In over half of all inheritances in Germany, real estate is passed down to descendants. Each year, between 100 and 150 billion euros of real estate assets change hands in this way. More precise figures are unavailable due to high tax allowances.
Perhaps you too are among them, have just inherited a property or expect to be able to call an inheritance made of stone and mortar your own in the foreseeable future.
Then many questions probably race through her mind: Is it worth renovating her parents' house? Are there any relatives, close or distant, who would like to move in? When does it make sense to renovate the property and rent it out, and when is it better to sell it? How does an inheritance community work?
This guide explains the range of things you need to consider when inheriting real estate. First, various deadlines must be observed, and second, as the heir, you may have to pay inheritance tax on your new assets.
You should consider disclaiming an inheritance under certain circumstances. This is advisable if you are unaware of the deceased's exact financial situation.
As you can see, there are a wealth of questions. This guide aims to answer the most important ones. However, since every property is unique and every inheritance case is different, you should also consult experts.
Therefore, you should seek help from a professional real estate agent. They can assess the market value of the property, professionally market the house or apartment, and mediate in case of disagreements within an inheritance community to achieve a satisfactory outcome for all parties.
A tax advisor can help you calculate inheritance tax or offer tips on tax planning opportunities for an inherited rental property. An architect can advise you on planned renovations to your new home.
Have you inherited a property and don't know the best way to proceed? We'd be happy to advise you.
Note: This information reflects the legal conditions as of the editorial deadline (October 2018). All information is provided without guarantee.
Photo: AnaBGD