You have inherited a property or would like to bequeath one?
Then inform yourself in good time and comprehensively so that this demanding process runs optimally. On this page, we summarize what you need to consider in the event of inheritance and what options you have with your property. For the sake of simplicity, we write from the perspective of the inheritor.
This is what you should pay attention to if you have inherited a property:
An inherited property changes your economic situation – positively or negatively. After all, real estate is one of the largest assets. In addition, one should not underestimate the emotional value. Surely questions will soon arise, such as:
What happens if several people have inherited a property?
If the deceased did not leave a will, intestate succession applies. And this often leads to the creation of a community of heirs. It becomes difficult if the estate contains only one property in which not all heirs want to or are able to live. The task now is to find a reasonable solution.
This is because a co-heir cannot sell the property, but he can sell his share of the inheritance (§2033 BGB). The remaining co-heirs then receive a right of first refusal. If the property is to be sold as a whole, all co-heirs must decide this unanimously (§2038 BGB). The larger the community of heirs, the more difficult it is to reach a consensus. Normally, one of the following possibilities then occurs:
Important: The valuation – We determine the correct value of your property
You should know what the value of your inherited property is, because this is important in many ways. We will be happy to determine the value of your property free of charge for you!
An appraisal allows you to determine the tax amount can be determined more finely and, if necessary, you can claim value-reducing properties of your real estate. This is especially worthwhile for older homes. In addition, an appraisal is an important basis for the sale, the payment of the other heirs or the auction.
Valuation is a complex process because many different factors influence the value of a property to be determined. As a seller, there is a subconscious tendency to overestimate the value of the property. We therefore recommend that you consult an expert. We will be happy to do this for you.
Renting or selling an inherited property?
Let’s say you have inherited a property and decide not to occupy it yourself. Then the question soon arises, what now? Typically, the property is then soon rented or sold.
Which is the right decision always depends on the individual case and your personal situation. Renting is interesting if you would like to use the property yourself at a later date and/or associate a special emotional value with this property. You then receive rental income and, at best, can benefit from an increase in value.
Interestingly, most heirs choose to sell the property. This is often because real estate always brings with it obligations. The wrong tenant can present you with major challenges and cause a lot of hassle. In addition, there are other factors that speak for a sale:
The value of the property is in danger of falling (depending mainly on the location and the associated population development). Let a professional advise you on this as well!
You would rather spend the money on something else. For example, for your dream property or paying off your own home loan.
Based on our many years of experience, we will be happy to advise you on your options. We take care of you from the valuation to the sale or rental.
Legal notice: This article does not constitute tax or legal advice. Please have the facts in your specific individual case clarified by a lawyer and/or tax advisor.
Gender clause: For better readability, the language form of the generic masculine is used on our website. It is pointed out at this point that the exclusive use of the masculine form is to be understood as gender-independent.