Whoever has too much money and is stupid buys an old house and renovates it

What is true about this old saying from your own experience?

"Whoever has too much money and is stupid, buys an old house and renovates it..."

why?

there are some like that. Within the circle of acquaintances, a 60s house was bought and nothing happens. My neck hairs always stand on end when I'm inside, they are satisfied ............

Goosebumps always rise for me when I read that people voluntarily and gladly go into debt for over 20 years for a third of their income and have to work until retirement. Or when someone spends 15k+ on a carport. Or when someone builds a house 6 meters from a country road and then wonders about the noise after moving in.

Buying an old house and renovating it? Nope. Generally, that doesn’t give me goosebumps. But when you paid 300k for the old house and then have to put in another 300k, that gets creepy. But if you buy the old house including the land for 100k, and bring it up to shape for, say, 100k, that’s totally fine.

I’d rather live rent-/debt-free in a single-family house that needs a bit of renovation than in a single-family house that’s in top condition and pay 1000,-+ a month for 30+ years.

But I guess everyone is different... Some are good at lying to themselves and sugarcoating and rationalizing things, others aren’t.

But if money doesn’t matter anyway, then the question is irrelevant.

I am not in favor of that.

A new building can be better planned and thus calculated than a conversion. But depending on the situation, either a conversion or a new building can be more economical. It always depends!

What kind of generalized bullshit saying or "folk wisdom" is that again? I've rarely read something so stupid, sorry!

You really can't say that so generally, can you? If someone is too dumb to properly check the house beforehand or to correctly assess their abilities etc., that's their problem. But the house is not to blame. The same thing can happen with a new build, that you misjudge your financial capacity to pay it off or your own contribution or whatever else.

You can definitely buy an older house at a good price and make something decent out of it for "little money." You just have to check some things beforehand. Just like with a new build, different things matter there. And you can always screw up anywhere.

"You can certainly buy an older house at a good price and make something decent out of it for "little money." Certainly. But increasingly rarely, for example in economically booming metropolitan areas of southern Germany. It may still be like that in structurally weak regions. Otherwise, the prices for old worn-out shacks have risen significantly in many places.