STATUS GROUP: Stylish and modern real estate

One of the objects of residential real estate of exceptional quality in the portfolio of the developer company STATUS GROUP – residential complex of comfort class OLYMPIC PARK. In this facility, the unique, luxurious architecture is complemented by an exclusive, well-stocked adjoining area for the residents.

When creating the space of the courtyard of OLYMPIC PARK principles were used: maximum leaves, large number of trees, flowering bushes, dense perennials, forming from this separate thematic areas of the yard.

The feature of planting will be – orchard. Our own orchard in our time – luxury, but not for the residents of OLIMPIC PARK, which can be recharged daily by the energy of nature. The garden will stretch in the very center of the courtyard and will separate the children’s play area from the work-out areas with gymnastic shells, for people of active livelihood.

All recreation areas are intended only for residents of the complex and their guests in a closed area. Security and order watch the professional security service around the clock. It is important that the courtyard is protected from cars. Only temporary parking is allowed for no more than 30 minutes under the control of the guard (with the exception of special services – ambulance, police, firefighters). The yard for rest and children’s games, and not for cars, is an important principle of life in OLIMPIC PARK.

You can find out more and get acquainted with the residential complex on the site or at the sales office at: street. Kharkiv highway, 210 (metro station Boryspil).

Tronsmo Bookstore is thrown out of the premises by the state-owned real estate company Entra. Here is Ole Johannes Åleskjær’s (The Loch Ness Mouse) spontaneous sympathy!

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Why is it so important to keep the Tronsmo Bookstore?

“There are many reasons why Tronsmo Bookshops are important, and one of the most obvious, as many others have already mentioned, is that there are only exactly the same chain stores in Oslo, where Tronsmo stands for both long history and distinctive character in Committee.

“There are many reasons why Tronsmo Bookshop is important, and one of the most obvious, as many others have already mentioned, is that there are only exactly the same chain stores in Oslo. Ole Johannes Åleskjær.

Survive with narrow interests

“For me, the cartoons began in the basement of the late 80s, and I traveled by bus from Aurskog-Høland to Oslo because of Tronsmo. Then I move more up on the first floor eventually. It was possible to survive with narrow interests in the country because of the reference point in the city. And so, there are probably many who have had it.

Small spontaneous song

“The little spontaneous song I and Jørn has made is no police protest or attempt to embrace much of what the shop represents, but more a simple story about an I and a far-to-be relationship with a bookstore. As such, it could have been any bookstore it’s about. If it were not just that there are probably no other bookstores (again) in Oslo that could affect people that way and over so long. And then we’re well round, back to the first point again.

 

Real Estate: One month deadline for not paying expensive transfers

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Notary offices are hurrying taxpayers for purchase, parenting, and property donations. Time counts backwards and now they only have 30 days to prevent the new tax havoc that will hit the real estate in 2019. The new objective values, which were applied only for the calculation of ENFIA this year, are triggered by New Year’s Eve for all transfers and the taxes imposed on the properties get fire. Purchases of homes, plots, commercial properties will cost up to 50% more expensive in 3,792 areas across the country where zone prices have climbed uphill.

For example, buying an apartment of 100 sq. M. in Kallithea, which today is charged with a transfer fee of € 1,842.75, from New Year’s Eve the transfer tax for the same property is projected to € 2,720.25, recording an increase of 47.6%. In recent days the traffic is particularly high in the notaries and the Department of Capital of the Tax Offices where taxpayers pay transfer taxes. “After many years the real estate market has been showing signs of life and the transfers have registered an increase of more than 30% compared to last year,” say notaries and market players. Many taxpayers “get rid of” real estate or break their property into pieces that they pass on to their children to deflate ENΦΙΑ’s 2019 account as they see that the 10% cut in the tax, which is regulated by the government, does not touch them at all.

Increased real estate purchases heat up state funds, as receipts register an increase of over 37%. The data from the PPA show that in the January-August 2018 period the proceeds from taxes on transfers and fundraising where the bulk came from the real estate transactions amounted to EUR 221.36 million, when the same period last year was 161 , EUR 34 million. The figures reveal that since the beginning of the year, more than 17,000 real estate across the country have changed hands, with half of real estate transfers (7,833) being made in Attica, of which 3,977 in the City of Athens, where the fashion of short- Airbnb type. “Three out of five buyers of real estate in Athens are foreigners,” the chairman of Athens-Piraeus Bank’s notary George Roussas notes in “NEW”, adding that the biggest shopping movement is observed in the center and coastal zone of the capital, but also on islands and areas increased tourist traffic.

