The goal is clear: for maximum tax savings, you should rent as much as possible of the old apartment, which will be rented out in the future Credit finance
2024-08-20 05:17:29
#Real #estate #deducting #loan #taxes #work #Wirtschaftswoche
New real estate rules for home buyers and sellers statewide went into effect Saturday following an agreement the National Association of Realtors announced earlier this year.
The new rules would change the way commissions work.
At the close of the escort, a seller uses a percentage of their proceeds to pay over 6% commission, half of which goes to their own agent’s brokerage and the other half to the buyer. Agents then get a portion of the commissions paid to the brokerage.
However, a federal judge’s spring ruling found that NAR had conspired to artificially inflate commissions. The court said NAR required sellers’ agents to offer compensation to a buyer’s broker to specifically list homes on NAR-affiliated listing services.
Under the change, sellers can now decide whether to pay anything to the buyer’s broker and, if they choose to do so, decide how much. In addition, sellers’ agents can no longer advertise commissions to buyer’s agents on various listing services.
The change will also require agreements to detail exactly what commission the buyer will pay to his or her agent.
“The buyer and their agent are going to have to have a formalized agreement as the seller and the seller’s agent,” said Patrice Horvath, founder of Illuminate Properties.
Horvath said he doesn’t expect the change to affect the Bay Area market, where inventory is low and demand is high.
“I don’t see it affecting prices or the number of offers,” he said. “I don’t see it affecting that part of the market. I just see confusion.”
Real estate agents will now have to deal with 30 additional forms.
As the region with the lowest real estate prices on the continent, Southeast Europe emerges, according to a recent Deloitte report.
However, despite the affordability of these homes compared to the rest of Europe, it is still a financial challenge for many local citizens to buy their own home.
Of all the countries assessed in the report, Bosnia and Herzegovina recorded the lowest average transaction price for new homes at €1,315 per square meter, followed by Greece and Romania at €1,463 and €1,504 per square meter respectively.
In 2023, Israel was again the most expensive country for real estate, with an average transaction price of €5,439 per square meter. Austria maintained its position as the second most expensive market, with average prices reaching €4,920 per square meter.
Germany was not far behind, with properties selling for an average of €4,700 per square metre.
The new purchases and sales
Hungary experienced the largest price increase compared to 2022, with prices of new home sales increasing by 13.3%. Poland and Portugal also saw significant increases, with prices rising by 12.2% and 11.5% respectively.
In terms of capital cities, Budapest led the way with an 11.2% rise in transaction prices. Warsaw followed with a 9.7% jump, while Oslo, Belgrade and Prague saw more modest increases of 7.2%, 2.9% and 1.8% respectively.
Cheap but… inaccessible roof
Deloitte assesses affordability by looking at how much gross annual wages are needed to buy a new home. In this regard, the Czech Republic is the least affordable country in Europe, with the average citizen needing to invest the equivalent of 13.3 annual salaries to buy a new home.
Neighboring Slovakia is no longer the most demanding country to buy an average new home. In 2023, Slovak citizens had to spend 12.7 times their average gross annual salary to afford a typical new home, a decrease of 1.4 salaries compared to the previous year.
Then Israel, Ireland and Hungary require an average of 10.2 gross annual salaries to buy a new home.
While Bosnia is among the most affordable countries in terms of price per square meter, citizens still need between six and eight gross annual salaries to afford a new home.
In Serbia and Croatia, citizens need to save an equivalent of eight to ten gross annual salaries to afford a new apartment.
Homebuyers in Romania, on the other hand, only need to save the equivalent of between five and six gross annual salaries to be able to buy a new home. In Greece it takes 6.8 years…
The most affordable houses
The most affordable property is found in two of Europe’s most affluent countries, Norway and Denmark, where citizens need less than five gross annual salaries to buy their own home.
Interest rate rises across Europe in 2023 have made mortgages less affordable, particularly for first-time buyers. As central banks raised interest rates to fight inflation, borrowing costs rose.
“Given this, governments have launched initiatives to build more affordable units and regulate rental markets. Efforts are also exploring the use of innovative solutions for cheaper economic products, which will help reduce costs and speed up development, such as modular building techniques. Needless to say, this issue is embedded with overall socio-economic development as well as overall stability,” the report states.
“It therefore remains a priority for all policy makers as well as industry leaders to ensure that there is an adequate supply of affordable housing.”
While the report focuses mainly on property markets, it also points out that the rental market in South East Europe faces similar affordability challenges.
