Selling would frequently be a wiser option.
Maintenance, appointments with workmen, insurance, rental and management administration: Many obligations are required for real estate ownership. This becomes particularly complex if the property is not in the same area as the residence of the owner. Nevertheless, many owners, even in old age, hold on to their property in order to pass it on to their children.
Many of those who would inherit are in favour of a sale
Only 20% of Germans would move into the house of their parents in the case of inheritance. This is the result of a survey by Civey in 2020 on behalf of value factor. 34% of those taking part in the survey said they would sell the property, 28% said they would rent it. In addition, almost two-thirds of those surveyed would sell their parents’ property during their lifetime. Of these 40,4%, they said they would be happy when their parents would freely decide themselves about their assets in order that they could fulfil their own wishes. This means that in most cases it is not necessary to keep the property for the sake of the children.
If you would like to do something for the advantage of your children, then you can sell your property. We, from the VENT real estate team, have been active as a regional broker for more than 30 years in the Oder-Spree district. We often advise those who would like to sell their property in order to use the money for a rental property that is suitable for the elderly. This would enable the parents to have enough money to also financially support their offspring – either immediately or as an inheritance.
Dealing with investment properties
Every sort of investment properties requires particularly intensive attention and specialized expertise. Not everyone can handle this. Whoever has property like this for inheritance, should ask themselves if their children have the necessary knowledge and skills to handle the situation.
We advise you to have an open discussion with everyone who is involved. It often turns out that the parents cling to their property from a false perspective.
We would be happy to advise you concerning your real estate assets and assist you in the sale as well as the search for a suitable rental property for the elderly.