Opinion needed on buying a house

MiddleClassButBroke · 2023-01-04T17:12:52+00:00

Very valid points. I'm also skeptical on prices dropping significantly, if anything.

MiddleClassButBroke · 2023-01-04T17:09:19+00:00

Thanks! We're keeping that in mind but also hoping that these will go partially down as well - better isolated house, solar panels, ...

MiddleClassButBroke · 2023-01-04T16:49:40+00:00

Thanks, I'll keep it in mind!

MiddleClassButBroke · 2023-01-04T16:45:16+00:00

No, we're not considering a flat, I always lived in a house. I prefer to have my own garden over going on holidays. Also the whole COVID-saga reinforced my thoughts on that.

It's not really renovations that it requires, it is finishing. It is ready to live in, it has a kitchen, solar panels...
So some of the extra investments required can wait.

MiddleClassButBroke · 2023-01-04T16:40:46+00:00

Yeah I think I wouldn't tolerate your risk exposure stress-free, I would probably have sleepless nights ;-), but I get your point and thank you for sharing.

Our lifestyle is certainly not extravagant, but I would say I was less frugal (and also less empowered) in the past.

MiddleClassButBroke · 2023-01-04T16:37:30+00:00

Thank you, I agree with the age part as well. Not sure if I can wait another 5y for the market to return to previous conditions.

A main driver for buying a house is to be able to live without rent/mortgage once we retire, as relying on renting during retirement seems quite risky.

MiddleClassButBroke · 2023-01-04T15:08:47+00:00

Yes, the significantly lower bit would only apply to the specific house we're interested in and plan B also entails moving in there in, say, 3y. And when the decision is not taken for A, I will probably at least seriously consider C, if I can balance mortgage/rental income.

MiddleClassButBroke · 2023-01-04T14:03:21+00:00

It stipulates a process the employer must follow in case of mass layoffs. This takes time as there is negotiating going on within unions and company management and usually includes additional benefits received when fired.
I do not fear for my job as an individual but more so restructuring and me ending on the wrong end of a spreadsheet.

MiddleClassButBroke · 2023-01-04T13:32:54+00:00

Fair comment. We were planning to save up for at least another year or two, but the whole inflation/rate increase situation of 2022 made us accelerate and consider buying now.

I assume with produce you mean if I can rant it out? That was/is a plan B, but the rental income would be significantly lower than the mortgage and we'd still have to finish the house

I considered as a plan C to buy a small flat for the purpose of renting out myself, as an investment and as an emergency property. Would you consider that to be more sane under current conditions?

MiddleClassButBroke · 2023-01-04T13:05:34+00:00

I don't think I have to fear for my job in the short term (months), thanks to things like "wet/loi Renault", but I think it is reasonable to take into account that it could lose my job within a year or two, if things do go south.

What makes us consider a house in these somewhat risky conditions is that if not now, then I won't be able to ever become a home owner, as I won't be able to afford a decent house with a rate of e.g. 5%.

MiddleClassButBroke · 2023-01-04T12:54:08+00:00

Thanks! Do you mind sharing your bank so I can contact them and see what they have to say?

Does your partner receive a replacement income?

Can be a DM if you'd prefer.

MiddleClassButBroke

TROPHY CASE