How to make a good property investment in Vienna

Yes, the analysis of Vienna's property market is included in our pack

Vienna, the capital of Austria, is a city with real estate investment potential in the heart of Europe. Many of you are, actually, exploring the opportunities available in this historic European capital known for its music, culture, and thriving property market.

How is the real estate market there? Are prices going up or going down? Do people make profits on their real estate investments? What about the rental demand?

We'll answer all these questions for you! When building and updating our property pack for Austria, our team has been researching and surveying this area. Actually, lots of customers are interested in investing there. So we thought it would be a good idea to add some information about it in our pack.

Investing in real estate in Vienna

Is Vienna an attractive destination for property investment?

Vienna is often considered an attractive destination for property investment for several reasons.

The city is known for its high quality of life, rich cultural heritage, and stable political and economic environment. These factors contribute to a strong demand for real estate, both from locals and international investors.

The real estate market in Vienna is indeed dynamic.

For instance, despite global economic uncertainties, Vienna's property prices have shown resilience. According to a report by the Austrian National Bank, real estate prices in Austria have been on an upward trend, with an increase of around 39% in the period from 2015 to 2020. This is indicative of the robust nature of the market in Vienna, which is the capital and economic center of Austria.

Historically, the real estate market in Vienna has performed well. The city has not been immune to global economic crises, such as the financial crisis of 2008, but the impact on the property market was less severe compared to other European cities. The market recovered relatively quickly, and since then, property values have been on an upward trajectory. This resilience is partly due to the city's strong fundamentals, including a growing population, a diverse economy, and a steady influx of international organizations and expatriates.

When it comes to the types of investment that tend to perform well in Vienna, residential properties in good locations are often sought after. Apartments in the inner districts, such as Innere Stadt (1st district), are particularly popular due to their proximity to cultural landmarks and business centers.

Additionally, properties in up-and-coming neighborhoods that are undergoing urban development projects can also be attractive investments, as they offer the potential for capital appreciation.

One very specific and positive aspect of properties in Vienna is the prevalence of historic buildings with classic Viennese architecture, such as Altbau apartments. These buildings are characterized by high ceilings, ornate facades, and spacious layouts. They are not only aesthetically pleasing but also represent a piece of the city's history, making them highly desirable and unique investment opportunities.

Regarding the safety and stability of investing in traditional places in Vienna, the city is generally considered a safe bet. The Austrian legal system provides a clear framework for property ownership and rights, and the market is known for its transparency. This creates a stable environment for investment, which is reassuring for both domestic and international investors.

As for the necessity of knowing the local language, while it is not absolutely essential to speak German to invest in Vienna's real estate market, it can be beneficial. Having a grasp of the language can facilitate negotiations, understanding legal documents, and managing properties.

However, in the cosmopolitan city of Vienna, many real estate professionals, including agents and lawyers, are accustomed to working with international clients and often speak English.

What are the trends forecasts for the real estate market in Vienna?

When you're looking at the housing market in Vienna, you have to consider several factors that are shaping current trends.

Vienna, known for its high quality of life, has been experiencing a steady demand for housing. This demand is driven by both local residents and international buyers who are attracted to the city's stability, cultural offerings, and well-developed infrastructure.

One of the trends you'll notice is the rise in property prices. Over the past few years, prices for both buying and renting homes have been increasing. This is partly due to the low-interest rates, which make mortgages more affordable and encourage people to invest in property.

Additionally, Vienna's population has been growing, and with more people moving to the city, the demand for housing increases, pushing prices up.

Looking ahead, we can expect that the housing market in Vienna will likely continue to see price growth, albeit at a potentially slower pace. The city's attractiveness as a place to live and work doesn't show signs of waning, and the ongoing demand for housing should support property values.

However, it's also worth considering that if interest rates rise, this could put a damper on the market by making mortgages more expensive and potentially reducing the number of people who can afford to buy homes.

Political and economic changes can have a significant impact on property investments.

For instance, changes in tax laws, such as adjustments to property tax rates or capital gains taxes, could affect the profitability of investing in real estate.

Additionally, policies that affect immigration could influence the number of people moving to Vienna, thus impacting housing demand.

