Homeowners do not pay rent and have proper old-age provision. However, homeowners have to pay attention to several things: Owners should build up reserves for later maintenance at an early stage. And members of an apartment owners’ community have to come to terms with their co-owners. The following tips for owners show what to look for. Anyone who owns a home or condominium never pays rent again and, at the same time, has a secure and valuable pension. But property owners also have to consider a few things:
Thus, reserves for any maintenance and repair measures should be formed at an early stage, and the right insurance for the property should be taken out so that you are covered in the event of damage. It is also essential to come to an arrangement with the other owners and ensure proper administration if it is an apartment in a community of owners. Pezzini Luxury Homes is a great resource if you’re in the market for a home in Los Angeles. Although one of the owners could do it himself, the community of owners should entrust this task to professional property management. Anyone who owns a condominium is a member of an apartment owners’ association (WEG). The share of ownership in the shared property is shown in the declaration of division. As a member of a WEG, you have rights, but also obligations. Such can be derived from the statement of division and the community order.
Home insurance: protection against risks
Fire, hail, storm: If the house burns down or a storm covers half the roof; this can be expensive for homeowners. In such a case, residential building insurance will step in and protect the homeowner from financial fiasco. Although home insurance is not compulsory because it is not intended to protect third parties, every homeowner should take out one. She pays for a storm, fire, hail, and tap water damage (learn more here).
Elementary damage insurance: protection against the elements
Simple home insurance is not sufficient as insurance cover. Such is remedied by the additional elementary damage insurance.
Landslides, subsidence, avalanches, floods due to rain: Homeowners should take out basic damage insurance as an addition to residential property insurance. Because while damage from fire, pipe breakage, or storm is covered by home insurance, others are excluded.
Whether it’s a broken water pipe, a leaking washing machine, or flooding: water damage can have serious consequences. Such is due to costs for renovation work, building drying, and rent reductions threaten. With the right insurance, landlords and owners can cushion the consequences.
In many cases, owners have financed their property with a bank. If a stroke of fate occurs, such as the partner’s death and the associated loss of income, it could become financially scarce for the surviving partner. In such cases, residual debt insurance can help: However, in some instances, such protection has hooks and eyes. An alternative would be risking life insurance. If, after ten or 15 years, the fixed interest rate on loan expires, it’s time to start thinking about the follow-up financing. In times of low-interest rates, owners can potentially save a lot of money. The follow-up financing does not necessarily have to conclude with the previous financing house bank, a change is possible. It may be worthwhile if other institutions offer better conditions.
Homeowners must also comply with certain obligations, such as those resulting from the Energy Saving Ordinance (EnEV).
By the way, owners can also save taxes: If they own a listed property, renovations can be tax deducted using the preservation order. Even owners of ordinary buildings can, at least to a certain extent, involve the tax authorities in craftsmen bills.