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Dream of owning your own home: This is how you can secure your retirement provision cleverly!
Discover why real estate is considered retirement planning and learn how care and reserves are crucial.
Dream of owning your own home: This is how you can secure your retirement provision cleverly!
Many Austrians have the desire to purchase their own apartment or home. Buying a property brings with it various advantages, especially the feeling of security and independence. A paid-off property is particularly often viewed as an ideal retirement plan, as in retirement you only incur operating costs and no longer have to pay rent. This can make a decisive contribution to financial stability in old age, especially since real estate tends to increase in value in the long term, depending on the location and maintenance of the property the standard reported.
But purchasing a property also comes with challenges. Owners must be aware that repairs and maintenance in their own apartment or house must be borne at their own expense. Manfred Jost, President of the Bonn Home Ownership Association, points out the often high and not immediately noticeable maintenance costs, which can represent a financial burden during retirement. It is therefore recommended to have sufficient reserves available for necessary repairs as you age.
Maintenance needs and financial planning
Many residents come to terms with defects in their property, which often leads to a backlog of renovations. Such a backlog of renovations can lead to significant damage and high follow-up costs. It is therefore advisable to regularly maintain and maintain your own property. Alexander Krolzik, financing expert from the Hamburg Consumer Center, recommends building up reserves when building or buying a property. New building owners should save around one euro per square meter per month for maintenance, while old building owners should save up to three euros per square meter per month, depending on the condition of the property.
In the long term, replacing the heating system could cost around 10,000 euros after around 15 years. Therefore, forward-looking planning is essential in order to be financially secure in old age. However, a property should not be the only retirement provision to ensure a balanced financial foundation, according to the findings of haus.de.