One specific policy area to watch is housing regulations. The city government has been active in trying to ensure that housing remains affordable for residents. Measures such as rent controls or new requirements for a percentage of affordable housing in new developments could affect the market. While these policies aim to keep housing accessible, they might also lead to reduced profits for landlords and potentially discourage new construction if developers feel that the financial returns are not sufficient.

Another factor to consider is the global economic climate. As Vienna is an important European capital, it's not immune to international economic trends. Economic downturns in Europe or globally could reduce demand for housing as people have less money to spend, while economic booms could have the opposite effect.

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What types of property can you buy in Vienna? What are the prices and yields?

If you need a detailed and updated analysis of the prices, rents and yields, you can get our full guide about real estate investment in Austria.

When considering investing in property in Vienna, you have a variety of options to choose from.

The market offers everything from historic apartments in classic Altbau buildings to modern condominiums and luxury estates. If you're interested in building a property, it is indeed possible, but you'll need to navigate local zoning laws, building regulations, and ensure you have the necessary permits. The process can be complex and requires a significant investment of time and resources.

The average cost of residential properties in Vienna varies widely depending on the district and the type of property. Generally, prime locations in the inner districts tend to be more expensive, with prices per square meter that can be quite high compared to other areas. Actually, you could expect to pay anywhere from a few thousand to over ten thousand euros per square meter, depending on the location and quality of the property.

In Vienna, as in many European cities, there is a substantial rental market. The ratio of renters to owners has traditionally leaned towards renting, with a significant portion of the population opting for the flexibility that renting offers. This means that buying to let can be a viable investment strategy. Rental yield potential varies by neighborhood, with central and well-connected districts typically offering lower yields due to higher property prices, while up-and-coming or peripheral areas might offer higher yields.

Rental demand in Vienna is generally strong, driven by a stable population, a growing number of expatriates, and students attending the city's universities. This demand helps to underpin the investment case for buy-to-let properties.

Tourism also plays a role in the property market, particularly in the demand for short-term rentals. Properties in central locations, close to tourist attractions, are especially popular on short-term rental platforms. This can lead to higher rental pricing for short-term lets, but you have to be aware of local regulations that may restrict the ability to rent out properties on a short-term basis.

Reselling property in Vienna can be relatively straightforward, but you have to consider the market conditions at the time of sale. The property market can fluctuate, and factors such as economic stability, interest rates, and international demand can all impact how easy it is to sell a property and the price you can achieve.

Typical holding periods for property investments can range from a few years to several decades. Short-term investors might look for opportunities to renovate and flip properties, while long-term investors may hold onto rentals for steady income and potential appreciation. Capital gains prospects are similarly variable and depend on a multitude of factors, including the location of the property, market conditions, and how well the property has been maintained or improved.

Which areas in Vienna offer the best investment opportunities?

When foreigners look to buy property in Vienna, they often gravitate towards districts that offer a blend of cultural vibrancy, safety, and good infrastructure.

Areas such as Innere Stadt (the 1st district), which is the historical center of Vienna, are popular among affluent buyers due to their prestigious location and proximity to landmarks, high-end shopping, and dining.

However, properties here come with a hefty price tag.

For those seeking a more balanced mix of value and quality of life, districts like Wieden (the 4th district) and Margareten (the 5th district) are attractive. These areas are close to the city center, have a growing number of cafes and restaurants, and are well-connected by public transport, making them appealing to young professionals and families alike.

Foreigners who are drawn to Vienna come from various backgrounds, but there's a significant number of European Union citizens who take advantage of the freedom of movement within the EU. There are also non-EU nationals who may be attracted by business opportunities, the city's high quality of life, or educational prospects for their children.

Budget-friendly yet nice areas for investment include districts like Favoriten (the 10th district) and Simmering (the 11th district). These neighborhoods have traditionally been more affordable and are now experiencing a wave of regeneration, with new residential projects and infrastructure improvements. This makes them interesting for investors looking for areas with growth potential.

Neubau (the 7th district) and Josefstadt (the 8th district) are trending up and becoming more popular, especially among a younger, creative crowd. These areas are known for their bohemian flair, with plenty of galleries, boutiques, and trendy eateries. The demand for living spaces in these districts is likely to increase, which could drive up property prices and rental demand.

The pros of investing in up-and-coming districts like Favoriten and Simmering include lower entry prices and the potential for significant appreciation as the areas develop.

