Possible new flat

[pne]

Stella would like to buy a flat of our own, rather than continuing to rent; partly as a buffer against future increases in rent and partly so that eventually, we wouldn't have to keep paying at all.

So every now and then, she looks at advertisements on the Internet, and recently, she found one she liked.

So I told her she could have a look at it and if she still wanted it, we could discuss it. So she went there on Friday and liked it, then made another appointment this morning for me to go along, too.

I'm not too keen on moving in the first place, and I'm not really sure what to look for in a flat to buy.

But it looks like a flat to me. Three rooms, like we have now; total floor area 74 m² (800 sq.ft.), like we have now; windows on three sides (including one in the bath room, which Stella occasionally complains about our flat not having). A little garden (well, a strip of what's currently lawn running along the front of the block of flats, which belongs to us up to a "depth" of 4 m/13 ft and which we could turn into a garden if we wanted). A playground right next to the house, which would be good for Amy, I suppose.

Stella said she'd probably turn the bigger room into the bedroom (where she'd put both of our desks) and the smaller room into the living room, since we don't use that as much. Amy would get the smallest room, which is smaller than what she has now, but which Stella says should be enough.

The kitchen comes furnished with rather altmodisch-looking cupboards etc., but which Stella says she rather likes, unlike (she says) most women her age. I don't particularly mind either way.

So now we have to decide whether to buy it or not, and then approach the bank to see whether they'd help us pay for it.

It's mostly up to me.

Tough decision. Meh.

Comments

[elgrande.livejournal.com]

Do you think the room will still be big enough for Amy as she gets older?

[pne.livejournal.com]

That is a good question and one I hadn't thought about before. Thanks for pointing it out.

[fridoline.livejournal.com]

Actually, older children often need less space, since they do not play on the floor as much as they used to. They either sit at their desk doing homework or hang out outside with their friends. If friends come over to visit her, you could offer them the use of the living room, while you and Stella stay in the bedroom or the kitchen.

[bluewingedcat.livejournal.com]

Keep in mind that you wouldn't just be buying a flat. You'd be making an investment.

Frankly, a purchased home is a much better use of funds than continuing to rent. At some point, you'd stop paying for it, and this would be money that you could then squirrel away for retirement.

[karen2205]

I have standard British prejudices about owning a property being better than renting one 'cos you eventually own it etc! I don't know what the culture is in Germany and whether long term renting is seen in a different way.

I'd say seeing what the bank has to say isn't a bad thing as at least then you'll know whether you can afford it.

I'd be wary about buying a flat rather than a house because you're probably responsible (to some degree) for communal maintenance of lifts/lighting in hall ways etc. But the law might be different in Germany/you might be living somewhere where there aren't any houses.

I'd also be wary about buying somewhere that's likely to be too small in five years time - the costs involved in buying and selling a property are such that you might not get your money back if you sell too soon after buying. What kind of sized room will Amy need when she's 7 or 8?

I'm also not sure whether now is a good time to be buying property given the global economic situation.

Not being sure about what to buy sounds like reason to learn more about properties and what to look for rather than for not buying at all. You don't have to buy the first flat you find, you can hunt around a bit and find somewhere you like.

[elgrande.livejournal.com]

"They either sit at their desk doing homework or hang out outside with their friends"

But also consider that children need more place for putting their stuff like books for school, a bigger bed at some point, perhaps also stuff like perhaps a computer or a TV set and there might be friends visiting. And I guess as children grow older, they have a need for more space of their own in order to have some privacy. And I was never a child who played much outside, so what you said at least doesn't really apply to me, but I don't know what it's like in general with kids. Even if it should be generally true that children play a lot outside, you probably also have to consider that if you buy a flat you want to live in it for a very long time, probably still including a time when Amy will be too old for regularly playing outside.


"If friends come over to visit her, you could offer them the use of the living room, while you and Stella stay in the bedroom or the kitchen."

It sounds like something you could do from time to time but on an everyday basis it might get annoying.

[entirelysonja.livejournal.com]

I think purchasing is generally better than renting if you can buy a place that will meet your needs, and if you have no expectation that you might need or want to move in the next five years (or whatever figure is typically used where you live -- here it's generally accepted that you may not be able to make back your initial investment if you move in fewer than five years).

But it's very important to look at how the value of the kind of property you plan to buy changes over time. In particular, you want to avoid any type of property that may have a stagnant value or decline in value. And as karen2205 pointed out, be sure to consider the extra costs -- responsibility for communal areas, any annual taxes, and maintenance costs for your apartment.

I would definitely suggest thinking about this a great deal more, rather than buying the first apartment you look at. If you were in the U.S., I would advise you to read the real estate column in your local newspaper (people write in their questions, and an expert answers them) for a few months to get a sense for the kind of questions and situations that typically come up, and I would suggest you read a book geared to first-time home purchasers.

[fridoline.livejournal.com]

You are right, it does depend on the kind of child.

But in the end, it is nice to have a room to oneself at all. In some families there might be too many children to make that possible, or other reasons.

As nice as it is to have lots of space, one can make the best use of what one has got, and it is possible to put a desk under a high bed, for instance, or have bookshelves that go up to the ceiling, a modern notebook offers lots of possibilities while taking up a minimum of space etc.