Hello,
my tenant sent me the following photo from my basement apartment. Apparently, there are moisture problems.
This concerns an exterior wall.
What is the correct procedure here (four-family house with four owners)? Should I first hire a building expert at my own expense to determine the cause (it could also be due to incorrect ventilation, etc.)?
How would you proceed in this situation?
my tenant sent me the following photo from my basement apartment. Apparently, there are moisture problems.
This concerns an exterior wall.
What is the correct procedure here (four-family house with four owners)? Should I first hire a building expert at my own expense to determine the cause (it could also be due to incorrect ventilation, etc.)?
How would you proceed in this situation?
C
chand198610 Oct 2017 07:39Well, if you pay the top tax rate, your net income is more like half. That’s just how it is.
What is the rental yield of the cold rent for this apartment in percentage?
Are you planning to sell it right away? Have you considered capital gains tax?
What is the rental yield of the cold rent for this apartment in percentage?
Are you planning to sell it right away? Have you considered capital gains tax?
R
R.Hotzenplotz10 Oct 2017 08:38chand1986 schrieb:
What is the return on the net cold rent for this apartment, in %?Net cold rent yield 5.26%
chand1986 schrieb:
Do you want to sell it right away?Preferably yes. Who can guarantee that something like this won’t happen again? More than a year’s rent will have to be spent on renovation here.
chand1986 schrieb:
Have you considered capital gains tax?Yes, I have. But it’s irrelevant since I’m not really making a profit, and if so, it would be in a range that doesn’t correspond to the cost of renovation works, etc. I bought the apartment for 85,000.
C
chand198610 Oct 2017 09:35Understood.
You can't buy anything with the expert reports.
You can determine yourself with a measuring device whether the moisture is superficial (only wallpaper) or deeper (plaster). Poor ventilation usually only causes surface moisture. Moisture in deeper layers generally has other causes.
If wallpaper is affected, it must be removed immediately and disposed of.
No one can guarantee that it won't happen again if the cause is ventilation. In my experience, talking to people and explaining the proper way often helps most (unfortunately not all). Hardly anyone allows mold to grow intentionally in their living space.
A basement apartment with generally cooler exterior walls in summer (temperature difference between the wall and the air brought in by ventilation is greater) might be more sensitive, but I have no experience with this. Cool walls plus furniture directly in front of them plus summer air is simply not a good combination. Unfortunately, information about wall temperatures is rarely available.
Whether you sell or rent it out again after renovation is your decision. Selling is certainly less stressful.
From a purely financial perspective, your return on equity decreases if you renovate using your own capital and then rent out again. Only you know how much it falls from and to, and whether it is worth it for you.
You can't buy anything with the expert reports.
You can determine yourself with a measuring device whether the moisture is superficial (only wallpaper) or deeper (plaster). Poor ventilation usually only causes surface moisture. Moisture in deeper layers generally has other causes.
If wallpaper is affected, it must be removed immediately and disposed of.
No one can guarantee that it won't happen again if the cause is ventilation. In my experience, talking to people and explaining the proper way often helps most (unfortunately not all). Hardly anyone allows mold to grow intentionally in their living space.
A basement apartment with generally cooler exterior walls in summer (temperature difference between the wall and the air brought in by ventilation is greater) might be more sensitive, but I have no experience with this. Cool walls plus furniture directly in front of them plus summer air is simply not a good combination. Unfortunately, information about wall temperatures is rarely available.
Whether you sell or rent it out again after renovation is your decision. Selling is certainly less stressful.
From a purely financial perspective, your return on equity decreases if you renovate using your own capital and then rent out again. Only you know how much it falls from and to, and whether it is worth it for you.
R
R.Hotzenplotz10 Oct 2017 10:33chand1986 schrieb:
Whether you sell or renovate and rent it out again is your decision. Selling is definitely less stressful.Yes, the apartment is also 60km (37 miles) away. I simply can’t manage it that closely. I probably underestimated the effort required.
chand1986 schrieb:
From a purely financial perspective, your return on equity decreases if you renovate using your own capital and then rent it out again. Only you know how much it drops from and to, and whether it’s worth it to you.Financially, it’s obviously not ideal. But I don’t want to have the same problem again in four months. I need to focus on my own house construction now and can’t afford such distractions.
R
R.Hotzenplotz4 Dec 2017 21:45The apartment has now been renovated. The expert visited again after it was cleaned of mold and left empty for two weeks. He says he can now exclude a construction defect as the cause with 95% certainty.
The apartment is going back on the market. I don’t want something like this to happen again. It’s hard for me to control the ventilation behavior and, if necessary, difficult to prove that the tenant is at fault. Better to have an unpleasant end than a never-ending problem. I will be selling at a significant loss, which I really can’t afford right now during our house build. But there is no other option.
The apartment is going back on the market. I don’t want something like this to happen again. It’s hard for me to control the ventilation behavior and, if necessary, difficult to prove that the tenant is at fault. Better to have an unpleasant end than a never-ending problem. I will be selling at a significant loss, which I really can’t afford right now during our house build. But there is no other option.
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