Dominoes of charges

The increase in objective values ​​in 3,792 areas will cause dominoes to cost 19 taxes and charges from New Year’s Eve. More specifically, in 30 days will be affected:

  1. The real estate transfer tax calculated at 3% of the fair value. This tax exempts the purchase of a first house of an objective value of up to 200,000 Euros from the unmarried, 250,000 Euros from married or cohabitants, an amount which is increased by € 25,000 for each child up to two and by € 30,000 for each child the third and then.
  2. The 24% VAT charged on sales of newly constructed buildings which are not the first residence.
  3. The use tax of buildings, which is also calculated at 3% of the objective values.
  4. The land-swap tax.
  5. The distribution tax on real estate.
  6. The Real Estate Tax (TAP) charged to municipalities through electricity bills and is calculated by coefficients ranging from 0.25 ‰ – 0.35 ‰ to the objective bandwidth values ​​of the electrified buildings.
  7. The municipal tax on property transfers (calculated with a percentage of transfer tax).
  8. The fees for the Fund of Lawyers charged with the transfer contracts.
  9. The additional contract transcription fee.
  10. The property donation tax.
  11. The parental property tax.
  12. The property inheritance tax.
  13. The registration fee for real estate in the Land Registry.
  14. Planning fines for the preservation of arbitrary buildings.
  15. Urban fines for the construction of new ones.
  16. Land and money contributions for the integration of real estate into city plans.
  17. Special estate tax of 15% imposed on offshore real estate companies.
  18. The tax on the presumption of residence. 19. The tax on imputed income from the use of business premises and free housing.

The head of Credit Institutions of Economy attributes the disappearance of the CyL boxes to the real estate “cataclysm”

The head of Credit Institutions of the Ministry of Economy of Castilla y León, Alfonso Pérez Quintana, has assured that the first cause of the disappearance of the boxes of the Community is due to the “cataclysm” of the real estate sector in Spain.

This has been expressed in the context of his appearance in the Committee of Inquiry on the performance, management and supervision of savings banks that had their registered office in Castilla y León, as well as the possible violation of consumer rights in the offer of its different products that is followed in the autonomous Parliament.

In this context, in response to the questions posed by the different spokespersons of the parliamentary groups, Pérez Quintana has assured that the disappearance of the savings banks is a consequence of the “cataclysm” of the Spanish real estate sector. In short, he considers that the cause must be sought in the economy itself, especially in this sector, where these entities had more business.

The head of Credit Institutions of Economy has stressed that this has caused a “trauma” especially from the point of view of the social work, a work carried out by the savings banks, non-profit entities, which is a “general concern” given that nothing has been found to replace what social work did.

Throughout his speech, Pérez Quintana has had numerous incidents in the distribution of powers in matters of savings banks, given that since the beginning the Constitutional Court has had to resolve many issues in this regard, having a clear “lack of assignment” and has indicated that the Community has practically “residual” competences in this matter.

Precisely his references to regulations and legal interpretations have been the reason why the spokesman of Podemos, Pablo Fernandez, has criticized his attitude and has even accused him of throwing sometimes “more shadows than lights” and has accused him of following the arguments of the PP, something that the appellant has rejected.

Precisely in this regard, has indicated as a competence of the Community mainly administrative authorization work on certain issues such as the creation of new entities, its liquidation, spin-off, etc., the authorization of products to the members of its governing bodies or that of “Protectorate”, which considers that it is not very defined but in which it has framed that the Board opened a debate on a possible merger of the boxes of Castilla y León to create what was called “financial muscle”.

“UNACERTED” ACTION

In this sense, in response to the questions of the spokesman of Podemos, Pablo Fernández, has defended the “correct” performance of the Junta de Castilla y León, although “you can always do more”, but not that of the governing bodies of the boxes as the boards of directors and their managers.

“In view of the results clearly management was not successful,” said Alfonso Pérez referring to at least those who have not survived, to which he added that this is not a “specific” issue of Castilla y León, given that there have been similar processes throughout Spain.

Also, Perez Quintana has asked not to confuse the administrative action, which carried out the Board, with the policy, as this had more to do with the appointment of representatives in the organs of the boxes either through the courts or entities local, for example, given that the Autonomous Administration what it did was to take representatives to the control bodies with voice but without vote, something that was also suppressed from 2010 with a regulatory change.

Specifically, he explained that the fact that there have been political actions in the appointment of representatives does not mean that the Administration “has acted politically”.

As for the work of his department, he has described as “stressful” the time in which the mergers were raised, something that “does not want anyone” because there was a constant “bombardment” of things.

