Have you inherited a house and now want to sell it? Tips for Kaiserslautern and the surroundings
The question of whether to sell a property that once belonged to family members is often a difficult one for an heir. Paying close attention to special circumstances and avoiding possible mistakes are very important.
For one, care should be taken to ensure that any outstanding debts or mortgages are transferred to the new owner.
For another, the new homeowner may be confronted with extremely high expenditures for repairs and renovation if the house is in poor condition when ownership is transferred.
If, on the other hand, the property is in immaculate condition, it can be sold at a high profit and prove to be highly rewarding financially. However, it should also be pointed out here that in view of the current market situation even the sale of properties in need of extensive restoration work can also be quite profitable, and this is true of the region around Kaiserslautern as well.
The most important steps for heirs when selling a house
You should first determine the legal circumstances. A review of the will or inheritance contract will reveal whether you are in the position of an heir or a legatee.
A legacy is an asset such as a plot of land. You can apply to the competent local court for the issue of a so-called certificate of inheritance identifying you as the owner of the property and to obtain the right to inspect the land register.
The next step is to decide whether to accept or renounce the inheritance of the property. If you accept the inheritance, you must assume any and all liabilities associated with the property (such as debts or mortgages).
As the wrong decision can be very costly, you should obtain an exact overview of the testator’s assets. If the testator is overindebted, the renunciation of the inheritance is advisable. You have six weeks’ time after becoming aware of the inheritance to declare the renunciation.
Sell or rent an inherited house or use it yourself?
Once you have inherited a house and accepted the inheritance, you need to think about whether you want to sell the property, rent it out, or use it yourself.
If you decide to sell the house because you or the community of heirs thinks this is the best solution, you should hire an experienced realtor to handle the related work for you. The agent’s expertise and professionalism will often be decisive in obtaining significantly higher purchase prices.
If you want to use the property yourself, you must make sure that the house or apartment is in good general condition. Older buildings are often characterized by a backlog of renovations and the need to carry out various conversion measures, and the costs can quickly climb to dizzying heights.
Another option is to rent houses or apartments to third parties. You have here the option of hiring a professional realtor to assume the management tasks such as the search for tenants and marketing.
What costs are incurred by the heir when selling a house or apartment?
The sale includes a commission fee for the realtor in charge of the transaction. As a rule, both the seller and the buyer pay a fee.
The owners of houses and condominiums often have minor repair work carried out before the sale so that they can realize a higher sales price. The owner must pay for any such repairs in advance.
Moreover, it is possible that costs for the preparation of exposés or high-quality pictures of the property will be incurred; you had best clarify these points in advance with the real estate company you have engaged.
Prepayment penalties must be paid on any mortgages.
Do you want to sell your house or condominium in Kaiserslautern and the surrounding area?
If you are thinking about selling your property in the Kaiserslautern area, please feel free to contact us at 06301 31140 or simply fill out the contact form below. We will be happy to advise you and answer any further questions you may have about selling your house or condominium.
You will receive a reply within the next 24 hours. We look forward to hearing from you.
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