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I'm bidding on an apartment

245

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  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. Quick google search showed a 50 year term is popular....is that right? 

    Also I would keep the wooden wall. That is called shiplap or something right? Cool feature. I'd even make it appear more natural wood looking too. 

    Congrats. 
    What does "a 50 year old term" mean? I imagine it mean, how many years the bank decide in theory it will take for someone to pay back the whole loan to use for counting the mortage percentage to be paid per month etc?
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • The JugglerThe Juggler Behind that bush over there.Posts: 39,456
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. Quick google search showed a 50 year term is popular....is that right? 

    Also I would keep the wooden wall. That is called shiplap or something right? Cool feature. I'd even make it appear more natural wood looking too. 

    Congrats. 
    What does "a 50 year old term" mean? I imagine it mean, how many years the bank decide in theory it will take for someone to pay back the whole loan to use for counting the mortage percentage to be paid per month etc?
    Kind of. It's not really up to the bank unless someone doesn't qualify for a smaller term due to their debt to income ratio being too high.  Here you can choose terms, usually, anywhere from 10-30 years.
    chinese-happy.jpg
  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    Here is another one that went for 25.400 USD more than mine, where no one has built a wall for the sleeping area and have an ugly black renovated kitchen:





    And here is another one going for 6000 USD more:





    The one I bought, suits me better...
    Post edited by Spiritual_Chaos on
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. Quick google search showed a 50 year term is popular....is that right? 

    Also I would keep the wooden wall. That is called shiplap or something right? Cool feature. I'd even make it appear more natural wood looking too. 

    Congrats. 
    What does "a 50 year old term" mean? I imagine it mean, how many years the bank decide in theory it will take for someone to pay back the whole loan to use for counting the mortage percentage to be paid per month etc?
    Kind of. It's not really up to the bank unless someone doesn't qualify for a smaller term due to their debt to income ratio being too high.  Here you can choose terms, usually, anywhere from 10-30 years.
    I think the general rule here is 50 years / 600 payments.  But that is top of my head having information fly passed me this week... so could be wrong. I don't know much about how banks operate.
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • GlowGirlGlowGirl New York, NYPosts: 2,830
    It looks beautiful. If it makes you feel better, rent on an apartment that modern with a balcony and a view like that in my neighborhood would be around $4500-5000 a month. To buy something like that where I live would be $600,000-$1,000,000. or maybe more. I haven't priced out apartments lately.
  • GlowGirl said:
    It looks beautiful. If it makes you feel better, rent on an apartment that modern with a balcony and a view like that in my neighborhood would be around $4500-5000 a month. To buy something like that where I live would be $600,000-$1,000,000. or maybe more. I haven't priced out apartments lately.
    Where do you live?
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • The JugglerThe Juggler Behind that bush over there.Posts: 39,456
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. Quick google search showed a 50 year term is popular....is that right? 

    Also I would keep the wooden wall. That is called shiplap or something right? Cool feature. I'd even make it appear more natural wood looking too. 

    Congrats. 
    What does "a 50 year old term" mean? I imagine it mean, how many years the bank decide in theory it will take for someone to pay back the whole loan to use for counting the mortage percentage to be paid per month etc?
    Kind of. It's not really up to the bank unless someone doesn't qualify for a smaller term due to their debt to income ratio being too high.  Here you can choose terms, usually, anywhere from 10-30 years.
    I think the general rule here is 50 years / 600 payments.  But that is top of my head having information fly passed me this week... so could be wrong. I don't know much about how banks operate.
    Also, here, a seller will not accept a bid unless you are already pre approved for a mortgage. Seems like things are kind of opposite over there. haha
    chinese-happy.jpg
  • GlowGirlGlowGirl New York, NYPosts: 2,830
    GlowGirl said:
    It looks beautiful. If it makes you feel better, rent on an apartment that modern with a balcony and a view like that in my neighborhood would be around $4500-5000 a month. To buy something like that where I live would be $600,000-$1,000,000. or maybe more. I haven't priced out apartments lately.
    Where do you live?
    New York City - Downtown Manhattan.


  • mickeyratmickeyrat Posts: 20,565
    Alice will remain unimpressed
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  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    GlowGirl said:
    GlowGirl said:
    It looks beautiful. If it makes you feel better, rent on an apartment that modern with a balcony and a view like that in my neighborhood would be around $4500-5000 a month. To buy something like that where I live would be $600,000-$1,000,000. or maybe more. I haven't priced out apartments lately.
    Where do you live?
    New York City - Downtown Manhattan.


