Misog
2018-08-25 08:22:37
- #1
I also think you will get financing, but in 30 years you will already be 66, so maybe not every bank will go along with that anymore. It is certainly all manageable. But you should also consider whether the 320,000 is really enough for a new build. (there is a nice thread here about the additional costs that almost always occur).
Personally, I would have an uneasy feeling about being in debt until retirement age and/or signing a contract for the next 30 years, but I think everyone is different in that respect.
From the feeling, you live cheaper as a tenant than as an owner, but that is hard to compare because you also have more quality of life when you own a house.
Ask yourselves also whether you live twice as well because you pay at least twice as much.
Sure, 30 years is a long time, no question. From a pragmatic point of view, as a tenant I am in debt for even longer.
It is not 320k but 350k total investment. But I already wrote that further above.
Sure, we live cheaper renting. We are aware of that. But if I retire at 67 (if our government sticks to that), I have nothing. With a house I had a great feeling of life for the last 30 years (with more work, no question) and a paid-off place. Fast and easy it can be sold if I want to sweeten my retirement.
And the banks? My experience is that nowadays they finance almost everything. Because that was exactly my question in the conversation. They don’t care whether you are finished paying by retirement. Very shocking but that’s how it is.