So now I can put my two cents in. My family has a house that was built several decades ago, and I'm pretty sure I'll be able to use it later. Whether I want to, of course, is another matter. Time will tell. I have also toyed with the idea of buying a property and then renting it out. But I have great respect for the effort and the maintenance costs. Here at home is still some real estate book lying around, I have yet to read, as this is the next area in which I wanted to familiarize myself so slowly. I am an absolute noob in this area. Is in any case totally complex and let's see if the picture eventually becomes a little clearer. Looking forward to the subsequent parts.
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@Lorena I actually live in a similar situation (house will be inherited at some point) and had similar plans (buy property and rent it out), which I put on hold for the same reasons (unplanned costs, effort).
You should definitely read Buying or Renting by Gerd Kommer if you want to delve deeper into the subject.
Otherwise, for tax reasons alone, renting is something completely different to using it yourself
You should definitely read Buying or Renting by Gerd Kommer if you want to delve deeper into the subject.
Otherwise, for tax reasons alone, renting is something completely different to using it yourself
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•@DonkeyInvestor Are you going to move into the house?
Yes, that's what I think too. But you can always inform and educate yourself. Thank you, I'll get that!
Yes, that's what I think too. But you can always inform and educate yourself. Thank you, I'll get that!
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•@Lorena I have no idea. Probably not. By the time that happens, I'll (hopefully) be over 60 and would only live in the house with my wife. It's actually too big for that. Another reason for renting: Always live according to need.
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@DonkeyInvestor @Lorena you bigwigs, it's best to inherit and then rent out, my grandpa always advises me to do that. He was an architect during the Second World War...No interest🤯 use the rental income to pay off your own interest on the loan.
So every generation adds at least one property :)
At least in theory. In practice, 2 generations before you, someone sells all 5 previous apartments🥴
So every generation adds at least one property :)
At least in theory. In practice, 2 generations before you, someone sells all 5 previous apartments🥴
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•@DonkeyInvestor @Lorena You bigwigs, it's best to inherit and then rent out, my grandpa always advises me to do that. He was an architect shortly after the Second World War...so there are lots of opportunities to buy real estate cheaply.
Inheritance also has the advantage that there is no interest🤯 You can use the rental income to pay off your own interest on the loan for your own house.
This means that at least one property is added with every generation :)
At least in theory. In practice, 2 generations before you, someone sells all 5 previous apartments🥴
Inheritance also has the advantage that there is no interest🤯 You can use the rental income to pay off your own interest on the loan for your own house.
This means that at least one property is added with every generation :)
At least in theory. In practice, 2 generations before you, someone sells all 5 previous apartments🥴
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@leveragegrinding yep, that's how it looks. Both that we are bigwigs and that real estate is often the cause of inheritance disputes or is sold 'prematurely'. Incidentally, on average real estate doesn't 'live' as long as we always assume.
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•@DonkeyInvestor Disputes Gaby not now :)
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