    Hehe. Well. I live in the city in Sweden with the highest "square metre prices" for buying apartments after Stockholm... but NYC is ofc in another league :)

    Back in my hometown my brother bought a whole house for more than half of what my apartment cost...

    When it comes to regular  "rent apartments" though, it should be noted that Sweden is very regulated. You are not allowed to set the rent freely and we do not have "market economy rents". A political idea from far back about not segrating people and having somewhere to live be a "right". So, an apartment in the middle of Stockholm and one in a small isolate town in the north of Sweden has "in theory" a similiar rent level. 
    Obviously with the right-wing liberal "everything should be for sale" ideas creeping in, even the Social Democrats has now opened up for "market economy rent" for new apartments. 
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. Quick google search showed a 50 year term is popular....is that right? 

    Also I would keep the wooden wall. That is called shiplap or something right? Cool feature. I'd even make it appear more natural wood looking too. 

    Congrats. 
    What does "a 50 year old term" mean? I imagine it mean, how many years the bank decide in theory it will take for someone to pay back the whole loan to use for counting the mortage percentage to be paid per month etc?
    Kind of. It's not really up to the bank unless someone doesn't qualify for a smaller term due to their debt to income ratio being too high.  Here you can choose terms, usually, anywhere from 10-30 years.
    I think the general rule here is 50 years / 600 payments.  But that is top of my head having information fly passed me this week... so could be wrong. I don't know much about how banks operate.
    Also, here, a seller will not accept a bid unless you are already pre approved for a mortgage. Seems like things are kind of opposite over there. haha
    No, it's the same here. 

    - You have to have at least 15% of the apartment's/house's price in cash.
    - You have to have a "loan promise/commitment" from a bank to be allowed to bid. That means, that I had to contact a bank before bidding to get a formal promise of loaning me X cash, based on how much I asked for relative to how much I have saved, my income, other debts etc.

    So, if they approve and give a "loan promise" that reached up to the cost of the apartment/house I am allowed to bid.
    Post edited by Spiritual_Chaos on
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • GlowGirlGlowGirl New York, NYPosts: 2,830
    GlowGirl said:
    GlowGirl said:
    It looks beautiful. If it makes you feel better, rent on an apartment that modern with a balcony and a view like that in my neighborhood would be around $4500-5000 a month. To buy something like that where I live would be $600,000-$1,000,000. or maybe more. I haven't priced out apartments lately.
    Where do you live?
    New York City - Downtown Manhattan.


    Hehe. Well. I live in the city in Sweden with the highest "square metre prices" for buying apartments after Stockholm... but NYC is ofc in another league :)

    Back in my hometown my brother bought a whole house for more than half of what my apartment cost...

    When it comes to regular  "rent apartments" though, it should be noted that Sweden is very regulated. You are not allowed to set the rent freely and we do not have "market economy rents". A political idea from far back about not segrating people and having somewhere to live be a "right". So, an apartment in the middle of Stockholm and one in a small isolate town in the north of Sweden has "in theory" a similiar rent level. 
    Obviously with the right-wing liberal "everything should be for sale" ideas creeping in, even the Social Democrats has now opened up for "market economy rent" for new apartments. 
    I think your new apartment is beautiful. It is the nicest one of the photos you posted. Enjoy!!!

  • LoujoeLoujoe Posts: 2,557
    Old friend of mine had a huge rent controled apt in the village NYC on varick st for less than 500.  This was early 90s. I'm sure they did away with that long ago. I remember going there imagining how sweet that would be. All those clubs a stone throw away. 
  • Loujoe said:
    Old friend of mine had a huge rent controled apt in the village NYC on varick st for less than 500.  This was early 90s. I'm sure they did away with that long ago. I remember going there imagining how sweet that would be. All those clubs a stone throw away. 
    Was it Rachel and Monica?
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • LoujoeLoujoe Posts: 2,557
    Ahhh!!! Not that huge. If it was them I'd have gone over more than once!
    Enjoy your new place.
  • I think this is fantastic @spiritual_chaos I'm sure once you have moved you'll never look back.  Moving can be stressful and I'm sure you and your cat will be really happy in your new apartment with a balcony. Shame we dont get to see the photos, perhaps once you've settled in and organised yourself :)
    I found some in my "web cashe" from the listing:








