More support for age-appropriate renovation
Many property owners have so far sold their own property with a heavy heart instead of converting it to make it barrier-free. There were many reasons for this: the conversion was too expensive, the measures were too extensive and time-consuming, or the owners had left it too late to consider the issue, meaning that barrier-free conversion was no longer worthwhile.
Higher subsidies from 2024
In view of the increased material and construction costs, many would say that an increase in funding was long overdue. Even now, it is debatable whether the adjustment is sufficient. Starting next year, the funds provided by the Kreditanstalt für Wiederaufbau (KfW) for barrier reduction are to be doubled to 150 million euros.
However, this has not yet been decided. The draft budget for 2024 is to be debated in the Bundestag after the summer recess. The 75 million euros that were available previously were already exhausted in August after the program started in July last year (2022). Doubling this amount seems like a drop in the ocean.
What does the funding look like?
Funding will be provided for measures that reduce barriers in buildings. These could include converting a shower with a threshold to a floor-level shower or installing a folding seat. Measures outside the building, such as widening paths or reducing steps, are also eligible for funding.
KfW subsidized such individual measures with 10 percent of the eligible costs or a maximum of $2,500. For converting their own property to the "age-appropriate" standard, owners receive 12.5 percent of the eligible costs or a maximum of €6,250.
Will conversion be worthwhile from 2024?
In short: it depends. First, you should check which measures are really necessary and whether conversion to the "age-appropriate" standard makes sense. You should seek advice from an expert in age-appropriate conversion. They will not only be able to tell you what costs you can expect and how KfW subsidies will affect them. They can also advise you on other funding options.
If you would like to know whether barrier-free conversion will also increase the value of your property—a not insignificant factor for many owners—then you should seek advice from a local quality real estate agent.
Would you like to know how barrier-free conversion will affect the value of your property? Contact us! We will be happy to advise you.
Note
For reasons of better 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 have the facts of your specific case clarified by a lawyer and/or tax advisor.
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