Too old to build at 50 already?

Hello, we are new to this forum and have many questions. There are only two of us left and we would like to build or buy used. My wife is afraid to build new because she is already 50, I am 46. We have set a limit regarding the rate for the financing. It is difficult to get something with used properties, so we now have a new offer, a small house of 100 sqm. Equity is muscle power for the interior construction, until retirement it will certainly not completely work with paying off. Is my wife right with her uncertainty? What do you think? Many greetings..

Hello,

There are only two of us left and we would like to build or buy a used property. My wife is afraid to build new because she is already 50, I am 46. We have set a limit regarding the rate for the financing.

There are many people who build for the first or even second time at your age. The question should therefore be, why do you want to build or what do you expect from a new build?

It is difficult to get something with used properties, so now we have a new offer, small house 100 sqm.
Equity is muscle power for the interior finishing, it certainly won’t fully work to pay off before retirement.

It always sounds so easy, muscle mortgage for the interior finishing – but it is anything but easy; certainly not if you have to do these tasks only after work and on weekends. You should think about this carefully, especially since you will probably be occupied for a good three quarters of a year with this approach, if all goes well. What are the costs for the land and house, and what have you calculated for the interior finishing?

Kind regards

Hello,
already too old to build at 50? I certainly hope not
We are both over 50 and signed the contract for our first self-built solid house on Saturday.

However, we are not beginners when it comes to houses; we have only ever lived in used ones (3), which we more or less slightly converted or extended, only to move again because the space became too tight.

If I had no equity and my husband had to do a lot himself, the situation would look different, though.

Best regards

House costs including land 131,000€ Own contribution 5,500 for non-load-bearing walls and ceilings/roof slopes as stated initially in the offer Used properties usually cost 110,000-125,000€+ renovation costs + real estate agent commission, and are rarely available in our price range. New construction should be an alternative solution. My wife would find a used property more pleasant than new construction because she is afraid of new construction. Regards..

Hello,

House costs including land €131,000, own contribution €5,500 for non-load-bearing walls and ceilings/roof slopes, that's how it is stated in the offer for now

So roughly €40,000 for the land and the rest for a shell house?

Used properties usually cost €110,000-125,000 + renovation costs + broker fees, and are rarely within our price range

If a used property doesn’t fit your budget – how should a new build work then? Besides the budget for land + house + finishing costs, there are also not insignificant additional costs of around €30,000. I’ve already written to you a bit about the time involved.

Best regards

Thanks already for the answers. My last data was a bit low, so house minus own work 94500, land 12000, the rest is for construction costs like architect, house connections, surveying costs, finishing materials, property transfer tax, insurance, cistern, etc. Final price 130000. Own work includes non-load-bearing walls, painting work, laying carpet, outdoor work. Do you think it will be more expensive than a used one? I’d say my last viewing was one for 115000@120 sqm, electrical needed renewal, heating was fifteen years old, bathroom installation was necessary, just smaller renovation costs + broker. The land was a bit bigger and garage included. For the older house, my wife wouldn’t have as many bad feelings as for a new one, one brings a lot of negative experiences from TV with new builds. Regards..