By J. Toussaint
What's the present function of housing wealth in loved ones retirement techniques around the eu Union member states, and will this function be prolonged? this question is usually raised by way of researchers and policymakers as governments look for how you can minimize pensions expenditure. Owner-occupation may possibly in all probability join an answer because the retired are frequently wealthy when it comes to housing wealth. the prevailing concept indicates that possessing one's own residence could be considered as a kind of pension: as soon as the personal loan has been repaid, housing bills are considerably reduce and housing wealth is additionally cashed in, both by means of promoting or utilizing fairness liberate schemes. in spite of the fact that, changing housing resources into money is a far much less universal method than anticipated. This booklet contributes to present wisdom via pertaining to loved ones techniques to broader nationwide contexts. The nations integrated within the research are Belgium, Finland, Germany, Hungary, Portugal, Slovenia, Sweden and uk, whereas the Netherlands is the topic of specific consciousness. The learn means that owner-occupation isn't the straight forward resolution that governments may have was hoping for.IOS Press is a global technology, technical and scientific writer of high quality books for lecturers, scientists, and pros in all fields. the various components we post in: -Biomedicine -Oncology -Artificial intelligence -Databases and data structures -Maritime engineering -Nanotechnology -Geoengineering -All features of physics -E-governance -E-commerce -The wisdom financial system -Urban stories -Arms regulate -Understanding and responding to terrorism -Medical informatics -Computer Sciences
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Extra resources for Housing Wealth in Retirement Strategies: Towards Understanding and New Hypotheses - Volume 42 Sustainable Urban Areas
189; Behring & Helbrecht, 2002, p. 117 ff; Elsinga, 1995, p. 65). Although there was strong support in the Netherlands for retaining a large social rented sector, the aim to increase home ownership became more important over the decades. Fiscal policy and a mortgage guarantee system are the main factors that impact on the housing market and tenure choice. The tax authority sees an owner-occupied dwelling as an investment, which implies that interest is deductible and imputed rent is taxed (see Haffner, 2002).
The growth in the Netherlands can be attributed to the rising house prices, more generous mortgage terms and the strong demand for higher quality housing. In addition, a substantial amount has been lent to finance second homes, to refinance existing fixedinterest loans at lower mortgage rates, and to withdraw equity (Ball, 2005). In Germany, commercial banks, savings banks, mortgage banks and institutions (Bausparkassen) are co-operating intensively on contract-saving. Whereas the mortgage loans are used mainly for building private rented apartments, the Bausparkassen are closely involved in financing self-occupied home ownership.
Besides being able to pay the mortgage every month, a higher income means more scope to save money for emergencies. In both countries the majority of the interviewees said that they felt reasonably secure about their income level. However, this needs to be placed in perspective. Thinking about risks is an unpleasant activity, so perhaps those who seem to be most at risk try to ignore the prospect as part of a survival strategy. However, lowincome households did point out that they found it difficult to save money and would rather spend it on other things than insurance.