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#1 of 8 Old Today, 06:33 AM - Thread Starter
 
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buying an apartment

I have the opportunity to apply for funding to cover 1/4 of the cost of a modest apartment. I have already seen some and there are 2 in particular that would be suitable, the difference between the two: one is within my budget, my mortgage would possibly cost slightly less than I spend now in rent, it's acceptably pleasant, and requires a little bit of work (re-do two bathrooms plus other minor things). The other is a above my budget and wouldn't help my current financial situation, but it is amazingly gorgeous, in absolutely perfect conditions. How do I weigh my options knowing that this will probably be THE house for the rest of my life? Is it worth the extra money? Or is it always best to have some wiggle room?
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#2 of 8 Old Today, 07:46 AM
 
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Sounds like a House Hunters dilemma!

Which one is in a better location? Which one has a better layout? How big of a financial hit would you take on the perfect one?

Mom "D" to DD1 "Z" (15) and DD2 "I" (11) DH "M"

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#3 of 8 Old Today, 08:51 AM
 
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How solid are the housing prices in both areas?


Is one in an area (or building) more likely to go up or down than the other?


Based on how the market has done over the last few years, I think this is the bigger question than what it costs month to month.


Have you priced having the needed work done on the bathrooms?

but everything has pros and cons  shrug.gif

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Check what the work would cost before you decide. If the better apartment cost the same or just a little more than the cheaper with the work done I think I would go for the pricier one. If the cheaper one gives you better margins I would go for that one. If you go for the cheaper one you could perhaps choose to do only one bathroom and save up a bit before you do the other one assuming we do not talk mold or severe water damage as the reason they need to be fixed up, in that case I wouldn't buy it at all.

I agree with thinking about layout, in an apartment you often cannot change this as easily as you can in a house and bad layout can almost destroy an apartment. When we were looking for our first apartment we looked at a 2 bedroom apartment but ended up choosing a 1 bedroom apartment because it was so well-planned compared to the 2 bed apartments that we could afford. We ended up living in that one until our daughter was 2 years old and I am sure it was completely due to the fact that it was well-planned and allowed us to structure the apartment so that it did not feel too small even though it only had one bedroom.
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#5 of 8 Old Today, 10:14 AM - Thread Starter
 
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Ok, good questions. Ok, so the 'nicer' place, in terms of financial hit, let's say it would not lower my monthly housing expenses, possibly up them by 30-50Euros/month and I would have to use part of my 'safety net'. As for location, the agent specifically said the 'pleasant but not wow' place was a good investment and easy to sell in the future, which he did not say specifically about the nicer place, but I do know that the nicer place has already had an offer made (and turned down). They are in the same neighbourhood, but one is higher end (and also has a view) and the other is lower end (no view, buildings near it). I don't have an estimate for work on the lower end place, but I have a ball-park figure and it is still a bit less than the nicer place EVEN factoring in the work. The nicer place has a nice layout, and has a larger living room and kitchen.
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#6 of 8 Old Today, 11:55 AM
 
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I'd probably keep looking. I'm sure more options will pop up. You might be able to find affordable and gorgeous one. Or is your opportunity a time limited thing?

Mom to 2 beautiful autistic boys (12 & 11)  
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#7 of 8 Old Today, 01:29 PM
 
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Quote:
Originally Posted by elliha View Post
I agree with thinking about layout, in an apartment you often cannot change this as easily as you can in a house and bad layout can almost destroy an apartment. When we were looking for our first apartment we looked at a 2 bedroom apartment but ended up choosing a 1 bedroom apartment because it was so well-planned compared to the 2 bed apartments that we could afford. We ended up living in that one until our daughter was 2 years old and I am sure it was completely due to the fact that it was well-planned and allowed us to structure the apartment so that it did not feel too small even though it only had one bedroom.
Yes! One reason we have been in our apt. for nearly 15 years is the layout. It's fairly large and we have configured it differently over the years depending on changes in our life situation. That's important if you're planning to stay long term.

Mom "D" to DD1 "Z" (15) and DD2 "I" (11) DH "M"

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#8 of 8 Old Today, 01:55 PM - Thread Starter
 
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yes it's time limited, one month to hand in application, and the application is based on the apartment I find. I will still keep eye put for other options, however unlikely in such a small town.
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