Residential property
Residential property is a property that is wholly or mainly used for residential purposes.
General
The compound "residential property" expresses that it is a property that contains at least one apartment. The apartment is one of the basic human needs . The right to housing is a second generation human right that is realized through residential real estate. Although the right to an apartment is not a basic right within the meaning of the Basic Law (GG), it is contained in several state constitutions. The Basic Law protects in Art. 13Abs. 1 GG only the inviolability of the home. Constitutional law understands the dwelling to be any spatial structure that is suitable and intended to exclude the general public from perceiving the free life that takes place in it. The Basic Law is more about the protection of privacy in the home . According to Section 244, Paragraph 1, No. 3 of the Criminal Code , apartments are criminally located in the event of burglary , the main purpose of which is to enable people to use them continuously, without primarily being work spaces. Under insurance law, an apartment includes all those rooms in a building that are used in the household of the policyholder for private purposes.
species
For evaluation purposes, the BewG defines an apartment in accordance with Section 181 (9) BewG as a “combination of a majority of rooms which in their entirety must be designed in such a way that it is possible to run an independent household ”. Pursuant to Section 181 (1) BewG, this includes single and two-family houses , rental properties and apartment ownership . Builder models are also part of the residential real estate. Mixed-use properties serve both residential and commercial purposes. These include B. holiday home , office , loft , studio or farm .
financing
The construction , acquisition , the renovation , modernization or renovation of residential property can by equity of the investor or in part by real estate financing ( mortgage ) by credit institutions ( banks , banks private , savings banks , cooperative banks or mortgage companies or) life insurance funds are. The residential properties are usually the object of lending . According to Section 12 (1) of the Pfandbrief Act (PfandBG), residential properties can then serve as cover for mortgage Pfandbriefe . As mortgage to be entered mortgage or mortgages may in accordance with § 13 para. 1 PfandBG only on land , land rights or such rights of a foreign legal system overload, the German the land rights law are comparable. The encumbered properties must be located in a member state of the European Union or another signatory to the Agreement on the European Economic Area , in Switzerland , in the United States of America , in Canada , in Japan , in Australia , in New Zealand or in Singapore . You can borrow from banks up to a lending limit of 80% of the lending or market value (Art. 125 No. 2d Capital Adequacy Ordinance ).
Tax issues
The acquisition of residential property triggers real estate transfer tax . For this he is exempt from sales tax according to § 4 No. 9a UStG. The owner can claim an income tax-reducing deduction for wear and tear (AfA) in his tax return for rented or leased residential property . The central regulation for this is Section 7 (4) No. 2 EStG , according to which a linear depreciation of 2% (buildings erected since January 1925) or 2.5% (erected until December 1924) of the respective acquisition or purchase price is for buildings used for residential purposes Manufacturing costs . Special provisions exist in Section 7 (5) EStG for buildings that are located in a member state of the European Union or another state to which the Agreement on the European Economic Area applies. Further special regulations exist in particular for buildings in redevelopment areas ( Section 7h EStG), for the apartment in one's own house used for one's own residential purposes ( Section 10e EStG), buildings under monument protection ( Section 10f EStG) or the apartment in one's own provided free of charge for residential purposes House ( § 10h EStG). Has to be considered also in the context of housing subsidies , the housing bonus .
In the case of residential property, capital gains are taxable if there are less than 10 years between the purchase and sale of the residential property ( Section 23 (1) No. 1 EStG; “ speculation period ”).
economic aspects
From an economic point of view, the value development and profitability of residential properties are important. The current market value is derived from various real estate indices or the valuation regulation . In the case of own use, in addition to the interest expense for the external financing component and the management costs , the lost interest income for the alternative capital investment of the equity capital employed must also be taken into account in terms of profitability, the rental income and depreciation must be included in the case of rented properties:
The overall profitability of rented properties is therefore influenced by the level of interest rates , management costs and changes in rent . The rental risk to be taken into account in the profitability of rented residential properties consists in particular of the risk of vacancies or the risk of renting the rent.
Residential properties are fungible as commercial real estate , because a wider housing market whose recovery easier in normal times. In addition, fluctuations in value due to the shortage of living space in normal times (exception: real estate bubble ) are low. Finally, a high degree of standardization ensures stable demand on the real estate market .
rating
As part of the property valuation , differences between residential and commercial properties arise. While owner-occupied residential properties are usually valued according to the real value method, the valuation of commercial properties and rental residential properties is usually based on the capitalized earnings method .
REITs
Some of the residential properties, the so-called existing rental residential properties, are affected by the REIT law. It deals with German real estate investment trusts (REITs), i.e. German real estate companies in the legal form of a stock corporation that invest capital in real estate assets, manage them and seek to generate a return through rental income and increases in value . They are exempt from corporate income tax and trade tax if they distribute at least 90% of their income, generate at least 75% of their income from real estate and invest at least 75% of their assets in real estate. REITs are not allowed to acquire existing rental residential properties according to Section 1 (1) No. 1a of the REIT Act. As such, the REIT Act refers to “real estate that is primarily used for residential purposes, provided it was built before January 1, 2007” ( Section 3 (9) of the REIT Act).
literature
- Nicole Küster: Beauty and Value of Real Estate . Dissertation. Universitätsverlag Chemnitz, 2014, ISBN 978-3-944640-04-4 ( qucosa.de [PDF; 60.1 MB ; accessed on December 19, 2018]). Summary: Nicole Küster, Friedrich Thießen: Beauty and value of residential real estate. Results of a survey by the TU Chemnitz in the greater Munich area . In: BVI magazine . No.
05 , 2014, p. 4–5 ( tu-chemnitz.de [PDF; 121 kB ]).
Web links
- Nationwide monument study by IfD Allensbach / pantera Immobilien: Historic buildings are the most popular form of property , December 2017
Individual evidence
- ↑ Berlin (Art. 19 Paragraph 1), Bavaria (Art. 106 Paragraph 1) and Brandenburg (Art. 46 Paragraph 1)
- ↑ Dieter C. Umbach (Ed.), Basic Law Commentary , Volume 1, 2002, Art. 13 Rn 26
- ↑ Rolf Hüpen, Wirtschaftslehre between Model and Reality , 1998, p. 184 ff.
