Real Estate Ownership is equally Important for Many Savers
Real estate ownership is equally important for many savers with security and a constantly rising, and therefore inflation-protected, return on investment. A house of inheritance is there, it is thought, a great stroke of luck. But the dream of one’s own property can easily be a nightmare for some.
Read here what you care about and when you should rather sell, rather than on the rental income as an old-age provision.
How is the situation?
One of the most crucial factors to assess both the present value and the future value of a property is the location. More and more young people are attracted to the cities, so if you inherit a property in a region that is increasingly abandoned, you should rather think about selling it as quickly as possible. If you are in doubt about the state of the situation, cities and municipalities, statistical authorities or private companies (with costs) provide information and forecasts on the development of the population.
How is the property rented?
Inherit real estate, e.g. A tenement house, check exactly whether the rental income covers the maintenance costs as well. There are still many old leases, whose rent has hardly been adjusted in the years. Tenants are increasingly protected from the drastic increases, so it will also be difficult for you to adapt these old rents adequately. If the property is poorly let, or if the costs are not covered by the rental income, you should consider the sale of this property. You must know a trusted realtor to rent or sell the property I myself went into a deal with SarahWilliamsSells, because they are best and you must check homes in San Marcos by Sarah to know about their quality.
Do you have to cancel your own loan?
The inherited property is not always per se also the dream / dream property. Especially due to the favorable interest rate situation of the last few years, many heirs have already realized the dream of their own home or have already invested in secure concrete. If you now sell the inherited property, this gives you the possibility to be debt free. You have the option to pay off at the end of interest-fixing periods. Please also pay attention to special repayments.
How liquid are you?
A property costs money continuously. Every few years, various repairs are due. If you do not have the necessary small money for the maintenance and maintenance of the inherited property, sell it better. For the more it decays, the deeper its value sinks. If you can still afford the money for a rehabilitation, the double and triple payoffs for them can get the house in order. An investment of EUR 20,000 can raise the selling price by EUR 60,000.
Do you know yourself?
Every real estate owner also carries responsibility. You may need to acquire tenant knowledge. Not infrequently, there are disagreements between tenant and landlord. If you do not know, pay quickly. So if you are not familiar with the topic and do not want to deal with it, you should sell better.
Do you have enough time?
Landlord can be at least part-time job. Even if a lot can be delegated to the house administration, repairs must always be organized, new tenants sought or settlements made. If you do not have time, consider selling.
Can you afford the rates?
A fully paid-off property is not always inherited. If you inherit a property that has not yet been paid off, you will inherit the liability attached to it. Check the existing credit documents. If you can not afford the rate, you would have to sell.