On the one hand due to divorce, old age or a change of job, on the other hand due to the current uncertain situation: there are many reasons why you have to sell your own property and become a tenant again. It is often difficult to get your bearings and adjust to the new situation. Especially because time is usually of the essence and decisions have to be made quickly. We go through the situations for you.
If the property no longer meets your living requirements in old age or the follow-up financing doesn't work out or the residents get divorced, the uncertainty arises: what to do with the property? If it should or must be sold, the questions continue: when is the best time? Is it better to wait due to the difficult times, is demand falling? And how do I do all this anyway?
Higher interest rates make financing more expensive
The rise in the prime rate has made financing a property more expensive for many owners. It is true that you can switch to another, cheaper bank with the follow-up financing or extend the financing from 30 to 33 years, for example. But for owners for whom this is not enough, there is only one solution: selling and moving into a rented apartment.
What to do when a divorce is pending?
In a divorce involving a property, there are several options to consider: should it be sold or rented out? Or should one person stay in it? Another option is to transfer it to the children. In most cases, the property has not yet been paid off - this raises the question of who can afford to pay the remaining amount.
If, for example, one of the two parties wants to stay in the property and both are registered in the land register, it becomes difficult if one cannot afford to pay the other. This can result in a forced sale, which is associated with financial losses. We know from our professional experience that most people sell the property and look for a rental apartment.
Living in old age
Actually, you just wanted to leave your dream property feet first. But then it becomes clear that the house or condominium is not age-appropriate. Even if a move to a retirement home is not necessary, the property then has to be sold and the move to an age-appropriate apartment is imminent.
From happy owner to happy tenant
If you are in a situation where you have to decide what to do with your own property and you are wondering whether it makes sense to move into a rental property: ask us before you despair. We will be happy to advise you and help you find the best solution for you so that you will be just as happy as a tenant as you were before as an owner.
Are you planning to go from owner to tenant (again)? Get in touch with us! We will be happy to advise you.
Notes
For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.
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