However, the cons might be that these areas are still in transition, and it might take some time before the investments pay off in terms of rental income and property value increases.

In terms of predictions, areas around the new developments of the Hauptbahnhof (Vienna's main train station) in the 10th district could see an increase in property prices and rental demand. The station has transformed the area into a transport hub, which is likely to attract businesses and residents.

Additionally, the expansion of the U-Bahn (subway) lines could make outer districts more accessible and desirable, leading to increased property values in those areas.

As for regions to avoid, it's generally wise to be cautious about areas that have higher crime rates or are significantly far from the city center with poor public transport connections. These factors can make properties less attractive to potential renters or buyers.

Remember, real estate markets can be unpredictable, and while educated guesses can be made, there are no guarantees. It's important to conduct thorough research, possibly consult with a local real estate expert, and consider your own financial situation and investment goals before making any decisions.

Here is a summary table to help you visualize better. If you need more detailed data and information, please check our property pack for Austria.

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Who can invest in real estate in Vienna?

Investing in property as a foreigner in Vienna

When it comes to investing in housing property in Vienna as a foreigner, the situation is a bit nuanced.

Generally, Austria allows foreigners to own property, but there are certain restrictions and requirements that you need to be aware of.

Firstly, the rights of foreigners to own property in Austria can vary depending on the bilateral agreements between Austria and the foreigner's home country. For EU citizens, the process is relatively straightforward and similar to that of Austrian citizens.

However, for non-EU citizens, there may be additional hurdles. Some non-EU nationals may need to obtain a special permit before purchasing property, and this can depend on the reciprocity of property ownership rights between Austria and the non-EU national's home country.

You don't necessarily need to live in Austria to purchase and own property there.

However, if you're planning to stay for an extended period or move permanently, you will need to comply with the Austrian immigration laws, which may require a residence permit.

Regarding owning land, there are restrictions in place, especially for agricultural and forestry land. These restrictions are designed to protect local farming and forestry operations. If you're interested in purchasing such land, you will likely need approval from the local land transfer authorities, and this process can be quite complex.

When you purchase property in Austria, it can be passed on to heirs or sold to another foreigner without additional restrictions, as long as all the legal requirements for the transfer of property are met. The property rights in Austria are strong and well-protected, ensuring that once you own property, it is yours to manage as you see fit, within the bounds of local laws.

As for the documentation needed, you will require a government-issued ID or passport, proof of financial means, and possibly a Tax ID if you're engaging in transactions that require tax payments or if you're generating income from the property. It's also common to engage a notary in the property transaction process to ensure all legal aspects are properly handled.

While it's not mandatory to have a local bank account, it is highly recommended for ease of transaction and payment of ongoing expenses related to the property, such as utility bills, taxes, and maintenance costs. Having a local account can simplify the process of transferring funds and paying any fees associated with property ownership.

In terms of currency, the transactions for property purchase are typically conducted in euros. While you might be able to negotiate with the seller, the standard practice is to use the local currency to avoid any complications related to exchange rates.

Foreigners are subject to the same tax rates as locals when it comes to property ownership. This includes property purchase taxes, ongoing property taxes, and capital gains taxes if you sell the property. It's important to factor in these costs when considering an investment in Austrian real estate.

Lastly, you don't need specific authorization from a governmental institution to own property, except in cases where a special permit is required for non-EU nationals or for the purchase of certain types of land.

However, the transaction must be recorded in the Austrian land register, which confirms your ownership rights.

Residency in Vienna

Currently, Austria does not offer a direct citizenship by investment or residency by investment program similar to those found in some other countries.

This means that simply purchasing property in Vienna, or anywhere else in Austria, does not automatically entitle you to residency or citizenship.

However, Austria does have various types of residence permits that may allow you to live in the country if you meet certain conditions.

For instance, there are residence permits for financially independent persons, which require proof of sufficient funds, health insurance, and a place of residence, which could be a property you have purchased. But this type of permit does not lead directly to permanent residency or citizenship and typically needs to be renewed periodically.

To gain permanent residency, you generally need to have lived in Austria for a continuous period, usually five years, on a valid residence permit. During this time, you must also integrate into Austrian society, which includes learning the German language and understanding the country's legal system and values.

