Have your children moved out and you're wondering what to do with the newly gained space? Or do you rarely go upstairs anymore because the stairs have become too strenuous? Then dividing your property might be a good solution. This way, you can still get the most out of a house that's too large.
A property that is too large can be a burden for a retired couple living alone. While a house can usually be adapted for accessibility through appropriate renovations, the question remains: what to do with the excess space? Dividing the property is a good solution. This allows for a new use of the space, as appropriate remodeling can create new, independent living areas for family members or even tenants.
This has several advantages. New housemates offer social contact and even support in daily life. It also contributes to a greater sense of security, which is particularly important for single residents, but also for people who travel frequently or spend a lot of time at their second home. Furthermore, it becomes easier to maintain the property by sharing the burden – both in terms of work and finances. Those who rent out the other part of the property also receive rental income. Another advantage is gaining increasing popularity: housing caregivers in the newly created apartment. This allows elderly residents to remain in their own homes and avoid moving into a nursing home.
If you're planning to convert your property into a separate unit, there are several things to consider. Generally, the apartments should be clearly separated. Good sound insulation and minimal visual connections are crucial. Interactions and mutual perception shouldn't be forced. As a rule, the principle is: "proximity with distance.".
If you wish to divide your property, you will need a declaration of division. This document specifies which areas of the property or land are common property and which are private property. It also defines the rights and obligations of the owners. Even if you do not live in your property yourself but rent it out, a declaration of division is necessary. This is because it clarifies what is for common use and what is for private use only. For the declaration of division to become legally valid, it must be notarized and registered in the land register.
But beware! Dividing a property costs money. While notary fees currently amount to around 70 euros, the conversion costs are correspondingly high. It's therefore usually difficult to generate additional income in the short term. However, significant financial advantages can arise in the long run. In any case, it's always advisable to seek the advice of a real estate professional before any conversion work. They can advise you on what makes sense and is worthwhile, and what isn't.
Would you like to know whether dividing your property is worthwhile or whether it makes more sense to sell it? Contact us! We'd be happy to advise you.