Selling property for parents, grandparents and loved ones

As a child, you worry about mom and dad; as a grandchild, you worry about grandma and grandpa. Retirement savings don’t last forever, and neither do the savings. At some point, the property becomes too big, and at the same time the savings become less and less. At the latest now, a solution must be found for your loved ones!

What to do when you need to sell?

Prevention is better than aftercare: options

Before it is about expressions of grief, it is about good solutions. People grow old and at some point, life has to be organized appropriately. For many, this means selling the house and moving into an age-appropriate condominium. Accordingly, close people have to make decisions. This includes living wills, in case your loved ones are no longer able to make their own decisions at some point. But it is just as much a part of thinking about your own property.

One thing is also Important: First and foremost, do not think about your own inheritance, but about the family!

Let’s take a look at the 3 options for your understanding: Sale of the property, partial sale and real estate annuity! Tip, you will find further links to all three topics, with detailed explanations. What to do when someone gets old? Here are three alternatives!

Options in the sale of real estate:

1. Real estate annuity – selling with lifelong right to live
2. Partial sale – Proportionate, with option for total sale
3. Sale – Complete sale of the property

In addition, for owners: an extra tip on the subject of bequeathing correctly.

Real estate pension: sale with extra “pension” – Option 1

Your first option is the real estate pension. The real estate annuity is especially interesting for people who have already reached a higher age, usually from 70, 75 years. Should you prefer a solution in which your relatives can stay in their own property until the end of their life (!) without any complications, then the life annuity is an option you should consider.

Life annuity means that the property is sold in its entirety, but the owner retains a full right of residence and use until death. These privileges are secured by the usufructuary right. In addition, the seller receives a small, monthly extra “pension”. Another advantage, they no longer have to worry about maintenance costs in the future. This is the responsibility of the new owner. All in all, a comfortable solution, especially in old age.

Real estate pension simply explained:

• Direct, complete sale
• Lifetime right of residence and use
• Small, monthly “extra pension” for former owner
• No maintenance costs

Read more about topic here:

• Real estate pension

Unconcerned and reassured into old age.

Partial sale: Proportionate, with possibility of total sale – option 2

The second option for your loved one, if you want them to be able to continue living in their property, whether it’s a condo or a house, is to partially sell a property.

A partial sale works like this, you sell the part of a property, usually between 10% and 50% pro rata, to a finance company. For this sold part, the financial company charges a so-called “usage fee”. The user fee is paid in return for the fact that sole residential rights and rights of use are still granted. This means that the finance company merely becomes the partial owner. The advantage: you get the sale price relatively uncomplicated, without a major credit check, as with loans from the bank. The disadvantage: the user fee is relatively high, e.g. compared to a mortgage loan.

Partial sale summarized:

• You sell a part of your property (usually 10-50%)
• Partial purchase house: Yes
• Partial purchase apartment: Yes
• Partial purchase of land: Yes
• Financial company becomes part owner
• You remain the sole user of the property
• You pay monthly usage fee
• Total sales in X years (optional)

Read more about the advantages and disadvantages here:

• Partial sale property

Complete real estate sale – option 3

Your third option, if you need to find a solution, is the complete sale of condominium, house, apartment building. For the regular process, the question often arises, sell privately or sell with broker? Especially the emotional situations, such as deciding on the future of their own parents or grandparents, it is recommended to work with an experienced broker. After all, it is about all the advertisements, communication with interested parties, selection according to serious, unseriös, the subsequent credit checks, arrangement of viewing appointments and many more. Of course, also a big factor, the previous real estate valuation.

Read more here:

• Sell property

Selling real estate: Procedure and steps

To give you an initial overview of how such a sales process works, explained here in 18 simple steps, categorized into 3 phases.

