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No encumbrances for a higher property value

It is not only material criteria such as location, land, buildings, and fixtures that determine the value of a property. Intangible criteria such as rights of way or rights of residence also influence property value. Buyers are interested in such encumbrances, as these determine how freely the buyer can dispose of the property.

When purchasing a property, the buyer also acquires the encumbrances and restrictions attached to the property. These include, for example, land charges or mortgages, but also rights of residence or rights of way. These encumbrances and restrictions are documented in Section 2 of the land register extract.

Example of a right of way

A property that is to be sold – let's call it property 1 – is located on a street. Behind property 1 is another property that belongs to a neighbor – let's call it property 2. This property has no direct access to the street. The neighbor can only reach his property via the property of property 1. He has therefore agreed a right of way with the owner of property 1. This allows him to drive across the property of property 1. In return, he pays the owner compensation.

Sample calculation

The property of property 1 is 500 square meters in size. In order for the neighbor of property 2 to reach the street, he must cross an area of 50 square meters of the property. He paid the owner of property 1 $15,000 for this.

A local real estate agent has determined the value of property 1. It amounts to 200,000 euros. The real estate professional estimates the reduction in value due to the right of way at ten percent, or 20,000 euros. The 15,000 euros paid by the neighbor as compensation must be added to the property value of 180,000 euros. This reduces the property value by 5,000 euros to 195,000 euros. The compensation paid is therefore too low and should be higher so that the right of way for the property is value-neutral.

To be sure of the appropriate amount of compensation for a right of way, property owners should seek advice from a real estate professional.

Example: Right of residence

Families often agree on rights of residence for relatives. For example, children grant their parents a lifelong right of residence if they gift them a property in order to settle their inheritance early. If the property is then sold, this right of residence also reduces the value of the property.

The calculation of such a reduction in value is based on a complex formula, as it depends on various factors. The statistical life expectancy of the parents and the proportion of the total living space of the property play a role here.

Experts recommend seeking advice from a real estate professional when drawing up the contract for encumbrances such as rights of residence or rights of way. This saves stress and preserves the value of the property.

Are you unsure whether there are any encumbrances on your property and how they affect its value? Then get in touch with us! We will be happy to advise you.

Notes

For reasons of readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as 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 case.

Photo: © photographee.eu/Depositphotos.com

Never conceal defects! As the seller, you are liable for defects that you have deliberately concealed, even after the sale. TIP: Not all defects are the same. Always have a defect assessed by an expert beforehand and find out about the options for rectification and the costs involved.

What is better: conceal defects or point them out?

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No encumbrances for a higher property value

Example of a right of way

Sample calculation

Example: Right of residence

Are you looking for a new home? Get in touch with us!

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