Financial planning for a condominium

  • Erstellt am 2020-02-04 02:43:08

Pinky0301

2020-02-04 08:18:57
  • #1
Also consider that with renting, not everything always has to run smoothly. It was mentioned above as well: tenant doesn’t pay, tenant damages the apartment, special assessment, vacancy... None of these have to happen, but they can. Depending on how long the tenant has already been living there before you want to move in, the notice period can sometimes be 1 year. If the tenant claims hardship, you probably won’t get them out at all or only with great difficulty.
 

RomeoZwo

2020-02-04 08:36:58
  • #2
2.5 rooms on 2 levels is anything but age-appropriate. I wouldn’t want to take on a house like that, rather an apartment with an elevator and a sunny, quiet balcony. In your financing calculation, I miss the rental income. That comes in addition to the 1500€ savings rate. For reserves and repairs, I calculate about 20% of the cold rent for my approximately 25-year-old apartment.
 

Asuni

2020-02-04 09:53:27
  • #3
To raise this property to an approximately current living standard for rental, I would consider the renovation sum of 50K EUR as a minimum amount. This might be sufficient if you limit yourselves to "external" renovation work such as new floors, a new guest WC, new walls, and the occasional measure that will definitely arise during the modernization of such a house. For a property like this, the technical infrastructure must be checked in particular (electricity, water, sewage, heating, roof); if major renovation measures are necessary here, you will need significantly more money than 50K. As has already been mentioned, a proper maintenance reserve must always be planned with such an old property, as something always comes up, regardless of potential tenants.
 

Billie2

2020-02-04 10:54:48
  • #4
We simply have little plan there. Next year my salary will increase by 400 euros net, maybe it makes sense to wait until then.
 

Tassimat

2020-02-04 10:57:35
  • #5


There are two worst-case scenarios: 1) Rental default, or the apartment stands empty. Your monthly private surplus covers that quite well.

2) Expensive repairs (new roof, burst pipe, new heating system) that must be implemented immediately for the tenants. It is urgently necessary to save reserves here.

So you can do it, unless you want to build or buy again in the next few years. Then even the money itself would be missing for that.
 

Tassimat

2020-02-04 11:21:19
  • #6

Also houses like the one you showed???

Maybe I have to look at it more positively: With the stairlift and the many grab bars in the bathrooms, it is already age-appropriate and the garden is very low-maintenance. With only one outlet in the room and light switches at a height of 1.4m, it is especially safe for children.

I share the assessment that it might take around €50,000 just to make it superficially rentable. However, if I wanted to live there myself later, only a complete renovation including insulation would be an option for me personally.
 

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