1. Preparation: prepare property and sale
1. Financial planning and timing of sale
2. Hire real estate agent
3. Records and documents
4. Increase real estate value
5. Determine offer price
6. Create exposé
2. Sales phase: market property and find buyers
1. Market real estate
2. Contact with prospective buyers
3. Filter and select prospective buyers
4. Credit check
5. Viewing dates
6. Sales talk & purchase price negotiation
3. Sales processing: purchase contract until handover
1. Draw up purchase contract with notary
2. Notary appointment
3. Land register entry and payment processing
4. Handover of the property
5. Notary fees & broker commission
6. Pay taxes

These 3 options are primarily available to you.

These were the most important tips for selling with and for your loved ones!

Whether a condominium in a prime A-location or a…

… Condominium in 60/70 prefabricated building:

Extra tip: Bequeath / inherit correctly

Here are a few extra tips for you.

Sale with usufruct

If you are considering a direct, outright sale of your parent’s, grandparent’s or loved one’s property, be sure to take a look at usufructuary rights. Usufructuary right simply means “lifetime, sole right of occupancy.” So, it means that your loved ones hold the sole right to use the property, even after the sale. The same applies in other cases, such as an anticipated inheritance (link above: Inheritance).

Advantage: The usufruct right brings you the advantage that your relatives are not dependent at any time, on the goodwill or the consent of the seller.

Inheritance in advance: Taxes & Co.

Tip. Before it is too late, talk to your parents and grandparents about the inheritance early on. After all, an early inheritance can save you quite a bit, especially on taxes. Learn more about early inheritance here:

• Bequeath correctly

For heirs:

• Inherit correctly

Inheriting correctly also often means preventing disputes among children.

Take care!

Most expensive streets in Munich: Seestraße to Sophienstraße

The Bavarian capital is not for nothing one of the most expensive residential areas in Germany. Yet the dream of many is to live in Munich. The metropolis in the south of Germany not only offers fantastic holiday regions for skiing or beach holidays in the Alps or Italy, Switzerland or Austria, but also a unique charm. Munich enchants residents and visitors with historic facades, idyllic squares and plenty of green parks, especially the English Garden or the Olympic Park. If you want to buy a property in Munich, you should be prepared for steep prices. We have compiled some of the most expensive streets, squares and adresses in Munich for you.

Overview: Expensive adresses in Munich and location summarized

Before we talk about individual streets and squares in Munich with their respective details and prices for real estate, here is an overview of the most expensive adresses in the Bavarian capital. Here you have to reckon with a purchase price of real estate between about 10,000 – 20,000 euros per square meter.

• Elisabethplatz – Maxvorstadt / Schwabing
• Flemingstraße – Bogenhausen
• Klenzestraße – Glockenbachviertel
• Königinstraße, Seestraße, Mandlstraße – Schwabing
• Maria-Theresia-Strasse – Alt-Bogenhausen
• Müllerstraße – Glockenbachviertel
• Schellingstraße – Maxvorstadt
• Sophienstraße – Maxvorstadt
• Steinstraße – Haidhausen
• Zuccalistraße – Nymphenburg
• Auffahrtsallee (north & south) – Nymphenburg
• Titianstrasse, Montenstrasse – Nymphenburg

Elisabethplatz: Living in Maxvorstadt

The area around Elisabethplatz is one of the most popular adresses in Munich and is therefore also one of the most expensive. Buyers of property here should expect to pay around 12,000 euros per square metre. Elisabethplatz is located in the trendy Maxvorstadt, not far from the city centre. The English Garden with its extensive green spaces invites you to relax and unwind and is only a 15-minute walk from Elisabethplatz. The Olympic Park is also just two and a half kilometres away. So it’s no wonder that this address, centrally located yet surrounded by greenery, is popular with many Munich residents.

