Latest / RENEWA Sanierungsnavigator / Lohnt sich eine energetische Sanierung für Mehrfamilienhaus Eigentümer und Kapitalanleger?
Transcript
- Oliver: When we to owners of multi-family houses, often to by the costs of renovation. These really big amounts of money that are dealt with. But if do the calculations and the funding and the environmental costs and the tax effects are included, then a positive effect And then it to that the property no longer to the worst performing buildings, but has efficiency class A. What we need now is a practical example. And my colleague Oliver in his luggage And would say we'll step by step. Hi, I just said that it's always a big question. Does it actually And to it all you an example. Right, I a multi-family house project in Hamburg that has just been implemented and that you can quite well. Also because it was larger project but I it for many such projects. This is a 29-room apartment with total 1,640 square meters of space. Okay, so let's through what means for the and the tenant. What were the basic data? So overall, I just said how big it and the renovation costs for roof renovation, photovoltaic, storage, heat pump, window exchange and a new house door, so actually everything except the facade, were a of 1,305,600 euros. Okay, and that was probably funded, right? Right. And that course not too close. the quota was at 40 percent That means for this project it was 522,900 euros. That means, and I'll look at the note again where I the numbers on it, the actual investment demand after funding was at 782,700 euros. Okay, so I'm asking myself, will this be to the rental or how does that No, I think very important to understand what works and what work and what useful and what not useful. I think first of it's always about the amount after funding. So it's the 1.3 million anyway, but about these 782,000, that's a bit of the starting amount. But of course you have to distinguish between monetization and maintenance. So if components have be because now are or defective, are used, then it is a maintenance. For a WG is also a maintenance return from which this paid. So means the owner himself The real modernization part Okay, what was that in the practice project? I can say that you have to be reason well, because in the end there are also a of judgments about what environmentally friendly and what maybe modernization costs are or what maintenance returns are. Here was like this, a with administration and tax advisor, 234,000 euros be withdrawn. That meant that you had a base of 548,700 euros environmental-friendly restoration costs. So that's you could really expect. Can you explain again how this this environment? Sure, you that too often either. There are BGB paragraphs, so that's in the law, which in this case Paragraph 559 bgb and he says that the landlord can 8 percent of affordable modernization costs annually to the rent. So if we this here now 548,700 euros times 8 percent that's 43,896 euros per year. So that's the possible annual rent increase for the entire building that I can once. So it doesn't every year that 43,000 euros are But I once and then the cold rent can be higher Okay, and what does that for the rent? So, of have to to the month first. If that by 12, then that's 3658 euros per month for this building. And if you that on a square meter, then you really something with which you can calculate and handle So that was 1640 square meters That means it was 2.23 per square meter and month for the tenant. So that's the cold rent that increases in Yes, exactly. So in a typical apartment, let's take 56 square meters here in Hamburg or in this building, would be 56 times 2.23 euros, so around 125 euros per month more rent. But that's a huge burden for the tenants, how do I it? The question is justified, but of course at both sides, or you have to... So you can't just at the cold rent. The for me or you as a tenant is the warm rent. And these are cold rent and side costs. In our example, the building was from yoke and dollar. It just made but it was about energy renovation. We from energy class H to energy class A. And that means the energy consumption has also massively. Do you some numbers for me? Yes, I can definitely do So with such a jump, the heating costs can at the user's There are people who heat more, who heat less. And of the energy price drops 1.80 to 2.50 euros per square meter a month. If we values and then that's about 100 to 140 euros less heating costs per month Okay, that's exciting. The rent increase in our example is now at 125 euros, Yes, it is relatively moderate. So the heating costs are reduced, so a similar annual size order such the modernization environment. This does not mean that every renovation is automatically rent-neutral. So here it is like that, it is relatively even, but it shows that actual additional burden for the tenant can significantly lower than the pure cold rent increase is suspected. So means that the cold rent increases and the heating costs drop? Yes, exactly. And additionally, as a renter you a better building, less air flow, which is super relevant when you exchange better insulation, a more room climate, more living comfort and above all, which I so relevant to include, less dependence on rising energy prices. if your rental house stays at gas heating or simply replaces ⁓ your costs will the next few if you the forecasts. Yes, and several factors will You've also it with Iran. So that's just in the If the side costs are you don't that much to laugh Can we quick at the owner's side? So you said earlier that the investment amount was around 780,000 euros. So that was financed. Right. So In example, if we 3 % interest and 2 % interest, that's an annual rate of 5%. And that was a more amount, it 782.700, but we can round a it's easier to understand. If we that by 5%, then we have over thumb, 40.000 euros per year capital service. Okay, so that's for interest and interest. Right, exactly. And the opposite, are additional rents from the modernization environment. of about 44,000 euros per year. That means the rental payments are already above the annual capital service. And what about the tax-related effect? It's still being We can say we're not tax advisors, we're just maintenance experts, so we always check But that's part of the bill. You can as a property owner if you live and you don't if you a multi-family house and do maintenance. In first year, with 3 % interest on the € 782,000, that is 23,000 euro interest. And if you calculate a cost of 42 % then you a taxable benefit of this level of 23,000, 24,000 euros times 42%, and that's around 10,000 euros. Okay, so that actually the cash flow, Yes. So, the simplified calculation looks like this. these additional rents. Let's take the 44,000 euros. We capital service, is 39,000 or 40,000 euros per year. And a tax benefit plus interest or out of these interest of around 10,000 euros. This results in a positive effect from 14,000 to 15,000 euros in first year. Okay, and we haven't considered that the value can be You can rent and the maintenance risks are actually Yes, we risks because now you should calmer, the roof as as the windows. And I think that's an important point to understand. the energy renovation is not just a cost position, it really several effects. And for the property, is the value that increases for the property. That's good when it to new financing or a loan and course the sale. The rentability improves because the tenant may prefer live in an that more comfort and above all one where the warm rent is also under control and the side costs are under control. The building meets higher energy standards. You can a hook there. And above all, and this is always for the tenant, the cash flow can be according to funding. the tax effect and the monetization environment stabilize or in the And it's good as The costs are going I would always be The living comfort is increasing. The room climate is better, so the whole thing about mold. And actual monthly additional burden can be maybe even less than the pure cold rent increase suggests. So that's good effect So can you actually say in broken way that if you really cleanly, then in the end there is Yes, so the best way is to plan and implement in that is for all parties, for owners and for tenants. But of course to every object individually. You have to the costs, plan the funding properly, financing, that has to fit, and all, rental rights. You can't just everything around, just because the law says there a monetization environment. So, as I you really to make conclusion about immunization and what is. But I just to to the point. You can very well there, if you energy renovation, then it's not just about costs. there value, we have climate protection or climate protection goals that better achieved, we have higher living comfort and really an economically efficient construct for owners and tenants. Yes, so what you're saying I think that's actually the important message, so with energy renovations. One should only about investments, but also about the overall effect. what happens with the cold rent, with heating costs, with the warm rent and also with the real estate value itself. Exactly. Then you have a complete picture. And you complete picture, then can meaningful investment decisions. And I would say that many would wonder how they would if you had A few words from me My name is Michael Suhr. I am the founder and manager of Renewal. We at Reneva also know how complex energy repairs are today. 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