    Your new place looks lovely @Spiritual_chaos I'm really happy for you and the cat. I like the little shelf above the tv. If I lived there I'd put my russian doll collection there :) do you get to keep any of the furniture or have you got lots of stuff already?
  • edited February 25
    Looks very modern, light and airy. I can see why you bidded.  I'd keep the tv wall white as it is but it depends what colour scheme you are thinking of going for.  I see what you mean about the closed balcony, cute!
    Post edited by West Coast Dreamgirl on
  • Spiritual_ChaosSpiritual_Chaos Posts: 23,412
    edited February 25
    I think this is fantastic @spiritual_chaos I'm sure once you have moved you'll never look back.  Moving can be stressful and I'm sure you and your cat will be really happy in your new apartment with a balcony. Shame we dont get to see the photos, perhaps once you've settled in and organised yourself :)
    I found some in my "web cashe" from the listing:








    Your new place looks lovely @Spiritual_chaos I'm really happy for you and the cat. I like the little shelf above the tv. If I lived there I'd put my russian doll collection there :) do you get to keep any of the furniture or have you got lots of stuff already?
    Haha. Guess I will have to figure out what to put up there...

    We actually talked about me keeping the furniture on the balcony, because he was gonna buy new ones for his new apartment anyways.

    I will buy a new sofa and a new bed I think... But i have a two room apartment full of stuff.
    "Mostly I think that people react sensitively because they know you’ve got a point"
  • tishtish taking the looooooong way,...Posts: 3,387
    Loujoe said:
    Old friend of mine had a huge rent controled apt in the village NYC on varick st for less than 500.  This was early 90s. I'm sure they did away with that long ago. I remember going there imagining how sweet that would be. All those clubs a stone throw away. 
    Was it Rachel and Monica?
    Monica.
    Congrats, SC!
  • WobbieWobbie Posts: 26,542
    That looks lovely. I am a loan officer over here so I curious how mortgages work in your country. 

    officer?


    If I had known then what I know now...

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  • stuckinlinestuckinline Posts: 3,137
    JPPJ84 said:
    Looks nice! Looks like a closed balcony?!
    We call it "inglasad balkong" (glazed balcony? Verglaster Balkon?). Safe for the cat! and you can use the balcony longer time of the year because it keeps the temperature. But you can slide open the windows. :) 

    Should I paint the wooden wall (Where the TV is in the pictures) completely white? Or should I make it into a smooth wall instead, like the rest are?
    Do not paint the wall with the tv.
    Your new place looks great! Congratulations!
  • F Me In The BrainF Me In The Brain this knows everybody from other commetsPosts: 23,468
    Hey that looks very nice.  Good for you, hope that you enjoy it and the price goes sky high in the future so you can put it toward retirement.
    The love he receives is the love that is saved
  • JPPJ84JPPJ84 Hamburg, Germany Posts: 2,731
    definitely keep the wooden wall!
  • brianluxbrianlux Moving through All Kinds of Terrain.Posts: 33,824
    I don't know whether to wish you, "Good luck, I hope you get it," or "Good luck I hope you don't get it."  Owning a home has big advantages and big disadvantages, depending on where you're at. 

    We cruised along nice and easy for several years.  But all of the sudden, we are currently looking at a lot of money in repairs over the next two to three months and that's after 2 1/2 years ago spending even more money on a roof, new gutters, and some other work like replacing rotten fascia, etc..   If the repairs can be spread out, it's not as bad, but when they come in a bunch, it really sucks.  It also helps if you are young and can do some of these things yourself (which we cannot do).

    On the other hand, I was able to turn my garage into a bookstore, do what we want with the yard, etc.  And the big advantage is we only have to move if we decide to, not if someone else says we have to. 

    So my suggestion is, look at all the pluses and minuses.  Maybe make a list of both and the weigh them carefully. And do the math, both in terms of cost up front, future repairs (there will always be future repairs, but maybe not in your situation because the place you're looking at looks newer-- our house is about 46 years old), and things like taxes and insurance.
    “In all human affairs there are efforts, and there are results, and the strength of the effort is the measure of the result.”
    -James Allen










  • Very nice. Was the skull on the wall included as part of the purchase price?  ;) 
  • PoncierPoncier Posts: 12,168
    I agree with everyone else on the TV wall, keep it wood, it adds character. 
    This weekend we rock Portland
  • HobbesHobbes Pacific NorthwestPosts: 4,790
    I think I've seen that apartment in an IKEA ad.
  • Hobbes said:
    I think I've seen that apartment in an IKEA ad.

    "Mostly I think that people react sensitively because they know you’ve got a point"
  • I think my bathroom is the nicest looking out of these three too, even with them being sold for a higher price:



    "Mostly I think that people react sensitively because they know you’ve got a point"
  • hedonisthedonist standing on the edge of foreverPosts: 23,034
    Moving into a new place can be fun, even cathartic. Clear out unneeded crap, start with a fresh canvas.

    That place needs some color though. 
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