Tip. Here you can also find more information as a seller: Sell property Maxvorstadt

The price per square meter here is up to:

Maximum prices up to 12.000 € / m²

Here at Elisabethplatz you will find top adresses like:

• Schauburg Munich (Theatre)
• Hilscher jeweller

Elisabethplatz in Munich (map):

Flemingstraße: Property near the banks of the river Isar

Flemingstraße in Munich Bogenhausen is a good 1km long and lies in the immediate vicinity of the banks of the Isar. The leafy bank, on whose opposite side the famous English Garden extends, invites you to long, idyllic walks along the riverbank. On the other side, Flemingstrasse is lined by Arabellapark. The immediate proximity to many extensive green spaces and the Isar river make this address particularly popular. Many detached houses and city villas can be found here. If you are lucky enough to get hold of a property on Flemingstrasse, you should expect a purchase price of around €15,000 per square metre.

The price per square meter here is up to:

Maximum prices up to 15.000 € / m²

Here near Flemingstraße you will find top adresses like:

• Various consulates
• Isarufer & English Garden

Flemingstraße in Munich (map):

Klenzestraße: Living in Munich city centre

With a length of just over 200m, Klenzestraße in the centre of Munich is a fairly short but nevertheless extremely popular street. The close proximity to Gärtnerplatz and the Isar riverbank, which can be reached in just a few minutes, make this street an attractive place to live. Munich’s Museum Island and the world-famous Viktualienmarkt can also be reached from here in just a few minutes’ walk. Living in the city center offers many short distances and an everyday life among the popular historic buildings. The infrastructure here is also remarkable, supermarkets, cafés, restaurant and much more are in the immediate vicinity.

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

Here in the Klenzestraße you will find top adresses like:

• Café 36
• Gärtnerplatztheater

Klenzestraße in Munich (map):

Müllerstraße: Gärtnerplatz & Viktualienmarkt

Müllerstraße runs parallel to Klenzestraße and offers similar advantages, especially in terms of location. For many people who have moved to Munich, but also for native Munich residents, living in the city centre is a wish that is often not easy to fulfil. Those who get hold of a property or apartment here can consider themselves lucky. The proximity to the Viktualienmarkt and Munich’s city centre is an absolute plus for this location, and all the shops that you need to go to regularly are within walking distance.

The price per square meter here is up to:

Maximum prices up to 25.000 € / m²

Here in Müllerstraße you will find top adresses like:

• The Seven skyscraper
• Viktualienmarkt in the immediate vicinity

Müllerstraße in Munich (map):

Königinstraße, Seestraße, Mandlstraße: At the English Garden

These three streets are among the most popular and at the same time most expensive adresses in Hamburg. They are located in close proximity to each other – Königinstraße even merges into Mandlstraße – and border the popular, huge English Garden, which invites thousands of Munich residents every day for walks, breaks in the green or boat trips. Located in the north of Munich and on the western side of the English Garden, the city center can be reached very easily and quickly from these streets. Only the car traffic can be a problem here, at rush hour you should better switch to public transport or the bike.

The price per square meter here is up to:

Maximum prices up to 20.000 € / m²

Here in the Königinstraße you will find adresses like:

• English Garden
• Alliance
• Registry office Schwabing

Königinstraße in Munich (Map):

Maria-Theresia-Straße: Living with a park view

Maria-Theresia-Straße is located in the eastern city centre of Munich on the “other” side of the banks of the Isar and runs parallel to the Maximiliansanlagen. The large and well-maintained park area along the banks of the Isar is an absolute highlight for joggers, dog owners or even nature lovers. Wiener Platz and the Maximilianeum are also within walking distance, as is the Praterinsel, which can be reached via the Maximiliansbrücke. Historic city villas and the one-sided street has a unique charm and offers free, undeveloped views of the park for all residents.

The price per square meter here is up to:

Maximum prices up to 18.000 € / m²

Here in Maria-Theresia-Straße you will find top adresses like:

• Maximiliansanlagen (Park)
• Museum Villa Stuck

Maria-Theresia-Straße in Munich (map):

Steinstraße: Life at Wiener Platz & Isarstrand

Steinstraße, which starts from Wiener Platz, is in close proximity to Maria-Theresia-Straße, which runs along the Maximiliananlagen. Accordingly, Steinstraße is also in close proximity to this popular park on the eastern side of the Isar. Its proximity to the Äußere Ludwigsbrücke bridge provides access to the Museum Island as well as a quick route by car or e-scooter towards Munich city centre. The street, which is around 350m long, is home to residential properties as well as a number of shops and eateries.

