Inheritance of a property: The most important aspects from inheritance certificate to costs
A death is always a stroke of fate that, in addition to grief, leads to excessive demands and stress for many people. Anyone who then also has to look after an inherited property can quickly run into difficulties. Regardless of whether you want to live in the property yourself, sell it or rent it out – you should get good advice beforehand. Below you can find out all about what is important when you inherit a property.
Inherited property – what do you need to consider?
Once a property is inherited, the first question that arises is: what happens to it? So if you don’t want to move into the property yourself after inheriting it, you can sell it or rent it out. You are not the sole heir? Then you should talk to the other heirs first. It is often worth selling the property here too, as the proceeds from the sale of the property will be divided equally between the heirs. It is also important for you to know that a change in the land register is necessary after the inheritance. This change in the land register allows the transfer of ownership of the property and can be applied for at the local court. The certificate of inheritance should suffice as proof. After verification of the certificate of inheritance, the property will then be registered in the land register as your property. This process should be done within two years, as the change in the land register will be made during this period at no cost. Let experts like us at Lukinski – Ihr Hausverkauf help you here as well, because we are well acquainted with the official process and the necessary documents.
As soon as you have inherited a property, you should also inspect it quickly, because whoever owns a property is also responsible for it – seen or unseen. So take a close look at the property and land and let us accompany you: four eyes always see more than two and you can benefit from our experience and expertise. We can also help you to obtain the necessary energy certificate, which analyses the heating and building fabric. It also shows you how you can optimise efficiency in terms of energy to save energy and protect the environment. We will help you to find out whether these optimisations can be worthwhile and prepare the certificate for you together with an exposé for the sale. Should you decide to carry out an energy refurbishment, you may even be eligible for government grants, on which we will also be happy to advise you.
Avoid unnecessary costs with Lukinski and do not let the inheritance become a burden
Unfortunately, by now almost everyone knows that an inheritance not only brings profit, but can also cause costs. If the inheritance is a property, inheritance tax may be payable. Whether and how much this will be depends on whether the value, which is determined by the tax office, is above the tax allowance, which varies depending on the relationship. In addition to inheritance tax, property tax can also incur costs, which is why it is important to find out which insurances and also other costs are due in the case of inheritance. As you can see, inheritance tax law is very complex and not so easy to understand – another reason to trust us and get support from us.
Here we have the necessary knowledge regarding inheritance tax and also the Inheritance Tax and Gift Act. There are namely different inheritance tax classes, according to which the amount of tax to be paid depends. Basically, it can be said that the tax rate and the allowances depend on the degree of relationship. There are also cases in which inheritance tax does not apply at all. Here, too, you can rely on our expert knowledge!
Additional costs for properties in need of renovation
Now, it can also happen that you find out that the property to be inherited is in a very bad condition or that you get into debt by accepting the inheritance. Then it can be helpful to disclaim the inheritance, because you do not have to accept it. Within six weeks of becoming aware of the inheritance, you can disclaim it, but then you must not accept only a share. We at Lukinski can tell you through our experience and expertise, after inspecting and examining the property, whether it is worthwhile for you to accept the inheritance, or whether you may be in total debt and should rather reject the inheritance. Invest in us – and you will save a lot of money in the end!
In summary, anyone who inherits a house should think carefully about what they want to do with the inheritance, because it can have a major financial impact on you. It can also be advantageous for you to rent out the property if, for example, the income from the rent would exceed the expenses, the property is well maintained or is also in a good location. However, renting out is a permanent process that can take a lot of effort over many years. Therefore, there is a lot to be said for selling a property. It makes sense to sell the inherited property if, for example, you do not want to take out a loan for a large sum of money, you are not in a position to bear the loan for the property, you inherit together with other heirs who want to sell, the demand for a property in the area is high, property and rental prices are low and could fall even more or you yourself live very far from the property. At Lukinski we can give you all-round advice so that you can make the best decision for yourself.
Time limits when inheriting a property
To ensure that no deadlines are missed, you should definitely rely on our expertise here as well. In the event of an inheritance, a number of deadlines should be observed. These deadlines often begin with the opening of the will. In addition to the time limit for making a will, there is also a time limit for rejecting an inheritance, which is of course just as much your right. If the testator did not live in the same country as you, other deadlines apply. Once the inheritance has been accepted, it cannot be disclaimed unless there is a well-explained exceptional case. Talk to us at Lukinski and we can help you decide whether you should accept or reject the inheritance. We do this after thorough consideration and an evaluation of the property. A careless acceptance of the inheritance or a rash and hasty decision can cause high costs, which can be avoided with us. Let us analyse your inheritance in detail so that you can accept it with a good feeling. We will also talk to you in detail about a possible refurbishment or renovation if we consider it worthwhile. Private individuals who do not use an estate agent for this can find the inheritance costly if they fail to take all these points into account or fail to factor in important influences. We can also help you to reach agreements with the other heirs and to obtain benefits for all concerned.
We will not leave you alone even in the event of bereavement
Inheritance is a responsible task that can do yourself more harm than good if you act and decide without knowledge or experience. Often, grievers are also guided by emotions, which leads them to make bad decisions or rash decisions. This is exactly where it can be very helpful to have an outside person, such as a broker, on your side to evaluate and decide in a neutral and professional manner. Don’t feel compelled to both deal with a bereavement and still have an inheritance to deal with and a property to look after. Unfortunately, we can’t take the grief away from you, but we can help you avoid also having to worry about an inheritance that was accepted too quickly or a costly estate sale. Take the time to process your grief while we take care of the necessary steps of the house sale. We inspect the property and can provide a fair and professional estimate of value. Afterwards we prepare everything necessary for you to advertise the property. We advise you on all aspects of a profitable renovation, place the advertisements for you, provide the exposé so that it is attractive to prospective buyers, invite prospective buyers to viewings, carry out these viewings and help you with all other steps.
Settling the inheritance of a property with Lukinski
Lukinski – Your House Sale is your ideal contact when it comes to selling a house, which can make things even easier in the event of an inheritance. We do not leave you alone with the challenges a house sale can present you with, and are also happy to be there for you in the event of an inheritance. Rely on our experience and knowledge of the industry and benefit from our expertise. Avoid a lot of stress, time and hassle by taking an estate sale on your own – with Lukinski – Your Home Sale, you’re not on your own and invest in an agent for your benefit. So that an inheritance does not become a burden for you!