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Investing Hold or sell?
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ElJefe Offline
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Post: #1
Hold or sell?
'sup, Gents?

I haven't been on here in ages. Getting older, fatter and hate my life more and more. So everything's swell.

Specific question:

I have spent the last 1½ years remodelling my flat. It's been a chore, and I have never tried something like it before. My Dad was in no way handy, so I had no skills worth mentioning. I live in the Nordics, so it's hideously expensive to higher contractors. And not to mention, I find the work gratifying (in measured doses).

Over that time period, I have gotten significantly better at this stuff. I have a much better feel for what works, how to achieve aesthetic results, etc., but the discerning eye can tell which rooms in the flat I started on. The finish is a little less pristine. Nonetheless, it's a labor of love.

Now I have the opportunity to sell it for good price, thereby paying off some old debt and to buy a different place in a better area. Here are the pros and cons as I see it:

Pros
  • More attractive neighborhood
  • Get USD 80,000 cash in my pocket (after paying off significant debt)
  • Take advantage of hitherto gained experience if I decide to change anything
  • Apartment is in nice condition

Cons
  • Labor of love is sold, and I never got to really enjoy it
  • Have to move my shyt
  • Girlfriend would hate moving - she's looked forward to living in the remodelled place for ages and has sufferred through the remodelling with me.
  • Next door neighbor has an infant that apparently howls for about an hour every morning. Can be heard where the bedroom is supposed to be.

One thing that occured to me this morning is that my desire to enjoy the work I've done could be springing from a very materialistic world-view - a desire to enjoy fancy gagdets and amenities. And the question is, how much more happy does that really make me compared to getting cash in my hand that I can use to invest.

Anyways, pitch in! Sell or hold?

A year from now you'll wish you started today
01-08-2019 04:10 AM
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kinjutsu Offline
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Post: #2
RE: Hold or sell?
Are you able to finish the place off and the rent it out?

Seems like a waste to fix it up just to sell it.

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01-08-2019 04:38 AM
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fantome Offline
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Post: #3
RE: Hold or sell?
Sell for more.

80k still doesn’t seems to be enough for your decision. Put a higher price for sale. If you feel somebody is paying above market price than your justification for not selling goes away.
Increase the price. And wait till a buyer makes the decision for you.

There were some properties which I had love for and were hard to sell but I’ve sold them anyway. It’s property not people.
01-08-2019 05:20 AM
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ElJefe Offline
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Post: #4
RE: Hold or sell?
Can't rent because I wouldn't qualify for an additional loan for new place.

Can't sell for more because it's price controlled, unfortunately. But so is the new place.

A year from now you'll wish you started today
(This post was last modified: 01-08-2019 05:54 AM by ElJefe.)
01-08-2019 05:53 AM
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BBinger Offline
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Post: #5
RE: Hold or sell?
(01-08-2019 05:53 AM)ElJefe Wrote:  Can't rent because I wouldn't qualify for an additional loan for new place.

Can't sell for more because it's price controlled, unfortunately. But so is the new place.

If you net a positive on the transaction moving is likely the thing to do. Financially it really depends on how much you are going to end up paying for the new pad versus what the old one is selling for.

The screaming infant is a temporary thing. It'll grow into a screaming kid. But your apartment, you can place the bed where you want to. You don't have to put it where convention dictates.

Credit the remodeling experience as experience and apply it to the new place. I don't know how deep you got into the guts of the old place, but experience is experience.

The girl will follow you in a move if you lead. What you need to not do is break frame and let her spend 160,000 in furniture and schlock leaving you in the hole after this transaction is over. Give her a budget and veto any especially ugly shit she tries to pick. Moving and furniture time is prime shit testing season for girls. She won't know she's doing it consciously, but you may want to push and tease against her ideas.

Anyways if you sell, the challenge is going to be holding frame, maintaining discipline, and not letting small stuff snowball into a loss.
01-08-2019 11:13 AM
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LINUX Away
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Post: #6
RE: Hold or sell?
I would sell and buy a house.

It sounds like you're looking for a place to rest your head with your woman and not looking for an investment property.

The older you get them more you're going to hate hearing your neighbors. A screaming kid today will be a barking lapdog tomorrow. When living in an apartment or condo, you're at the mercy of those around you.
01-08-2019 12:24 PM
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Seadog Offline
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Post: #7
RE: Hold or sell?
I'm curious what you mean by price controlled housing. Basically you bought a place for a price someone else determined, you put in a bunch of money to make it nicer, and now that it's done, you can only sell for another price that someone else dictates? Did you know what the price would be in advance? How did they know what the quality and style of the renovations would be? What if you did use expensive contractors? Would the sales price be higher then since presumably the place will sell for whatever costs went in + a bit of profit? How is the price determined? Or did they treat it like you were a contractor? What if two people want it at the predetermined price?

Seems like a setup ripe for abuse, particularly if you are the guy who determines prices, and you or someone you know want a place. The whole setup seems weird in that you put up the money, take the risk, do the work, and then can't even cash in on the kick ass job you did when there's a bidding war? Unless I'm missing something big....
01-08-2019 03:25 PM
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