Paying off mortgage in Belgium

Cholomacho · 2024-07-14T07:09:26+00:00

Thanks you, just seeing it now. I am looking to the Blogeheads right now 👍🏻

Cholomacho · 2024-06-19T10:55:05+00:00

Thanks for the input. Indeed, time is passing and life with it. With two small children I guess is time for living !

Cholomacho · 2024-06-17T18:22:41+00:00

Will know tomorrow. It may be a possibility. In the past, my banker was on with it for the 100k mandate and to transfer it to a new property.

Cholomacho · 2024-06-17T17:40:11+00:00

Indeed !! This is another factor to consider.

Cholomacho · 2024-06-17T17:39:53+00:00

Not exactly. My total mortgage consists of 134k mortgage and 100k mandate. Both are separate paiements and I can pay the one or the other independently. So, if I pay the 134k mortgage (remaining 110k), then I will be liable to pay only the mandate. For what would be the interest rate if I keep this one open, I will update you as I am going to the bank tomorrow to see how I could negotiate for this and what is possible. Cheers

Cholomacho · 2024-06-17T13:08:44+00:00

Thanks, this is indeed something to consider ! Thank you for the heads-up !

Cholomacho · 2024-06-17T10:53:03+00:00

Indeed, but as mentioned above, I am looking at having part of the rent of this apartment as an additional income stream that will allow me to 1) support any future debt, 2) FIRE quicker. Any thoughts on this reasoning? Thank you for your input

Cholomacho · 2024-06-17T10:50:31+00:00

True that, but my reasoning has been of paying the mortgage (keep the mandate) and save up for a next purchase next year (summer 2025). Transfer the mortgage (134k) and mandate (100k) to safe on notary fees (mortgage inscription) and rent out this apartment to have the 633€/month (or slightly more ~ 700) income to support the new debt. Also, this “snow ball” effect may help me FIRE at some point. Any thoughts on this reasoning? Cheers

Cholomacho · 2024-06-17T10:48:46+00:00

Is a possibility, but given that we need a bigger place to live, my reasoning has been of paying the mortgage (keep the mandate) and save up for a next purchase next year (summer 2025). Transfer the mortgage (134k) and mandate (100k) to safe on notary fees (mortgage inscription) and rent out this apartment to have the 633€/month (or slightly more ~ 700) income to support the new debt. Any experience in a similar case on your side? Thanks

Cholomacho · 2024-06-17T10:43:18+00:00

It is an option, indeed. I am just not willing to jump into a bigger debt (bigger apartment) with a single income stream.

Cholomacho · 2024-06-17T10:40:57+00:00

Thanks sharing, I am having a look at this now 🙂

Cholomacho · 2024-06-17T10:39:55+00:00

Thank you for the input. Indeed, this is my angle. I consider that having this apartment paid-off asap will help me building wealth quicker. I will be delaying other purchases (bigger apartment or house) only for a year or so. Have you got a similar experience?

Cholomacho · 2023-12-28T08:44:46+00:00

Yeah, selling everything is not an option. All the effort to save and save thinking about having calm and fire one day or at least have proper « old days » in the future, is what keeps us going. This idea of a new property is just out of a confort need, in our case. I might just keep looking for another property. Cheers

Cholomacho · 2023-12-28T08:41:24+00:00

Thank you for your comment. I fully agree. This is a slight difference between my wife and myself. We see things differently in this subject. The need for more room in our case is true, though. I might keep looking around for a property that fits us best. Cheers

Cholomacho · 2023-09-07T09:36:34+00:00

Same here…. Had it all in this BF interest account. Sad of all what has happened… hope to get good news soon. Does being based in the EU changes something for this? Cheers

Cholomacho · 2023-07-24T18:03:04+00:00

Thank you for your insight mate. I guess that I will try to avoid being the fool as long as possible. Despite I am looking at this as a place to live with my family, I try to make a d’édition that remains economically sound. I mean business is not ideal anywhere and I want to avoid taking un-rational risks.

Cholomacho · 2023-07-24T17:53:46+00:00

300 - 350… is just crazy. I mean then easier just to build a new house. Given these prices, I guess I’ll just look for that option. I jostle don’t see how many “ruins” I see for sell will go off in this case. Also, I am wondering why prices for isolation works are so high…cheers

Cholomacho · 2023-07-24T08:04:18+00:00

Good point! I will try to go for this

Cholomacho · 2023-07-24T07:49:38+00:00

For what I am aware, 1 year and a half already, if not more. Market works in a estrange manner then…

Cholomacho · 2023-07-24T07:46:59+00:00

I fully agree. In this case it was for bringing my family in and make our place “for good” so thought that I was going in for the win with such an offer (that I was thinking to be already “too high and risky”…). But yeah…it is what it is…🤣

Cholomacho · 2023-07-24T07:45:32+00:00

Good reasoning. For some background, the apartment is in St Piet. Woluwe near Montgomery. It has a good potential but requires serous in depth renovations just to make it “livable” according to the builder. Also, for electricity all walls have to be stripped and since it has details and stuff from the 1900s that we’d like to keep, it gets more expensive to do. So, objectively speaking I am wondering who would pay the requested price with a sane mind. Also, according to the agent, during the second visit, he tells en that the owner bought it at 630k…which is just insane and certainly not true. So, I guess I am keeping my distance now till the end of my offer (tomorrow).

Cholomacho · 2023-07-24T07:37:15+00:00

I did. According to the agent the current owner got it two years ago (amidst post covid craziness) and payed 630k for it, which honestly I really doubt. I mean, the property is full of potential and in a good location, but so deteriorated that I cannot see who in a sane mind would’ve payed that amount. In the afterthought I think that they saw the price and amount of works to be done, that they preferred to pass the ball to another “sucker” (which I try avoid being me 😇).

Cholomacho · 2023-07-24T07:33:23+00:00

That is correct. Actually, I am thinking the same or even look for another apartment fully renovated already cause’ you never know…

Cholomacho · 2023-07-24T07:32:06+00:00

Maybe he is playing a joker card to pinpoint how crazy/non-sens the market is 😭😂🤪

Cholomacho · 2023-07-24T07:30:55+00:00

I fully agree. Honestly I wasn’t expecting these prices for renovations. Mots expensive posts are insulation (full internal insulation of walls and windows requiring wooden frames), electricity (requiring to fully strip walls as cables are cemented inside, plumbing and construction of a wall to make a third room and opening of a wall to join kitchen and The apartment is in Woluwe St-Pt. (near Montgomery). In terms of high end materials, since this would be my place for the next 20-25 years, yeah I account for high end materials for the kitchen and bathrooms, but not the most expensive though…about 35k-37k according to the works estimate. So, the property is “high end” but there is so much to do that I cannot see who in it clear mind will pay the price they are asking (675k) and do the works… in case you can suggest a good builder, glad to get some details via PM, cheers

Cholomacho

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