
Maintaining real estate properly
When it comes to the professional maintenance of a property, the focus is not only on maintaining its residential value. It is also, above all, the market value that decreases as a result of poor maintenance. Wear and tear have a negative impact on the value of a property. Repairs should never be postponed. By doing so, homeowners only run the risk of being confronted with even higher costs for repairing the damage at a later date. A leaky roof can allow moisture to penetrate the insulation. This often leads to mold growth and poor insulation. Similarly, a crack in the facade can cause major damage if it is not repaired. The next time it freezes, it can burst open and the damage will only get worse.
Owners should inspect their property every two to three years. A professional should also be hired to carry out an inspection every five to ten years. Only a professional can identify damage that is not immediately apparent to the untrained eye. Technical systems should even be inspected by a specialist at shorter intervals. Homeowners should always have sufficient reserves for maintenance and inspections. Those who build up reserves have a clear advantage here. After all, the costs of repairing damage will arise at some point anyway. Depending on the year of construction, between 7 and 12 euros per square meter per year should be set aside. The value is based on the age of the property. The maintenance costs for an older property are significantly higher than those for a new building.
Owners can reclaim part of the costs of maintaining their home through tax. In this country, it is possible to deduct all expenses incurred in the proper maintenance of a property from tax. These costs are referred to as maintenance expenses and can be claimed. Twenty percent of maintenance costs up to a maximum of $6,000 are taken into account. This means that tax savings of up to $1,200 per year are possible. However, only labor and travel costs are taken into account, not material costs. Among other things, costs for roof renovations, facade renovations, thermal insulation measures, the installation of energy-efficient systems, heating renovations, and bathroom renovations are deductible.
Would you like to know how maintenance measures affect the value of your property? Contact us now. We will be happy to advise you.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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