Sharing a property: Getting more benefits from too much space
Has your house become too big since the children moved out? Or are the stairs to the first floor becoming increasingly difficult? Then dividing your property could be an ideal solution to make good use of unused space and benefit from new advantages at the same time.
Why it makes sense to divide your property
Many senior citizens realise that their own home has become too big and requires too much maintenance. However, a complete move is not always the only solution. Through the Division of the house new utilisation possibilities can be created:
- Letting of living space: Additional income from new tenants.
- Accommodation for relatives: Family members live in the immediate vicinity, which makes everyday support easier.
- Carers on site: An additional flat provides accommodation for care staff and makes it possible for them to remain in their own home in the long term.
- Security and society: An inhabited house creates a greater sense of security and promotes social contact.
Sharing the property therefore offers not only financial benefits, but also emotional and practical relief in everyday life.
What you should consider when converting your property
The following points should be taken into account to ensure that the conversion is a success and that both living areas can be used comfortably:
- Clear separation: Both flats must be clearly separated from each other, with separate entrances and good sound insulation.
- „Closeness at a distance“: Privacy must be maintained, even if the residents live under one roof.
- Declaration of division: A legally binding declaration of division is necessary. This regulates which areas are for communal use and which are private.
The Declaration of division must be notarised by a notary and entered in the land register. This is also necessary if you wish to rent out the additional living space.
Costs and financial benefits
Dividing a property involves costs that should be considered in advance:
- Notary fees: Notarisation costs around 70 euros.
- Remodelling costs: Depending on the scope of the measures, the costs can be high.
Even if the financial advantage is not immediately apparent, in the long term, dividing the property offers an opportunity to generate additional income or utilise the house more efficiently. A property expert can help you to realistically assess the financial and structural options.
📧 Is it worth dividing your property?
Find out whether sharing or selling is the better option for you.
Contact us for personalised advice!
Robert Schüßler
Property valuer (EIA and IHK)
