To nine billion euros, the private assets of German is appreciated. Of house and land to some 3.8 trillion euros of assets. These impressive numbers say a lot about the importance of real estate investment spectrum, have private investors. At the same time power controller such as Markus Drescher, Portfolio Consulting Berlin note, that the following summary of properties in the portfolios of wealthy private investors rather opportunistic approaches. Private investors often acquire objects that represent them - subjectively - "opportunities". 'Attractiveness of individual investments is often the main incentive to buy, "says Drescher.
Real estate buyers often find a house and "beat" - without a recognizable investment strategy. They are delighted that the object is close to the company, they are enthusiastic about the style, about the situation - or simply by the fact that they were able to beat the tax a trick. In other words, it lacks the cool head of a multimillion-dollar purchase.
Meanwhile deal more closely with asset managers bought up such a wild real estate assets. A holistic approach while the Munich Immobilis. The company claims to be the first "family office for real estate assets." Disselkamp Marcus, Managing Partner, says: "For example, we offer protection against inflation and erratic shocks such as economic crises. But even sites such as the emotional quality of life we have in mind."
Professional portfolio offered as an investment fund - which holds Disselkamp urgently, especially as many buyers have had in recent years, not necessarily any profits in sight, but once the Treasury: "Object selection and funding were often taken less from real estate point of view than from a tax perspective . amortization to decrease the tax burden or minimize the imminent death duties were always in the foreground. "
The tax reforms in Germany during the past twelve years, however, most tax effects were largely destroyed. "With real estate you can now save any tax at all," clarifies Disselkamp.
The financial crisis has spurred a further risk in many portfolios, without the owners to remember something like this: Through securitization resulting change of the creditor and change in strategy of banks credit exposures are revalued and supposedly fixed loan agreed for further discussion. And whether a credit exposure to risky from the perspective of the Institute is awarded or not, depends inter alia on the quality of the data to be delivered from the borrower. The bank also is strict about correct data. Who does not deliver this, it must reckon with worse conditions.
Many wealthy owners, and even banks do not even know exactly what's in their portfolios. Assets Controller Drescher: "A large number of private borrowers and institutional investors can be due to missing or incorrect data and provide a lack of knowledge about their own investments not correct information." Figures given are worse than possible risks of moving to a higher risk category. But he gets only when Kreditprolongationen (extensions) felt. Without necessity, he must then respond to the first to experience poorer offer of financing. Due to lack of qualified data, it fails to obtain offers from competitors.
It is really dangerous if the institution is suddenly asking for more equity. Then could escalate the situation. Disselkamp: "A higher equity ratio is often reasons that lie in the refinancing of the bank. This is often due to a poorer quality of property or borrower creditworthiness. If the liquidity necessary then and it is not prepared by alternative measures can not be procured, is suddenly investment for the owner continued existence. " In both cases, the investor would be forced in doubt at the wrong time to distress sales. Love for the chalet in top location is then quickly extinguished.
Source: World Online