Citizenship is an even more extended process and typically requires at least 10 years of continuous legal residence, with the last five years as a permanent resident. You must also demonstrate German language proficiency, have no criminal record, and renounce your previous citizenship unless your home country allows dual citizenship.

The number of people who have used property ownership as a stepping stone to residency in Austria is not readily available, as property ownership alone is not a recognized pathway to residency.

If you are seriously considering moving to Austria and are looking at property ownership as part of your plan, it would be wise to consult with an immigration lawyer or a specialist who can provide you with the most current and personalized advice based on your individual circumstances. They can guide you through the process, help you understand the requirements, and increase your chances of successfully obtaining residency in Austria.

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How to get started to invest in real estate in Vienna?

What is the step-by-step process to buy property in Vienna?

We'll give her a brief overview. However, there is a detailed and dedicated document to the buying process in our property pack for Austria.

When you decide to buy a property in Vienna, the process begins with finding a house or apartment that you like.

Once you've found a property that meets your needs, you would typically make an offer through your real estate agent, who acts as an intermediary between you and the seller. Negotiations on price and terms may take place, and if your offer is accepted, the next step is to sign a reservation agreement and pay a reservation fee, which shows your intent to purchase and takes the property off the market.

Following this, you'll need to secure financing if you haven't already done so. This involves applying for a mortgage, which can be one of the more time-consuming parts of the process, as it requires thorough documentation and approval from a bank.

After securing financing, a sales contract (Kaufvertrag) is drafted by an attorney or notary, who plays a crucial role in the property buying process in Austria. This contract outlines all the details of the sale, including the price, conditions, and any other agreements made between the buyer and seller. Before signing the contract, it's essential to conduct due diligence, which includes checking the land register (Grundbuch) to ensure there are no legal issues with the property, such as liens or claims.

The signing of the contract is typically done in the presence of a notary, who ensures that the agreement complies with Austrian law. The notary also handles the escrow account where the purchase funds are held until the transfer of ownership is complete.

One of the more unique aspects of buying property in Austria is the involvement of the notary, who is responsible for registering the change of ownership in the land register. This step is crucial and must be done correctly to ensure that you become the legal owner of the property.

The most complicated or error-prone steps tend to be the due diligence and financing phases. Ensuring that the property has a clean title and that all the financial aspects are in order can be challenging, especially if there are unexpected legal or financial issues that arise.

The entire process from finding a property to having full ownership can take several months. The lengthiest parts are often securing financing and waiting for the registration of the property transfer in the land register, which can take several weeks or even months after the contract is signed.

While it's not absolutely necessary to know German to navigate the process, it can be extremely helpful. Many legal documents and negotiations will be in German, and having a good understanding of the language can make the process smoother. It's common for foreign buyers to hire a bilingual real estate agent or a lawyer to assist with language barriers and ensure that they fully understand all aspects of the transaction.

As for cultural norms, you have to be aware that Austrians value formality and adherence to procedures. Skipping steps or trying to rush the process can lead to complications or mistrust. It's also worth noting that Austrians are generally very thorough in their approach to contracts and legal matters, so patience and attention to detail are essential.

Looking for property in Vienna

Please note that there is a list of contacts (real estate agencies, lawyers, notaries, etc.) and websites in our property pack for Austria.

When you're looking to find a house in Vienna, you have several options at your disposal.

Many people start their search online, using housing portals which are quite popular and user-friendly. These platforms list a wide range of properties, from apartments to family homes, and you can filter your search according to your preferences such as location, price, size, and other criteria. Some of the well-known housing portals include ImmobilienScout24, Willhaben, and Immowelt, where both private sellers and real estate agents post listings.

Real estate agents are also commonly used in Vienna. They can provide you with listings that match your criteria and help you through the entire process, from viewing properties to negotiating the purchase. Working with a real estate agent can be particularly helpful if you're not familiar with the local market or if you don't speak German fluently. Agents have a good understanding of the market and can provide valuable insights and advice.

Social media and Facebook groups can be useful, especially for more informal arrangements or for finding shared housing. There are groups dedicated to housing in Vienna where members post available properties or requests for roommates. This can be a good way to find less traditional living arrangements or to get a sense of the community in a particular area.

In terms of reliability, most real estate agents in Vienna are professional and trustworthy, but as with any service, you have to do your due diligence. Look for agents who are licensed and have good reviews or testimonials from previous clients. Red flags to watch out for include agents who are pushy, don't provide clear answers to your questions, or seem to be withholding information.