While rental prices are significantly lower than in Western European cities – such as London, where rents have soared to €33.8 per square meter – local incomes are often insufficient to comfortably cover costs.
Source: ot.gr
#Real #estate #dream #buying #home #Europe #cost #Greece
The real estate market in Ajman continues its upward trend, as it recorded last July 1,468 real estate transactions with a total value exceeding two billion dirhams, a growth of 42.85% compared to the same period in 2023.
Engineer Omar bin Omar Al Muhairi, Director General of the Land and Real Estate Management Department, confirmed that the Emirate of Ajman is seeing a strong trend and a noticeable increase in the number and size of real estate transactions due to the diversity of investment opportunities. and the attractiveness of the business environment, indicating that the number of transactions in the month of July amounted to 1.34 billion dirhams, as seen by Al Rashidiya… 1» Recording the highest sales value of 80 million dirhams.
He pointed out that the sector registered 280 mortgage transactions with a total value of 489 million dirhams, with the highest mortgage value recorded at 75 million dirhams in Industrial Area 2, explaining that the neighborhood of Al Helio 2 came at the top of the list of most commercial neighborhoods, followed by “Al Zahia” and “Al Yasmeen”.
2024-08-15 17:10:10
#billion #dirhams #Ajman #real #estate #transactions #July #Khaleej #Newspaper
Miami-Dade County is laying the groundwork for a critical new development designed to help seniors find affordable housing.
The next phase of the Quail Roost Station will begin on August 14, according to the official announcement in Miami-Dade County.
Such development aims to improve the community by introducing housing that is well connected to public transport options.
The renovated Quail Roost Station will feature 124 units specifically for seniors, including 36 studios, 72 one-bedroom units and 16 two-bedroom units.
The initiative comes as a collaborative effort to revitalize the community through a six-phase project. The current phase is expected to be completed by the end of 2024 and the third phase will start in 2025.
Affordable homes for our grandparents
Affordability is key in the new phase. Because of? The units are assigned to different income levels, with 20 of them going to those earning 30% or less of the area median income (AMI), 44 for people who earn 60% or less of the AMI and 60 households for those who do. earn 70% or less of AMI.
Residents of Quail Roost Station can expect a variety of amenities. Development plans include a community room, business center, fitness center and on-site laundry facilities.
In addition to physical resources, the project also offers adult literacy classes, employment support and financial management program classes.
The contemporary design and thoughtful amenities aim to create an environment that supports the well-being and personal growth of the older residents.
Miami-Dade County provided a major financial contribution of a $4.96 million Surtax fund grant to the project.
This highlights the importance of the initiative in community development and the county’s commitment to support the older population.
The remuneration rates in rental management averaged 26.74 euros per unit per month in 2023, a real adjustment of just plus 14 cents per year compared to the reference year 2010. This means that the increases made each year were recently below the annual inflation rate. These are data from this year’s member survey of the Association of German Property Managers (VDIV). The online survey ran between February and April 2024 and produced 488 evaluable surveys.
VDIV Managing Director Martin Kaßler pointed out that the remuneration could be significantly higher than the determined average values depending on the size of the WEG, region and workload.
Lack of staff leads to rejection of small WEGs
Smaller owners’ associations will have to prepare themselves for the fact that it will be difficult to find a professional management company, as 43 percent of the surveyed property management companies have introduced a minimum size below which they will not accept management mandates. This is most often ten units, with a quarter of the responses. The main reason for refusing mandates is a lack of staff, 63 percent of the time.
Increased investment in hardware and software
Around 25 percent of property management companies were unable to fill staff positions in 2023. This is precisely why many companies are planning to continue to digitize: 69 percent want to further automate their administrative processes in 2024, and 69 percent are also considering using AI-supported software. 92 percent of all companies intend to invest in software and hardware in 2024.
73 percent of companies believe that the virtual owners’ meeting recently approved by the German Bundestag could compensate for the staff shortage to some extent. Of companies that already use digital formats with their customers, 87 percent are in favor of a virtual meeting as a new option.
Administrations see increasing need for further training
The legal requirements for property management companies are increasing. At the same time, there is an increased risk of liability and the requirements for accessibility, speed and digital structures are increasing. The effects of the complex working environment are confirmed by an impressive number: 98 percent of the property management companies surveyed for the VDIV Industry Barometer 2024 expect an increasing need for training and further education. (Editor)