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real estate taxes
Hi. I guess we all know that the banks aren't paying any interest now, so I am thinking about investing in an apartment to try and get at least some return.
As an owner I know I would have to pay the property taxes, and appropriate insurance. What other costs, or taxes, are paid by the owner of a rented apartment ?
Thanks for your knowledge and help.
If you buy property you will have to involve a notaris.
Speak to one as a starting point. Their charges are fixed by law and they will not charge you for giving advice before you buy.
From memory, we paid 13% of the property price in addition to the actual price - the notaris will give you a good estimate of all the charges - so you cannot look at property as a short term investment.
One tip that I have heard from two of my belgian landlords is to buy an apt which doesn't need to have a syndic de copropriete. I forgot the number of apartments in a building which kicks in this requirements, but syndics tend to be a waste of money since many can't manage the building well, even though they are paid to do so. Some even pocket the money, shockingly enough.
Also, if the apartment is sold by a company, hire a lawyer, not a notary, to make sure the company doesn't have any legal actions against them; everybody tells you, talk to a notary, but unless you have a competent notary who wants to go above and beyond his job (yea, not going to happen in Belgium), best to talk to a lawyer and it shouldn't cost you much since all they do is check the company's background.
from what I heard about here and from persona; experience in the UK you also have to pay maintenance and re-decorating cost bear in mind even with fantastic surveys here your property can and does get damage from tenants normal or abnormal wear and tear and getting it paid for after some times doesn't cover the cost of getting work men in. In the UK you can ask for regualr inspections Im less clear that happens here
HI
If you already own the house or flat you live in, you will have to pay 500 euro a year tax on having a second property.
also an apartment usually has 'charges' . Some of these, water, sewage, can be passed on to the tenant. Your tenant will have to pay rent and 'charges'. you just work out what proportion are covered by him.
Here you take two months rent as a deposit and if the tenant wrecks the place, you deduct the cost of repairs from the deposit. tenant is responsible for maintaining eg the heating system and keeping the apartment in good order. unlike the uk, unless the roof is falling in, tenant is responsible for repairs. no tax just now on income received from first 3 rented properties. provided they are unfurnished. if furnished tax is due on the rent on the furniture. no idea why, but that is the law. any other quetions, post on here, but i might not answer immediately
