Breakup. Keep an expensive apartment with a good mortgage?

[irishbelle]

@resjudicata That's what I think. It took me a lot of time, effort and contacting lots of banks to get such good mortgage rate and it would be a pitty to lose it. I feel like that mortgage will have been the best investment of my life.

Indeed, back to square one wih shitty conditions and alone sounds worse than making some big efforts economically during 3 years. In the long run (30 years) this apartment can go very expensive and open some new options for me. That's my position atm.

Thanks for your answer.

 

[resjudicata]

@irishbelle But do the maths. If it works out on paper and with room to spare, I’d take the flat in a heartbeat. I’d also be kind towards the ex and not try to lowball her price wise , I’m not some dickhead who’d justify it due to relationship falling apart.

I think you and me have similar views on spending, judging from your comments here. €1000 to live on after all fixed expenses are paid is grand - just bring food to work for lunch and spend time doing free things or for very cheap

 

[irishbelle]

@resjudicata Indeed. I come from a very normal/humble family. When I started working I started spending on "luxury" stuff just to satisfy myself (sneakers, clothes, videogames, etc.), but got quickly bored of it and came back to spending as little as possible, because I'm very used to having nothing and my mindset is: save for when there's nothing.

After buying the apartment I started reading a lot about finances. My main goal was first cancelling the mortgage asap, then investing, then I was attracted to FIRE, so I started investing in index funds, etc. but I have liquidated now all my funds for this situation and have cash on hand.

Maths are done in several excels regarding several scenarios, but as you may know, one thing is an excel and another thing is real life, with emotions, stress, etc. that's why I opened this thread to see what other people think. And I'm surprised that in a finance reddit not many people would make sacrifices for potential bigger benefits like option B requires.

 

[resjudicata]

@irishbelle I agree, I’m also surprised so many of old you to sell the flat But if you can make the numbers fit together on paper, it should be enough for you to take the leap.

Also, similar upbringing. Similar lessons of wasting money in my early 20s, and then straightening out. Only thing I spent money on after 25 was going out, and now with kids I don’t even do that!

 

[irishbelle]

@resjudicata You got a good mindset and you have a family. You're good! make sure your kids learn about finances. Best of luck in life ! and thanks for taking your time to support/advise me.

 

[garfent]

@irishbelle I second this. If you can afford it, keep it. A nice,big apartment in a centre of a big European city? To me it's a no brainer - there will always be demand for these types of properties - for both long and short rentals. Also, whether you rent out those 2 rooms or not, it gives you additional peace of mind, simply by acknowledging that you can rent them if needed - that itself has a price tag. The price will eventually go up, and, given your age, so will your income.. Also, any mortgage you'll get will be less than current the inflation.
Either way, I wish you good luck with this. I was in a similar situation few years ago and I'm glad I decided to keep the place.

 

[irishbelle]

@garfent Yes, this is my opinion. An apartment with this location will only go up, and with the mortgage I got, I see it as a no brainer.

You kept the place? Were your numbers or your debt to salary ratio similar to mine? do you mind sharing a bit of info of your throught process and your biggest struggles?

Thaks for your answer