Buyers can access property listings directly through online portals, but an agent can provide additional listings that may not be publicly advertised. They can also offer tailored advice and support throughout the buying process.

The role and responsibilities of a buyer's agent and a seller's agent do differ. A buyer's agent works on your behalf to find properties that meet your needs and negotiate the best possible price and terms. A seller's agent, on the other hand, is focused on getting the best deal for the seller. It's important to understand which type of agent you are working with, as their obligations will differ depending on whom they represent.

Real estate agent commissions in Vienna are not standardized and can vary. It's common for the commission to be around 3% of the purchase price, but this can be negotiated. Typically, the seller pays the agent's commission, but this is something that can be discussed and factored into the negotiation of the sale.

When dealing with real estate agents, you have to communicate your needs and budget clearly. Don't be afraid to ask questions and make sure you understand every aspect of the transaction. It's also wise to be clear about what you are looking for in a property so that the agent can serve you effectively. If you're not comfortable with the way an agent is handling your search or negotiations, remember that you are not obligated to continue working with them.

Remember, buying a house is a significant investment, and you have to take your time, do your research, and ensure you're comfortable with every step of the process. Whether you choose to use an online portal, a real estate agent, or social media platforms, make sure you're well-informed and confident in your decisions.

Buying property in Vienna

When buying a house in Vienna, as with many places, negotiation is a common part of the process.

The amount you can negotiate off the selling price can vary widely depending on the market conditions, the property itself, and the seller's circumstances. There's no set rule for how much to ask as a discount, but buyers often start with an offer of 5-10% below the asking price and negotiate from there.

However, in a seller's market or when dealing with a highly sought-after property, there may be less room to negotiate.

Conducting due diligence is a critical step in the home-buying process. This involves thoroughly investigating the property to ensure you know exactly what you're buying. You should inspect the physical condition of the house, which often includes hiring a professional home inspector who can identify any potential issues with the structure, systems, and appliances. You should also review any available property records, local zoning laws, and future development plans that could affect the property.

For the legal aspects of due diligence, such as conducting a title search and ensuring clear title ownership, it is not mandatory to hire a lawyer or a notary in Austria, but it is highly recommended. A lawyer or a notary can help you navigate the complexities of real estate transactions, including checking for any liens, encumbrances, or legal claims against the property. The cost of hiring a professional will vary depending on the complexity of the transaction and the rates of the individual lawyer or notary.

In Austria, the purchase agreement must be drawn up by a notary or a lawyer. They will ensure that all necessary documents are in order, including proof of identity, proof of the seller's ownership, and any property disclosures. The notary or lawyer will also prepare the purchase contract, which both parties must sign. The contract will include all the terms of the sale, such as the purchase price, payment terms, and any contingencies.

Once the contract is signed, the notary will handle the registration of the property transfer. In Austria, the transfer of ownership is officially recorded in the Land Register (Grundbuch). The notary submits the necessary documents to the Land Registry, where the change of ownership is entered. This registry provides public notice of the legal status of properties and is the official record of property ownership.

The buyer is typically responsible for paying the property transfer tax (Grunderwerbsteuer) and the registration fee for the Land Register. The notary's fees are usually based on the purchase price of the property and are regulated by law.

Remember, while the process may seem daunting, professionals such as real estate agents, lawyers, and notaries are there to help guide you through the process and ensure that everything is conducted smoothly and legally. It's important to take your time, do your research, and seek professional advice when needed to make an informed decision when purchasing property in Vienna.

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Financing a property acquisition in Vienna

If you're looking to finance your property investment in Vienna as a foreign investor, you have several options.

Typically, you can either bring in your own capital or apply for a loan from a bank within Austria. It's not uncommon for foreigners to obtain a mortgage, but the process may involve more scrutiny and require additional documentation compared to local residents.

When it comes to the payment schedule, generally, you would pay a deposit once you've agreed on the purchase price and terms with the seller, and this happens before the signing of the purchase agreement. The deposit is a sign of your commitment and is often around 10% of the purchase price, but this can vary. The full price of the house is usually paid after the signing of the purchase agreement, often upon transfer of ownership.

