Property Division: Opportunities and Challenges
Sharing a property can be an attractive solution, particularly for couples with children. It allows both parents to remain close to their children, whilst the children find the transition easier to cope with, as their familiar surroundings remain largely unchanged. But how does such an arrangement work, and what needs to be taken into account?
Prerequisites for successful division
- A good relationship between the partners: Physical proximity requires a respectful and cooperative relationship.
- Suitable property: Two separate entrances, and separate bathrooms and kitchens for both residential units, are essential.
Refurbishment and costs
Dividing a property into two residential units usually involves structural alterations. Depending on the scope of the work, the costs can be considerable. A thorough plan and expert advice are crucial here to ensure the conversion is carried out efficiently and cost-effectively.
The role of the declaration of division
To carry out an official division, you will need a Declaration of division. This document stipulates:
- Which areas of the property are for communal use.
- Which areas belong to special property.
- The rights and obligations of owners.
To be legally valid, the declaration of division must be certified by a notary and entered in the land register. This also applies if you wish to let the property at a later date.
Why property division can make sense
- Family-friendly: Children stay in their familiar surroundings.
- Flexibility: Both partners can live independently of one another without losing that sense of closeness.
- Increase in value: Two residential units can increase the property’s overall value.
Use professional support
Dividing a property is a complex process that requires careful planning. From structural alterations to ensuring legal compliance – we’ll support you every step of the way.
Request advice now
Robert Schüßler
Property valuer (EIA and IHK)
Note: This text is for information purposes only and does not constitute legal or tax advice. Please consult an expert if you have individual questions.
