New construction or buy house, built in '91

Thank you very much for the contributions and advice.

I notice that the decision does not get any easier the more I deal with it.

Yesterday we were once again at the existing property and looked over everything again. Everything really seems to be in order (nevertheless, I will inquire regarding an expert). Also, there are no carpets. Living room, kitchen, bathroom, guest WC, hallway, stairs, basement are tiled. All bedrooms have parquet (partly sanded down and sealed anew a few years ago). I don’t think there will be any big surprises there. It is clear that the bathroom needs to be completely redone. But that would be doable while we live there, since the guest WC also has a shower.

The plot is indeed closer to the town center – so shops etc. are reachable within 3 minutes by car instead of 10 minutes. Or 10 minutes on foot instead of 30. However, the plot slopes downward at the back, which means you cannot access the terrace at ground level. So either a large balcony would need to be built or stairs to the terrace or garden. We both don’t find that so great. Therefore, the existing property is more suitable for us.

There is also option 3:
To stay in the current apartment and eventually take over the house there (from the parents-in-law). But it will become quite tight if another child comes along. But I guess that is also a reason why our decision is so hard. By that I mean, we “wouldn’t have to” buy anything to live rent-free later.

Best regards Peter

Hello Peter.

Also, there are no carpets. Living room, kitchen, bathroom, guest toilet, hallway, stairs, basement are tiled. All bedrooms have parquet flooring (some were sanded and sealed anew a few years ago). I don’t think there will be any big surprises there.

In our "old" apartment, we also had parquet everywhere (except bathroom and kitchen) – so please keep in mind that the parquet will have changed color differently in some places (e.g., under cabinets and beds) than in the areas exposed to light. If you do not want to place your furniture exactly as the current owners have, you will have to get used to the color differences for a while.

It is clear that the bathroom needs to be completely redone. But that would be doable while we live there, since there is also a shower in the guest toilet.

That’s a good start. But please also consider that if you renovate the bathroom after moving in, you will have to live with fine construction dust for quite some time – it really gets everywhere, no matter how well you try to seal off the area.

The plot is closer to the town center – meaning shops etc. are reachable within 3 minutes by car instead of 10 minutes. Or 10 minutes on foot instead of 30. However, the plot slopes downward at the back, which means you can’t access the terrace at ground level. So, either a large balcony would have to be built or stairs down to the terrace or garden. We both don’t find that ideal.

That wouldn’t be a dealbreaker for me. Our terrace is also about 1.8 m above garden level (also a sloped plot). We bridged the difference with two steps and a planting bed in between.

There is also a third option: to stay in the current apartment and eventually take over the house there (from the parents-in-law). But it would get quite tight if another child comes along. But that’s probably also a reason why our decision is so difficult. I mean, we "wouldn’t" need to buy anything to live rent-free later.

That, on the other hand, wouldn’t be a real option for me. After all, you want to enjoy the space and perks of your own house now, not someday in the future. Should an inheritance of real estate actually occur (nursing care costs have "eaten up" many a house), you could either use the rent income to service a loan, or after selling the inherited property, live carefree in your house with special repayments.

Regards,

Dirk

I notice that the decision does not get easier the more I deal with it.

I don’t understand that now, your arguments and positive feelings (and also ours) point towards existing property... until #20 Dirk came with his arguments

Just take a look at the parquet... I don’t know: is it possibly fixable by sanding? You can ask in the forum.
And the fine dust from bathroom renovation: is caused by removing the old tiles. Possibly you can stick over the old tiles if the layout is liked. Removing is done (behind a plastic foil airlock) within 2 days, after that 3 days can be cleaned, so cover everything in advance.

Let us share in your decision, Peter!

Regards Yvonne

I bought an existing property, only 2 years old. I am still glad today that we didn't have to do anything except have it whitewashed and move in.

In my opinion, it is the most expensive of all solutions ...

We had to decide over a weekend between an idyllic building plot above the city with relatively long distances and an existing property in the city with investment needs.

In the existing property, I was mentally busy arranging furniture while walking through (I know, one shouldn't do that). The expert said good basic structure, but .......
What came out was a gutting and renewing of all supply lines, electrical, floors, etc.. The terrace extension was then already a "nice to have."

And nevertheless and especially. That is how it became our house. We know every corner.

A typical new development area around here would not have been an option for me because of the tightness.

We are repeatedly glad that we chose the existing property with a mature garden, etc.

In our case, after careful consideration, the feeling ultimately decided.

Sylvia

For me, the existing property would be out due to the distance from the town center, which also explains the significant difference in the standard land value compared to the new development area – that is obviously much closer to all infrastructure. If your town or the municipality/region is structurally weak and/or struggling with population decline, values away from the infrastructure will probably develop worse than in the core area. You would have to look at it on a large scale, but such existing properties within 30 minutes walking distance to the city center were offered to me/us in 2011 as well, with a standard land value of about €125 back then, which is significantly higher than yours, marketed as "high-quality existing properties in the best residential location".

I then drove through the residential area, which was enough for me; I didn't even look at specific properties, even though there are really very high-quality homes there.

Of course, it is a personal decision whether you want to live in such locations and feel comfortable there, but the price development there is weak in the long term because elderly people give up these residential areas (house too big, too far from the pharmacy, presumably exactly the reason why the house is being sold to you), and it is questionable whether the value of the location will be maintained if the municipality is obviously developing closer to the core and there are still areas available or newly structured (can be).

Please don't misunderstand, I always prefer to buy an existing property in a comparable location; new construction was never an issue for us, but you cannot simply dismiss the approximately €30-40 difference in the standard land value that obviously exists with you. This clearly reflects a quality difference in the location, and therefore, for the existing property to be considered equivalent in this respect, the location of the existing property would already have to give you a significant personal long-term locational advantage (e.g., significantly shortened commuting times).

Second thing; bathroom renovation: we originally also planned to leave part of the house unrenovated and address that in 5-10 years. When I saw the mess during the planned gutting, the decision quickly swung the other way; other things were postponed for it, and I am really very satisfied with the decision. In short: I would definitely plan/carry out the bathroom renovation immediately. If you do that and the purchase price is not negotiable, your price will also start with a 4. That would then make it possible to finance the new build in a better location with a garden and all additional costs.

Best regards
Dirk Grafe