Depending on the situation and future plans, it is not always sensible or possible to buy a property. The alternative is to rent a house or apartment. Here you can find out what you need to pay attention to in the case of rental properties and how the whole thing works.
Renting means that the owner of the property leaves it to you for housing. In return, you as a tenant pay a monthly amount as a rental fee to the owner or landlord. The terms of the rental are set out in a rental contract. As a rule, the landlord first determines a cold rent for the property. This only includes the cost of providing the housing. In addition, there are additional costs for electricity and water. If you add these to the cold rent, the hot rent for the property results.
Rental properties can be found through advertisements in newspapers and magazines, through brokers or via internet portals. The advantage of internet exchanges for rental properties is that a comprehensive description with pictures is already available here.
As with any decision about moving into a home, there are a number of things to consider when renting a property.
Think about where your rented home should be and what your needs are for the area. Find out about infrastructure, noise pollution and other factors such as proximity to schools, shopping, etc. You should also consider what kind of property you would like to inhabit. From one-room apartments to detached detached houses with a garden, there is a wide selection on the rental market.
Before signing the rental agreement, you should take a close look at the rental property. Make a viewing appointment and pay particular attention to existing defects. Especially with penetrating moisture and defects in the building substance, you can later get problems such as mold infestation. You can also find out more about the energy efficiency of the house. In the case of housing rental, an energy certificate should normally be available.
Read the lease carefully. Important are the living space in the rental contract, the rental price and the additional costs. In addition, the landlord can request a rental deposit. This may not exceed the amount of three cold rents. In addition, the landlord must invest them at the current interest rate. In addition, a minimum rental period and a notice period can be set. Other points that the landlord can specify in the rental agreement are, for example, rules on animal husbandry and beauty repairs. Small animal husbandry cannot, by the way, be banned. For larger animals such as dogs or cats, the landlord must agree. There should still be a transfer protocol on the Treaty. It records existing defects in the object and meter readings for electricity, water and gas.
The rental price is based on the size, equipment and location of the property. After the change in the law of the rental price brake, the cold rent for a property may not exceed 10 above the local comparative rent in the case of new rentals. Information about the comparative rent can be found in the rental mirror. In addition to the cold rent, additional costs such as water, heating costs and waste disposal are added.
The question of whether you should buy or rent a property depends on several factors. Crucially, for example, whether you have already committed to a permanent place of residence or whether a change of location is likely for private or professional reasons. Both tenants and property buyers have arguments for your side.
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The purchase of a property makes the prospective owner independent of restrictions in the design of the living space and changes to it. As a tenant, you have to make many decisions with the landlord first. In addition, as a landlord, financing with loans and taking on debts is usually eliminated. On the other hand, the purchase of a property is considered a safe investment with a low risk of loss. Especially in old age, many people want to be independent of monthly rent payments. Many tenants cite the high flexibility and the possibility to adapt their living space to current needs as an advantage. However, this flexibility is also limited by ever-increasing rental prices. A big advantage of the rent is actually that the owner has to continue to take care of the maintenance of the property and no costs for the tenant for repairs. In the end, the decision about rent or purchase is mainly a type question and depends mainly on your preferences and plans.
Anyone who fluctuates between the purchase decision and the retention of a lease can calculate the ratio of the rental price to the purchase price of equivalent properties. This shows whether the purchase of a property is financially worthwhile compared to rent. Similar properties in the same region are compared. Both objects should have the same age, the same surface area, and so on. Divide the purchase price by the amount of the annual cold rent and consider the factor.
Suppose you are interested in a property with a purchase price of 200,000€ and your annual cold rent is 10,000€. This results in a factor of 20. As a rule of thumb, up to factor 20, the purchase prices are relatively cheap in relation to the rent, from factor 25 relatively expensive.
The E1 Investments concept offers a proven system for the solid development of a business as a broker and owner of a real estate business. E1 Real Estate has the infrastructure and operating systems that enable us to offer first-class services with a team of brokers. You are investing in the market of the future.
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