What do I have to take care of regularly when I buy a rented property?
In today's edition of our video blog, you'll learn what you need to take care of on a regular basis when you buy a rented property.
Start the video here:
Frequently, capital investors ask themselves
We answer these and many other questions in our video blog editions.
Here is the transcript of episode 36 to read:
Since you normally, if you do it sensibly from my point of view, work with a professional administration, you don't have to worry about anything. However, there are always one or two very small peculiarities that you should keep in mind. As the owner of a property, you receive a property tax notice from the city every two or three years. The property tax is the amount that the municipality will debit from your account every quarter. They are for street cleaning and things like that.
And in the case of a rented property, the tenant pays this property tax for you. Of course, he will only do that if you remember that if the city sends such a notice every two or three years, that you then simply forward it to the administration. Because if you then send it to the administration, the administration will transfer this property tax to the tenant for you and he will pay the property tax for you.
If I may pick out a single mistake that can be made after the purchase of a property, it is that one does not pass on the property tax assessment to the administration and therefore stupidly pays 15, 25, 35 € every quarter, although they are actually paid by the tenant. A very professional administration will also notice that it does not receive the property tax notice and will then ask.
But I have experienced that this is sometimes forgotten for one or two years and therefore it would be good if you always remember it. Main task: When a tax assessment comes, pass it on to the administration, you do everything right and then it works.
Property tax, Rented property, Management, Tenant, Tax assessment, Street cleaning, Quarter