In response to questions from the spokespersons in the Joint Group Commission, José Sarrión, and Citizens, Manuel Mitadiel, Pérez also referred to the preferred shares, which in his opinion the basic state regulation should have prohibited or limited its sale to retailers, since they are not comparable to other products if directed to this audience, something that has been done later.

However, he pointed out that these products were even strengthened because they served to strengthen own resources, but he clarified that they required approval, once approved by the Board of Directors of the corresponding entity, first of the Bank of Spain and, after authorization of the Board, of the National Securities Market Commission.

On the other hand, regarding the authorization of credits to members of its governing bodies, Pérez Quintana has indicated that the work in this matter on the part of his department was to give the go-ahead to these actions from an “objective” point of view. , that is, without assessing the “opportunity” or “convenience” of the operation, but the legal and documentation requirements, including the limitation that the totality of the credits granted to a person or a group could not exceed 25 per cent. hundred of the entity’s own resources.

In these cases, in addition, certificates and studies were required from the entity -which approved the operation first and then the administrative process was initiated- and, in fact, requirements have been made in this sense to complete the documentation.

Reverse mortgage & real estate pension as supplementary pension

The principle of a real estate pension is always the same. Homeowners can sell their homeownership (home or apartment) to an insurance company. In return, the vendors receive a lifelong right to live in the property as well as a monthly payment or a one-time payment.

With the duration of the real estate pension, the registered land charge increases in favor of the bank or the insurance company. With the death of the borrower or the move to a retirement home, the property becomes the property of the lender. Banks usually pay up to an age of the applicant of 95 years in the payment of the real estate pension.

The reverse mortgage as a basis

A real estate pension is based on the reverse mortgage loan model, which is popular in North America. The term is a direct translation from English. The mortgage form is called “Reverse Mortage”. However, this is not really a “reverse mortgage”.

In this country, the term real estate pension has become naturalized for this form of real estate retirement. Unlike a normal mortgage, the debt burden increases with the duration of the loan product. The limit for the mortgage lending value is usually 50 to 80 percent of the market value of the property.

For whom is a real estate pension worthwhile?

A real estate pension can be worthwhile, especially if retirees are childless and their own pension is not sufficient for the desired standard of living. Likewise, this form of pension comes into question when the self-inhabited house is no longer fully used anyway.

Basically, the real estate pension is not automatically eliminated when pensioners have children. Thus, this loan can also be used to finance new buildings or conversions. This gives parents the opportunity to financially contribute to the purchase of their children’s property at retirement age.

Forms of capital payment

The capital from a real estate pension is paid to the borrowers in different ways.

  1. The property is sold to the bank or insurance company. In return, the borrower receives a lifetime, monthly pension.
  2. The property is charged only with a mortgage loan, which is repaid at a specified time or after the death of the owner. The loan amount is used for home repairs or for the payment of a lump sum in a life insurance policy.

Options for heirs

When concluding a real estate pension, it can be agreed that, if the homeowner is deposited early, a pension guarantee for the heirs is given.

If a mortgage is taken on the property and the borrower dies, the heirs do not have to assume the mortgage debt. However, they have the opportunity to settle the debt in order to own the property.

Consider the time of repayment

Who takes up a reverse mortgage, should first think carefully about what time he chooses to repay the debt. If the repayment is made during his lifetime, it is important that there is enough capital to settle the debt for that moment.

Preliminary considerations regarding future heirs

Borrowers should be well prepared when to use a reverse mortgage and how to repay the mortgage. These considerations are important so as not to burden future heirs.

These conditions exist

To apply for and receive a real estate pension, the borrower must first be a homeowner. In addition, other conditions apply:

  • The applicants must have reached the legal retirement age of 65 years. For some providers, however, the real estate pension can already be used at the age of 60.
  • The property must be in perfect condition. Many providers require borrowers to maintain and maintain the property. In this way banks want to avoid a possible loss of value.
  • The loaned property must be paid off at best. Some banks, however, offer the real estate pension even with a low residual debt.
  • If a real estate pension is taken, the property usually has to be worth so much that a minimum pension of 150 euros can be paid.

One advantage of real estate pensions is that borrowers do not have to have a particular credit rating. This is not necessary as the property serves as security. The bank or insurance company enters a land charge in the land register after conclusion of the contract.

Important aspects of the degree

If you want to take out a real estate pension from an insurer or a bank, you should first look for a suitable provider. In Germany, the offer is still quite manageable, because this form of credit has not spread so much.

Once the provider has been found, it is important to estimate the value of your own property. Because of this value depends on the possible amount of the subsequent pension payment. In order to appreciate the value of the house, an appraiser should be called. Some providers pay its costs when it comes to a contract.

