Is real estate a good retirement plan?

Your own property is crisis-proof and stable in value - because you always have to live. Thus many older owners of house see calmed the retirement against. But is the own-used real estate really a guarantor for relaxed getting old?

"After 30 years everything is finally paid off - finally we can afford something again", so the hope of many homeowners reads. One had fulfilled the dream of the house early and had renounced other expenditures for many years. But offers a paid off real estate really such a strong value in the age security?

A house costs always also money.

Even if one saves the monthly rent, one lives in a paid off real estate unfortunately not free. As real estate agents, we know from many conversations with property owners that especially with older houses, the monthly burden can not be insignificant. On the one hand, there are the ongoing monthly maintenance costs such as heating, electricity, water and insurance. But on the other hand, certain elements in a house simply have a certain lifespan. In the case of houses, you can literally set the clock according to when which costs will be incurred by the owner: Windows, facade, heating, roof, electrics - here the costs can quickly shoot through the roof.

From experience we know that on average after 30 years, when the property starts to get on in years, the costs add up quickly.

Even in the current period, which is characterized by high inflation, rising energy costs and rising commodity prices, many homeowners face the question of whether they can hold their property in the future. Sometimes it can actually make more sense to exchange the single-family home from the 1980s for a modern condominium. The trend of adapting real estate to life circumstances earlier, instead of ironcladly following through with owner-occupancy, is also clearly recognizable in our region - around Bocholt and the Westmünsterland. Young families need space and at the same time are more likely to have the means to renovate an older house. Older people against it often gladly do without a room or a large garden, if they can allow themselves for it more quality of life and liberty.

A clear calculation is thereby the A and O, in order to be able to fall a decision

To weigh whether the costs, which are connected with the own real estate also in the future to be carried can, recommend we the following calculation to accomplish: Monthly income from pension and other sources against maintenance costs and upcoming repair work. Then you have clarity about what you should set aside monthly to maintain the value of the house.

Helpful questions about this:

• What is the monthly income (eg.E.g. pension, supplementary pension, investment income)?
• What are the maintenance costs per month (eg insurance, heating, electricity, water)?
• What is due next (eg.E.g. heating, roof, facade)?
• Are certain (age-appropriate) conversion measures necessary (e.g. accessibility, stair lift)?

We as brokers know the empirical values, when which measures, such as the renewal of the heating "due".

With pleasure we advise and accompany you in your decision.Start in a first step with an individual situation analysis under: www.immowissen-bocholt.de