Buying a House?

[Thorgalaeg]

I have started thinking about buying flat in southern europe. The prices are ridiculously low, like 150k USD, the problem is that I do not speak Italian or Spanish. And they have very strange laws where squaters can take your house and you are fudged up.
Its not possible to get normal flat under 400k in Prague. I own 2 flats and 1 house in Bohemia, but I have just expenses from them.

The squatter thing is absolutely outrageous but it is a bigger problem in large citied such as Madrid and particularly Barcelona. About prices it all depends where you want to buy your flat. In the center of big cities and in tourístic beach zones you couldn't even buy a doghouse for 150k USD. In interior small towns far from the coast or the mountains you can get a nice flat or even a little single house with a garden for that price.

 

[Zardnaar]

That looks perfectly reasonable. Such pretty house with garage included and the sea that close would cost 350k here minimum.

350 usd?

I'm in the cheapest city though. Most of the population lives near the coast maybe not on a hill though.

IDK if it's a 1/4 acre section exactly but that's kinda what people expect our yards similar in size but that's a better yard/house and no garage.

House like that was around 220-240 in 2010 peaked 2021.

 

[Thorgalaeg]

350 usd?

Yes. In coastal zones easily.

 

[Zardnaar]

Yes. In coastal zones easily.

5/6 of our big cities are coastal.
Probably nicer views than on the flat. We don't really consider that house as coastal by our standards it would have to be nearer the beach or directly overlook the ocean.

 

[Thorgalaeg]

5/6 of our big cities are coastal.
Probably nicer views than on the flat. We don't really consider that house as coastal by our standards it would have to be nearer the beach or directly overlook the ocean.

Directly over the ocean would cost twice that much here in or more. Here coastal means being able to see the ocean with a telescope.

Problem is tourístic boom. People in Spain and Europe has gone crazy about southern Spain in last years. Specially the Atlantic coast of Cádiz province. To make a idea renting a single room at summer in any coastal town here is about 700€ a night in average. So people buy houses at exorbitant prices and rent the rooms in summer, so it doesn't matter how much the house costs.

 

[Zardnaar]

Directly over the ocean would cost twice that much here. Here coastal means being able to see the ocean with a telescope.

Ah coastal here more or less means directly on it or adjacent. In Auckland you're paying through the nose for that.

Bit colder down here so beachfront property such a big deal. Cheapest suburb that house overlooks you could walk out your door and few hundred meters be at the beach.

The expensive parts woukd be the nice houses on the hill over looking the beach. The really expensive places generally new development at the top of the hill or old Victorian mansion on the hill.

Auckland just double or triple it. Alpine lakes areas also very expensive.

Beach, sportfield, residential. Problem is its reclaimed land with low water table.

Hills in background is where that house is.

Flooding 2015

Lower socio economic area.

 

[Thorgalaeg]

Ah coastal here more or less means directly on it or adjacent. In Auckland you're paying through the nose for that.

Bit colder down here so beachfront property such a big deal. Cheapest suburb that house overlooks you could walk out your door and few hundred meters be at the beach.

The expensive parts woukd be the nice houses on the hill over looking the beach. The really expensive places generally new development at the top of the hill or old Victorian mansion on the hill.

Auckland just double or triple it. Alpine lakes areas also very expensive.

Beach, sportfield, residential. Problem is its reclaimed land with low water table.

Hills in background is where that house is.

Flooding 2015

NZ is among the top five places I would like to live in. Along Chile, Australia, British Columbia and Bahamas.

 

[Zardnaar]

NZ is among the top five places I would like to live in. Along Chile, Australia, British Columbia and Bahamas.

Yeah a million other people made that choice as well hence why you pay for it.

Auckland just under a million now.

Subdued housing market shows signs of life ahead of election

Fewer are available for sale and some regions are seeing little change in median prices.

www.rnz.co.nz

Canadian living in our second cheapest city.

Expensive, low wages.

