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Saturday 1 September 2018

Tax exemption in real estate

A little more than 10 years ago I let myself be charmed by a good speaker who sold tax exemption. The sequel may seem surreal but it happened to me and I was fooled. The person I was at the time now seems to me incredibly naive and stupid …

So I bought a house before it was built at the other side of the country to rent it and get a tax benefit. It was very easy to commit, they took care of everything in my place (administrative procedures, powers of attorney, …).

Then came the additional costs not originally planned, tenants who do not pay their rent, electricity bills collected twice when the dwelling was vacant (frost-free measure…), real estate agencies that change their name to blur the slopes (and try to erase their bad reputation), managers who do not care about both renters and homeowners. And the house that has never been finished (no double glazing, …). And the galley to sell the house, very dirty, in bad condition, unsalable (I borrowed 136 000 €, I resold 50 000 € while I had a capital of 80 000 € to repay).

Conclusion: instead of earning at least 80 000 € (the promise I had believed in), I lost 86 000 € (not counting interests)! In addition to 10 years of stress and adverse health impacts, administrative procedures, white hair, the impression and the shame of being stupid…

In addition my tenants may have thought that I was a big jerk (I would have thought the same thing in their place).

My advice: slam the door in the face of the merchants of dreams, flee people who are interested in your property or your fortune.


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