On the basis of the determined real estate value, the bank or the insurance makes a concrete offer for a real estate pension. Here all key figures should be strictly observed. It is important, for example, that the contract establishes a right of residence or what rights future heirs have. After all, it is a long-term project that causes the borrower to lose more and more of his former ownership in favor of a pension.

Notary fees as incidental costs

Since a land charge is entered on the property when applying for a real estate pension, a notary must be called in. The costs of the notary are usually listed in the ancillary costs of the financial product.

To consult with trusted persons

When talking to providers, trusted persons should always be consulted.

How is the real estate pension taxed?

The payments that are paid out to the borrowers monthly via the real estate pension offer tax benefits. Thus, only the income value is taxed at the real estate pension. This refers to the net income generated by the income from the property. Since there is hardly any income when the property is leased, there are also few or no taxes to be paid.

Thus, the real estate pension in comparison to a disbursed life insurance tax advantage of advantage. Tax benefits are not available to consumers for the payment of life insurance in the form of a pension until it has been saved for at least twelve years.

Property pension makes sense as a pension?

How much capital is paid out via a real estate pension varies from provider to provider. In principle, however, never the complete value of a property in the form of a regular payment is taken into account. As a rule, the total amount of the real estate pension is based on 50 to 80 percent of the market value of the mortgaged property. However, some providers pay only a maximum of 35 percent of the property value.

calculation

To calculate the real estate pension, various factors must be considered. On the one hand, it matters how long the recipients of the monthly payments will still live in this property. On the other hand, the market value of the property must be used. The respective providers calculate the amount of the real estate pension on the basis of various models that include other aspects such as haircuts or fees.

Example: A very simplified invoice

They are 75 years old and own an apartment with a market value of 200,000 euros. You assume that you will live in this apartment for 15 more years. 15 years equal 180 months. With a monthly rent of approximately 600 euros, the following bill would exist: 200,000 euros – (180 × 600 euros) = 92,000 euros .

These are the rental income that the bank escapes because they still live in the property. Since the bank has to live with a certain risk, whether the state or the value of the property remains, it usually raises a security surcharge. If this is 10 percent, the calculation continues as follows: 92,000 euros – 10 percent = 82,800 euros .

This amount will eventually be divided by the time that you will probably spend in the apartment: 82,800 euros ÷ 180 months = 460 euros .

This sum would be equivalent to a monthly annuity in this example. In practice, however, the calculation is much more complex. These numbers are therefore for illustration only and an approximate orientation.

When does a real estate pension pay?

A real estate pension pays off especially when the life expectancy on which the contract is based is exceeded. It is also worthwhile if the recipient of the monthly payments lives longer in his own home than predicted.

Potential risks for homeowners

Homeowners have the risk that the actual payout amount of the monthly pension is far lower than previously calculated when taking out a real estate pension. Since banks themselves are dependent on interest rates on the capital market, they can pay for this interest rate uncertainty in the form of higher costs or safety premiums.

Another risk exists with reverse mortgages, which are paid on the future sale proceeds of the property. If house prices fall significantly during this time, the mortgage itself can not be completely repaid by the sale and the borrowers are in debt.

Find suitable suppliers

In Germany, the number of providers of real estate pensions is manageable. They are usually banks and insurance companies. They take a certain risk with the issue of real estate pensions. If the borrower lives longer than estimated for the calculation of the real estate rent, the banks or insurance companies must expect losses. However, these losses can only be compensated with large capital reserves, just like banks and insurance companies.

Until 2016, the Raiffeisen banks and Volksbanks in particular were known as supraregional providers, but have meanwhile discontinued their offer.

Another risk for providers is that residents in Germany are getting older and older, and they have to continually adjust their calculation models without making the product unattractive, because only disproportionately small amounts can be paid out.

The hesitant offer of real estate pension providers in Germany is also due to the fact that the profits for the lenders can only be achieved in the long term. If a contract for a real estate pension is concluded, the bank or insurance company will in some cases only come into possession of the loaned property after two decades. These planning cycles are common in mortgage lending. However, the bank also assumes the risk that the property in question will lose value over the term.

Does the real estate pension have a future?

Although it is still a dream of the future, the further development of the real estate pension to a private investment is conceivable. For example, young families with little equity can finance a property in which a couple lives in retirement. The young family pays the pensioners an annuity and receives the right to own the property after their death. This idea is promoted by the rising real estate prices in Germany, due to which fewer and fewer families can afford a home.

The modification of the real estate pension would then be a worthwhile alternative in which both sides gained. Pensioners and homebuyers would not need a bank or insurance to settle the contract for this form of private investment.