Getting a loan as a foreigner is certainly possible, but it's not as frequent as it is for residents. Banks will look at your financial stability, income, and creditworthiness. They may also require you to have a certain status in Austria, such as a residence permit. Interest rates for mortgages in Austria are relatively competitive, and while they fluctuate based on economic conditions, they are generally not considered high by international standards.

The deposit you'll need can range widely, but typically, banks require at least 20% to 30% of the property's value as a down payment. This is a higher threshold than for local buyers, reflecting the increased risk perceived by lenders when dealing with international clients.

Closing costs and fees associated with buying property in Vienna can add up. These include legal fees, notary fees, property transfer tax, and commission for real estate agents. Legal fees and notary fees can vary depending on the complexity of the transaction. The property transfer tax is 3.5% of the purchase price, and the real estate agent's commission can be up to 3% plus 20% VAT.

When it comes to taxes, aside from the property transfer tax, you'll also need to consider ongoing property taxes. In Austria, the property tax is relatively low and is calculated based on the assessed value of the property, which is often significantly lower than the market value. The rate varies depending on the location and type of property but is generally a small percentage of the assessed value.

Capital gains tax is another consideration if you decide to sell the property. If you sell within ten years of purchasing, the capital gains are taxed at a flat rate of 30%.

However, if you hold the property for more than ten years, the sale is exempt from capital gains tax.

Additional fees might include costs for setting up utilities, insurance, and potential renovation or refurbishment work you may want to carry out. It's important to budget for these expenses when planning your investment to avoid any surprises.

Remember, while this gives you an overview, you have to consult with a local real estate expert or legal advisor who can provide guidance tailored to your specific situation and ensure that you comply with all legal requirements and financial regulations.

What are the risks and pitfalls when buying property in Vienna?

When you're considering property investment in Vienna, you have to be aware of the common risks that come with it, just like with any real estate market.

One of the key things to remember is that property rights in Austria are generally very secure, including for foreigners. The country has a stable legal system and a transparent land registry, which helps to protect your investment.

However, there are certain pitfalls that might catch you off guard if you're not familiar with the local market.

For instance, the rental laws in Vienna are quite tenant-friendly. This means that once you have a tenant, it can be challenging to increase rent or terminate the lease. This could impact your return on investment, especially if you were counting on higher rental income.

Another local nuance is the 'Bauträgervertragsgesetz' (Developer Contract Act), which regulates the relationship between property developers and buyers. If you're buying a new build or a property that's under construction, you might find yourself bound by strict contractual terms that could be unfavorable if you're not well-versed in local law.

When it comes to environmental risks, Vienna is not particularly prone to natural disasters like earthquakes or heavy flooding, which are more common in other parts of the world.

However, climate change implications, such as heat waves or heavy rainfall, could potentially affect property values in the future, especially in areas that might become less desirable due to these changes.

While there aren't many widely publicized case studies of foreign investment failures in Vienna's real estate market, it's always possible to encounter individual instances of investors who have faced challenges. These could range from legal disputes with developers to unexpected costs that were not factored into the investment plan.

Insurance is a crucial aspect of property ownership, and as a foreign investor, you'll have various options to choose from. Property insurance can cover risks like fire, water damage, and theft, while liability insurance can protect you in case someone is injured on your property. It's advisable to consult with a local insurance broker to find a policy that suits your specific needs.

Liability concerns are also something to keep in mind. If someone were to have an accident on your property, you could be held responsible. This is why having adequate liability insurance is important to protect your financial interests.

To mitigate these risks, it's essential to do thorough due diligence before making any investment. This includes understanding the local market, the legal framework, and the tax implications. Working with a reputable local real estate agent, a lawyer, and a tax advisor can help you navigate these complexities.

In case of conflicts, Austria provides legal protections for property buyers, including foreigners. The legal system allows for disputes to be resolved in a fair and transparent manner.

However, it's always better to prevent disputes by having clear and well-drafted contracts, and by ensuring that you fully understand all the terms and conditions before signing anything.

Remember, while the Vienna real estate market can offer good investment opportunities, you have to approach it with a clear understanding of the local environment and the potential risks involved. With careful planning and the right advice, you can make informed decisions that will help secure your investment for the long term.

Make sure you understand the real estate market in Vienna

Don't rush into buying the wrong property in Austria. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

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This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.