Inherited property? Here’s how to proceed
Inheriting a property is usually a challenging time. Decisions have to be made and tasks completed – and at the same time the loss of a close relative is looming. So that you are not left to your own devices during this time, we at Bream Immobilien will accompany and advise you. We have summarised the options open to you and the next steps for you here.
Property valuation as a basis for decision-making
Valuing your inherited property is the first step in finding out how much your inheritance is really worth. After all, depending on the market value, the decision on what to do with the property can vary. At Bream Immobilien, we therefore carry out a thorough valuation, taking into account factors such as the size, location and condition, and factor the current market situation in Berlin and Potsdam into the final value. In this way, you receive a realistic value in line with the market, which forms the basis for the next steps. If a property valuation is not carried out, laypersons usually estimate the value completely differently, which makes all subsequent steps more difficult if there is no coordinated plan.
Depending on the value of the property, it may be possible to disclaim the inheritance; you have six weeks to do so. If you decide to accept the inheritance, you should take care of the certificate of inheritance as soon as possible. It is necessary in order to make a correction in the land register or to prove your inheritance rights to current tenants. If the certificate of inheritance is missing, the subsequent proceedings will be delayed.
These options are now open to you
The first option is to keep the property and use it yourself. This can be an attractive option if you are looking for a new place to live and want to live in the area yourself. If you live in the property for at least the next ten years, inheritance tax will not apply. Another option is to sell the property to release the capital and possibly make a profit. This can make sense if you prefer financial freedom or do not want to manage the property in the long term. If you do not want to part with the property, renting it out can be an option to generate passive income.
Important: If you are part of a community of heirs, all heirs must make the decision together.
Customised advice from a professional
Depending on the option, various tasks follow – handling the sale, finding a tenant or initially renovating. We have the necessary expertise and suitable contacts in Gatow, Kladow or Staaken to support you with these tasks. This includes objective advice, taking over the tasks involved in the sale or finding partners to clear or renovate the property. Let us support you from A to Z so that you have more time to deal with the emotional aspects of inheritance.