Successfully buying and financing a home is just a starting point. After that, there are
many factors influencing your finances and real estate investments. Owning
a house carries along significant additional costs, e.g., maintenance, insurance, and taxes imposed by the authorities. Aside from that, rising cost for energy, water and sewage tend to outpace inflation and can upset your balance sheet in the future.
Planned improvements to your home should be carefully thought out and evaluated as these significant investments do not always add proportionate resale value to a property.
Your home needs regular maintenance to keep it in good shape and maintain its value. Sky Unlimited can assist with establishing a periodic maintenance plan and a financial reserve so that funding for these projects is always available.
A maintenance and home-improvement reserve fund needs
also to be established to cover the technical depreciation of certain components of your home that are subject to wear and tear, e.g., the heating system, kitchen and bathroom fixtures, etc.
Furthermore, you might consider a home finance reserve to cover the depreciation and replacement of furniture and household appliances etc.
Your home could be part of an apartment building or housing complex, in which case you may be required to join a cooperative ownership scheme. This membership can incur a costly contribution for maintenance of communal property and services such as building security, lift maintenance, trash disposal, grounds keeping,
etc.
- What is the legal structure of this coop?
- How is the coop managed?
- Does the coop have a healthy balance sheet?
