When the property becomes an inheritance: An overview
More than half of all inheritances in Germany involve real estate. Every year, properties worth 100 to 150 billion euros change hands. These are often houses or flats from the family estate that are passed on to the next generation. Perhaps you have just inherited a property or expect to do so in the near future.
Questions about the inherited property
As soon as you find out about the inheritance, numerous questions arise:
- Refurbishment or sale? Is it worth modernising your parents' property and using it yourself or renting it out?
- Include relatives: Are there any family members who would like to move in or contribute financially?
- Letting or sale: When is the right time to let the property and when does it make more sense to sell it?
- Community of heirs: How does the reconciliation work if several heirs have claims to the property?
Important aspects of property inheritance
After receiving the inheritance, various deadlines and legal requirements must be observed. Among other things, inheritance tax may be payable. It is also possible that you should consider waiving the inheritance, for example if the deceased's financial circumstances are unclear or there are debts.
Remember: every property is unique and every inheritance case is different. What makes sense for one heir may be inappropriate for another.
Take advantage of professional support
To make the right decisions, you should seek advice from experts:
- Real estate agent: Determines the market value of the property, develops a marketing strategy and mediates in the event of disagreements between co-heirs.
- Tax consultant: Assists with questions on inheritance tax, provides tips on tax optimisation - especially for inherited rental properties.
- Architect: Assists with planned conversions or modernisations and checks construction options and costs.
Get non-binding advice now
Robert Schüßler
Property valuer (EIA and IHK)
Note: This information reflects the legal conditions at the editorial deadline (October 2018). All information without guarantee.
