Housing investor - 24 Center is your technical assistance and support

Are you a property investor or flipping houses?

Consider the following:

  • What all should be taken into account when renovating investment properties?
  • How can tax relief be used? 
  • Which building services can you do yourself and which should you outsource to a professional?
  • Is it worth renovating an investment property?

These questions and many more can be answered in this blog post.

24 Center is there to help you with everything from buying an investment property to renovating and maintaining it. We can help with planned maintenance, renovation and installation, as well as with unexpected and unforeseen situations. Remember, you can also contact 24 Center when you're not quite sure how to proceed with a building services challenge.

Alterations in connection with the purchase of an investment property

Renovating an investment property is a worthwhile choice for a number of reasons: renovation can increase the value of the property and extend the tenant's tenancy if the conditions are right. A clean apartment ensures a comfortable living environment, and when it comes time to sell, it is always easier to resell an apartment with clean surfaces.

Today, you see a lot of renovation projects on social media, where people buy a home, renovate it themselves and rent it out or sell it after renovation. These are fun projects where you get to try new things and challenge yourself.

Please note, however, that you cannot take advantage of tax deductions for renovating an investment property immediately after purchase. This means that if you renovate an investment property before you rent it out, you cannot deduct the costs for tax purposes, but they are included in the purchase price of the property. In this situation, you can only deduct the costs of renovating the investment property from the capital gain, i.e. when you sell the property on. 

Also remember that when you are doing DIY projects, you can't do certain building services yourself - you must always call in a professional. Electrical work requires a legal qualification. In addition, when renovating wet rooms, the insurance company may require a plumbing professional to carry out the work.

24 Center is also there to help you when you're renovating yourself. Contact us when you're not sure what to do, or when you need more help or professional advice.


Repairs when tenants change tenants

Part of the daily life of a residential investor and landlord is that, for various reasons, tenants in investment properties change. Family relationships change or studies end and a move is imminent. At the end of a tenancy, it's a good time to check whether the property needs repairs or an update to its appearance, for example in terms of surfaces. 24 Center is also there to help if the tenant has left the property in a bad state when they move out and you need specialist cleaning help.

This is where you can take advantage of tax relief! When a tenant changes tenants, the costs of outsourcing renovation can be tax deductible. However, it is important to note that if the landlord does the renovation himself, no tax deductions are possible.

 

24 Center is the emergency help for home investors 

Life happens and happens. For example, if there's a water damage or a tenant forgets their keys, 24 Center is there to help both landlord and tenant. 

24 Center's services cover the whole of Finland and we also have operations in Sweden and Norway. If you own an apartment in another city and your tenant's apartment needs urgent or non-urgent maintenance work, we can help.

Do you want to increase your tenants' comfort with an air-source heat pump, or do you need to upgrade your sauna with a new heater? The 24 Center can help with these jobs too. We work with various equipment manufacturers, so ask for a quote when it's time to upgrade your equipment.

You can contact the 24 Center Customer Service with any technical building question. Our knowledgeable customer service staff can advise and assess your needs at the time of contact and, if necessary, we will send a skilled building services professional from our network to help you, even in the middle of the night.

Homeowner, are you also involved in the management of building societies? Find out more about our contracts with housing associations, management companies and maintenance companies.

Things to consider:

  • The household allowance cannot be used for investment housing.
  • Investment properties are counted as capital assets, and some tax relief is available when the property is renovated.
  • If you are the landlord and have carried out the renovation yourself, remember to deduct the costs in the year you paid for them.

For more information on the tax technicalities of investment housing, see the Tax Administration's website vero.fi.

24 Center's service offering in a nutshell:

  • Urgent repair work.
  • Non-urgent repair and installation work, including preventive maintenance to prevent damage.
  • Seasonal work and regular maintenance work known in advance.
  • Special cleaning, for example if the tenant has left the property in a bad state when he/she left.
  • Low-cost bundled orders and installation work available from equipment manufacturers.
  • Everything from placing an order to receiving an invoice is done in one call.

24 Center to help with your home's building services

24 Center is a building services on-call centre that provides a high quality service for building services problems regardless of time and place. You can get help with one call for both urgent emergencies and unhurried everyday tasks. With our extensive network of contractors, you'll find the best building services professionals in your area. Find your nearest available glazier, plumber, electrician, locksmith or even a vacuum truck with ease - all it takes is one call to 0100 2470 or you can place an order for unhurried work online here





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