me than financial prosperity. Therefore, in my eyes, renting is often just a "pseudo-argument" for flexibility, which many would never actually take advantage of.

I would add one more component, which I personally find the most important and which unfortunately receives so little attention. The decisive factor for our place of residence and why I would not change my workplace even for €50,000 more per year is my social environment. Having my family and friends around me is more important to me than financial prosperity. Therefore, renting is often just a "pseudo-argument" for flexibility here, which many would never actually make use of.

That is certainly even a "pseudo-argument" for many. Sometimes you can't even explain the real reason, for example, not deciding to buy. Salary fits, partner fits, job fits. And yet sometimes you have a queasy feeling. You shouldn’t completely ignore that. I can imagine that some people know this queasy feeling, but then outwardly use "flexibility for job etc." as an argument.

By the way; I have had great experiences abroad. I certainly wouldn’t have had these if I hadn’t been flexible. Working abroad for years is an experience I wouldn’t want to miss. Never!

I also love my family and my friends. However, I preferred to gain personal experiences abroad AND give those very people (family and friends) the opportunity to visit me several times. A friend then lived with me for half a year in a small apartment. But we always knew that, in the long run, we wanted to live in Germany.

I could only do all this because I lived in a rented apartment. If I had had a monthly payment of €1600 + +, that wouldn’t have been so easily possible.

The decisive point for our place of residence and why I wouldn’t change my workplace even for €50,000 more per year is my social environment. Having my family and friends around me is more important to me than financial wealth. That’s why renting is often just a "pseudo-argument" for flexibility, which many would never actually use, in my opinion.

You’re not out of life just because you move for a job!? My moves have been within about 200 km of my "origin." I can’t say I experienced any noticeable loss of contact. Weekend activities are doable; what exactly do you miss during the week? Exactly! On the contrary, I met people I otherwise wouldn’t have met. A good experience and often underestimated. New social contacts also have their value.

I wouldn’t move for €5,000/year. But for €50,000/year? Wow, absolutely. Not because I don’t have any contacts, but because in my experience the fear of social deprivation is completely exaggerated. Those who can maintain contacts can do so from afar as well. And those who can’t can just as well mess it up around the next corner. You just have to actively do something.

To the "pseudo-argument," I respond with a winkingly provocative "fear argument."

Doesn’t everyone have fears about something?

Everyone is just different, there is no right or wrong or a manual for it.

There is the eternal renter because they are afraid of responsibility, or because they have to borrow a big chunk of money. That chunk is also subjective: one person gets a panic attack at 150,000, another only feels it at 500,000.

Maintaining contacts: not everyone has family who keep them attached to a place. Nevertheless, there are people who feel more comfortable where they have known for 30 years. Another can adapt from one day to the next.
There are supposedly companies where you can choose a different desk every day. Another cannot handle that at all.
However, the possibilities of a flexible thinker are obviously greater.
Others have to adapt to situations, namely when their partner’s job dictates where they must live. There is also the situation where one never feels comfortable there, whether in a rental apartment or in a house.
There are well-paid jobs that prescribe in which town you must live. But even then you can rent a single-family house... does the thought actually come up to acquire property?

But the question is whether one would build or buy a house again...
If it’s about the effort and work during the construction phase, definitely yes.
I’d have ideas again too.

But if I had to change, I wouldn’t fixate on buying or renting, or house or apartment.
Although I love the independent and large luxury of a single-family house, I could also imagine something rented: I don’t believe in retirement provision through property. However, here rents for, e.g., a 90sqm comfort apartment are higher than our installment for 140sqm. Sure, I’d then have my equity as liquid assets, but what good is it? Although I’m attached to my savings, if you just let it lie there, you’d probably splurge it on some things you’re saving on now, like a bigger or fancier car, more expensive furniture, a better vacation... very likely instead of having your own garden, we’d set off in our own motorhome. But you have to be born for that too I rather don’t see myself stuck in weekend traffic jams driving to the lake.
Well, so should you save the money for later as retirement provision?
And then you’re back at the idea of homeownership.

And those who have a hard time saving? Yes, I don’t always understand that they want to build something expensive of their own at all costs now.
To each their own also means not following someone else’s mainstream.
(Building a house, getting married, having children... a popular domino game among cliques)

So I have no fear at all before the loan, as long as the installments don’t lower my standard of living. We pay 150 euros more per month compared to the rent. That doesn’t make much of a difference for us. Otherwise, inflation also helps pay off the loan – that always gives me a good feeling.