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

Here and near Steinstraße you will find top adresses like:

• Rue des Halles (Restaurant)
• Munich City Library
• Isarstrand

Steinstraße in Munich (map):

Schellingstraße: North of Munich with a lot of gastronomy

Schellingstraße in Munich’s Maxvorstadt district is an extremely popular street in Munich. Situated between the expansive English Garden and the city centre, Schellingstraße is just under 2km long and offers plenty of space for properties of all kinds. The proximity to Munich sights and highlights such as the Alte Pinakothek makes this address particularly attractive. Many restaurants and catering establishments have settled here, inviting you to linger and making it possible for residents to eat out comfortably all week without having to put up with long commutes.

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

In the vicinity of Schellingstraße you will find top adresses like:

• Alte Pinakothek
• Munich Residence

Schellingstraße in Munich (map):

Sophienstraße: Real estate at the Old Botanical Garden

Sophienstraße in Munich runs in two directions along the old Botanical Gardens in Munich and is therefore a much sought-after address in the Bavarian capital. The direct view of the green idyll makes living on any floor on Sophienstraße a dream, as you are right in the city centre, yet can enjoy green nature on your doorstep. Munich’s main railway station is also in the immediate vicinity, within walking distance and thus offers an ideal connection if you don’t want to struggle through the city traffic by car.

The price per square meter here is up to:

Maximum prices up to 13.000 € / m²

Here in Sophienstraße you will find top adresses like:

• McKinsey & Company
• The Charles Hotel
• Botanic garden

Sophienstraße in Munich (map):

Driveway (north & south): castle panorama in the countryside

The northern and southern driveway avenue runs on two sides along the Schlossgarten canal of Schloss Nymphenburg and is thus located rather in the west of Munich, above the main railway station. With a length of over 2km in both directions, the avenue offers many gorgeous properties along the leafy canal bank. The panoramic view of Nymphenburg Palace is partly free on top. The quiet street, which is lined by a picturesque avenue of trees, is home to some architectural treasures that are worth their price. Anyone who gets the opportunity to grab a property in the driveway avenue should take it.

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

Here in the driveway avenue you will find top adresses like:

• Nymphenburg Palace / Grünwald Park
• Bavarian Chamber of Architects

Northern driveway avenue in Munich (map):

Here you can see the avenue panorama of Munich’s Nymphenburg Palace.

Zuccalistraße: West Munich with Botanical Garden

The Zuccalistraße is located a bit outside of Munich’s inner city in the west of Munich. Despite the fantastic location directly on the Botanical Garden, the property prices are quite reasonable by Munich standards due to the slight “remoteness” – however, one cannot speak of the most expensive street in Munich as cheap. The Zuccalistraße is located to a large extent directly at the Botanical Garden and offers many adjacent property owners a direct view of the well-kept large park. Anyone who lives here has hit the location jackpot!

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

Here at Zuccalistraße you will find popular adresses like:

• Nymphenburg Castle
• Botanic garden

Zuccalistraße in Munich (map):

Tizianstraße, Montenstraße: Living in Neuhausen-Nymphenburg

Tizianstraß and also Montenstraße are located in the direct vicinity of the southern and northern Auffahrtsallee, as well as Zuccalistraße. The location near Nymphenburg Palace and its adjacent palace park makes these adresses residential areas with holiday flair. A walk along the palace garden canal also makes you feel like you are on holiday. The huge palace park also includes a botanical garden and a palace café and invites you to long walks or leisurely picnics. Living not far from the Neuwittelsbach villa colony could hardly be more beautiful, but prospective buyers will have to pay for it.

The price per square meter here is up to:

Maximum prices up to 10.000 € / m²

Here in Tizianstraße and the surrounding area you will find top adresses like:

• Titian Square
• Nymphenburg Castle

Titian Street in Munich (map):