My husband and I would like to purchase a small apartment in Vienna...we currently live in the U.S. and would like this purchase to be our holiday home. When we are not there on holiday we%26#39;d like to let the place out. Does anyone know how one goes about finding such an agency? Also, does anyone know what types of monthly fees one can expect? Property taxes, common fees? Being so unfamiliar with foreign real estate we wanted to get an idea before consulting an agent, as we wanted to be at least a little informed :)
Thank you!
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Condos are, like everywhere, very popular as you only pay monthly fees for building maintenance, janitor%26#39;s wages and other resources not related to personal life style. The monthly charges depend of course on the size of the condo but also on the costs levied by the property management. Some houses have hired a company as replacement for the janitor, which only come for a few hours a day or week. But I am not sure wether this way of building maintenance is decisively cheaper....
Anyway, I possess a 60 m² condo (one bedroom in your language) and pay 150€/month for the condo itself. Heating and electricity has to be added of course!
Expect acquisition costs between 100.000€ and 150.000€ for a 60m² condo if you exclude the cheapest offers (dodgy quality or bad location on e.g. busy street etc.).
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The selling prices , as everywhere vary greatly by location, desirable neighborhood , near to services like supermarket , bank, transport.
Esppecially if you look to use this as a vacation apartment and for rental you must have a sesirable location-
Most desirable 1st , 9th , 13, 19th District for many.
Inaddition to purchase price you will have added fees - can be 10 - 15 % of prchase price - including Notary Fee , Purchase tax, Land Register, Agent commision ( average about 3 % now )
Also many little things you are not accustomed to such as a fee for radio and TV service - not a cable fee but a fee payable to national TV and Radio for the pleasure of watching and listening. I forget exact cost now - but 20-30 euro per month. Can%26#39;t ignore you- they find you sooner or later.
Also - the Chimney Sweep- by law this must be done.
Many houses today switch from the old %26quot; Superintendent on the premises - to outside services - often actually adding to costs and lesser service.
Does the house have a repair fund ? ( Reparaturreserve)
Property is sold %26quot; As Seen %26quot; so be prepared to really examine a place very carefully.
Be most aware that once you sign an offer document to purchase - the sale is binding to you.
You must have all financial means in place before making an offer. You are committed to purchase .
If you buy this as a 2nd property check to see about capital gains tax .
I believe that the law still applies that you must pay a 50 % capital gains tax on a property if you sell it within 10 years of purchase.
This does not apply if the property is held more than 10 years.
The Betriebskosen - monthly maintenance varies greatly by building - example some buildings lack an elevator - thus some savings.
Some will say that this average cost may be between 2-4 euro per square meter per month but this can vary greatly. But at least a guide.
Look for a building recently renovated- nothing worse than moving into a place and finding it needs a new roof, elevator , electric line etc. You must pay your fair share .
Also a 10% tax is applied to these monthly costs.
An absent owner must find a reliable agent to rent for short terms. Many apartments you may see available for tourist rentals have the owner near by to handle all matters - keys, clening, inspections etc. Much easier. This is very hard to do and will be at considerable cost.
Think carefully - sounds great - but may be more trouble than its worth , especially if you have a guest who destroys things.
Just a few things to think about.
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Thank you all for your help, you%26#39;ve been most informative!
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