Everything you need to know about home ownership
The world of real estate is a complex environment. There are many laws to comply with and fees and taxes to pay. On the other hand, exciting trends and innovations offer the opportunity of tailoring the home experience to individual needs. Find out more in the article.
A property’s life cycle
The life cycle of a property is a multi-step process. The first step is to purchase an existing house or condominium or to build the property. Either way, it is crucial to carefully consider your needs and finances. The latter are important not only for the purchase, but also for the upkeep. Renovations and remodeling are key measures for maintaining value. Environmental measures should not be overlooked here: Sustainable construction and living are increasingly important for homeowners.
One day, you will need to sell the property or pass it on. This can happen when you get older, for instance: Due to new physical and financial needs, senior living can quickly become a challenge if not enough preparations are made. Anyone who plans ahead and follows the real estate market should be able to skillfully cope with whatever comes their way.
Further information is available in our Home ownership guide.
Home ownership obligations
It can be wonderful to own the roof over your head. For many, though, having to pay the tax authorities is not a fun responsibility. These fees range from the real estate gains tax to imputed rental value. If you are clever about it, however, you can definitely save on taxes.
Homeowners have obligations concerning more than just finances. For example, if you want to update your plumbing, you need to know about any easements on the property. If you fail to do so, you could end up in a dispute with your neighbors in the worst case scenario. This happens if they have a right of way to the affected property and are no longer able to use it.
You also need to obey statutory provisions when buying a condominium under commonhold ownership. You are ultimately assuming responsibility for part of the property and become part of the condominium association. Concepts like the renovation fund and the specification document should no longer be foreign by then.
Current and persistent trends in homes
When people talk about home ownership, many think of a traditional single-family house with a rectangular floor plan and a pitched roof. But it can also look different. After all, the future of home construction is constantly changing: Houses with high-tech systems or tiny houses already offer exciting options today.