 

[Thorgalaeg]

Hey @REDY you can look out for your future house here:

https://www.idealista.com/

 

[Arwon]

Nobody buys houses any more, the boomers took them all

 

[Zardnaar]

Nobody buys houses any more, the boomers took them all

Kinda the point of tge thread. I know Aussie is probably worse than NZ. Lots kiwis going there due to 30-50% higher wages

 

[Birdjaguar]

Nobody buys houses any more, the boomers took them all

Boomers are a doomed lot. They are aging, downsizing, going to nursing homes and dying. All their homes will be going to the market as time passes.

 

[Zardnaar]

Boomers are a doomed lot. They are aging, downsizing, going to nursing homes and dying. All their homes will be going to the market as time passes.

Similar to NZ Australia has a high immigration rate.

Demand still exceeds supply it's not like Italy or most of Europe. And that property tends to be inherited by the next generation of landlords/Gen X.

So it's nor going to who needs it and even if it was it's having flow on effects.

Eg dating what's your capacity to provide a house if you want kids, can we buy on two incomes, will you sign a pre nup, can your patents Co sign a mortgage etc.

 

[Birdjaguar]

Similar to NZ Australia has a high immigration rate.

Demand still exceeds supply it's not like Italy or most of Europe. And that property tends to be inherited by the next generation of landlords/Gen X.

So it's nor going to who needs it and even if it was it's having flow on effects.

Eg dating what's your capacity to provide a house if you want kids, can we buy on two incomes, will you sign a pre nup, can your patents Co sign a mortgage etc.

The boomers were a huge generation; the largest on record for their day. so as we die off, there will be a slowly rising flood of homes that should drive prices down. Millennials, of course, want cheaper houses now. That is the dynamics of demography.

 

[Zardnaar]

The boomers were a huge generation; the largest on record for their day. so as we die off, there will be a slowly rising flood of homes that should drive prices down. Millennials, of course, want cheaper houses now. That is the dynamics of demography.

Main point is boomers got cheaper houses while in some countries they didn't and they have to support the boomers via pensions.

 

[Birdjaguar]

Main point is boomers got cheaper houses while in some countries they didn't and they have to support the boomers via pensions.

Everything was cheaper for the boomers. Gasoline was $0.25 a gallon. Movies were a dime (adults a quarter). They did not plan it it so. It was the world we were born into. The two previous generations created the world the boomers lived in. There was no "boomer conspiracy" to raise housing costs. Housing costs are driven by demand vs supply + banks. Today's financial models were set up in the Regan years.

 

[Zardnaar]

Everything was cheaper for the boomers. Gasoline was $0.25 a gallon. Movies were a dime (adults a quarter). They did not plan it it so. It was the world we were born into. The two previous generations created the world the boomers lived in. There was no "boomer conspiracy" to raise housing costs. Housing costs are driven by demand vs supply + banks. Today's financial models were set up in the Regan years.

Boomers vote for it though basically they pulled up the ladder after them.
Wasn't just them obviously.

 

[Birdjaguar]

Boomers vote for it though basically they pulled up the ladder after them.
Wasn't just them obviously.

How did they/we "pull up the ladder"?

 

[Arwon]

Boomers are a doomed lot. They are aging, downsizing, going to nursing homes and dying. All their homes will be going to the market as time passes.

It's rather the reverse, the hoarding of investment properties by older and richer ppl is reducing home ownership for everyone else.

The issue isn't primarily owner-occupiers, except for how they vote and lobby to stop new development to keep prices high in areas that really need to be densifying.

It's also their treating home ownership as an investment, buying extra homes specifically to rent out, with a tax system that massively favours people who do so.

Of course the two things dovetail a fair bit - the people with the negatively geared investment properties keep voting to protect their tax lurks.

 

[Birdjaguar]

It's rather the reverse, the hoarding of investment properties by older and richer ppl is reducing home ownership for everyone else

View attachment 669836

Please explain "hoarding investment properties" please.