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"What happens to the house when we are no longer there?" – many house owners ask themselves this question very early today. As an alternative to inheriting or giving away your own home, you as the owner can also consider selling the house to your own children or within the family. Unlike an inheritance, the sale is still in the lifetime of the Parents and can even bring tax benefits compared to a gift. In the following article you will find everything you need to sell your home to your children or within your family.
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Straight to the topic of your choice
You want your home to remain in safe family ownership?
The right to a mandatory share of the inheritance for each child can complicate the division, which often leads to the sale of the family home and the subsequent payment of the heirs. A broker can help you be fair & act neutrally and control sales as an independent third party without conflict.
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Checklist: When does it make sense to sell the house to the children??
You want to take care of the whereabouts of your own home during your lifetime
A lifelong right to live in your house is being considered
One of your children may take care of you
In any case, only one of your children can take over the house
There are extensive renovation measures in your house
What are the advantages of selling the house to the children??
Problems can often arise when a house is passed on to a child, especially if there are several siblings. The right to a mandatory share of the inheritance for each child can complicate the division, which often leads to the sale of the family home and the subsequent payment of the heirs. By selling or donating to one of the children can parents ensure that your home remains in safe family ownership during your lifetime.
Furthermore, in the case of an inheritance, the regulation of the owner’s own use of the house comes into force, according to which the heir would have to move into the family home immediately after the death of both parents. This does not apply to a sale after which the property can also be sold.
While siblings can contest the handover of the house within ten years, this option does not apply to sales because the decision lies with the parents as to whether they sell within the family or to an outside person.
How do I go about selling houses within the family?
In order for you to be able to sell your home within your family, you first need to estimate the value of your home. In order to avoid the suspicion of an unofficial gift or a fake purchase, you should set a realistic price when selling. However, the granting of lifelong housing rights for the parents or the declaration of the children’s willingness to take care of the parents can reduce the price, since these conditions reduce the price of the property. For example, a house with a value between 80,000 and 100,000 euros can be sold for an amount of around 20,000 euros without the buyer’s favor being assumed.
Another point that can have a positive effect on the sale of your home within the family is the upcoming renovation or refurbishment measures. Tax benefits can be realized here, since the renovation costs can be claimed as advertising measures. The prerequisite for this is that you, as parents, live in the house that has already been transferred to the buyer for rent.
In a lot of In such cases, selling your home to the children or within the family can prove to be useful. If in your case only one of your children is in any case eligible for the takeover of the house, then the sale is a good option to avoid the gift or inheritance tax. Selling within the family to more distant relatives, such as nieces or nephews, is also possible.
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