When you become a tenant (again) as a property owner
When a property no longer meets the housing needs of its owners in their old age, or when follow-up financing fails or the residents get divorced, uncertainty arises: what to do with the property? Should it be sold, or must it be sold? This immediately raises further questions: when is the best time to sell? Is it better to wait due to the difficult times, or will demand fall? And how do I go about doing all this?
Rising interest rates make financing more expensive
The rise in key interest rates has made financing real estate more expensive for many owners. It is possible to switch to another, cheaper bank for follow-up financing or to extend the financing period from 30 to 33 years, for example. But for owners for whom this is not enough, there is only one solution: selling and moving to a rented apartment.
What to do if you are getting divorced?
In the case of a divorce involving real estate, there are several options to consider: should it be sold or rented out? Or will one of the spouses continue to live there? Another option is to transfer ownership to the children. In most cases, the property has not yet been paid off, which raises the question of who can afford to pay the remaining amount.
If, for example, one of the two parties wants to continue living in the property and both are listed in the land register, it becomes difficult if one cannot afford to pay the other. The result can be a foreclosure sale, which entails financial losses. From our professional experience, we know that most people sell the property and look for a rental apartment.
Living in old age
All you wanted to do was leave your former dream home with your feet first. But then it becomes clear that the house or condominium is not suitable for your age. Even if moving to a retirement home is not necessary, the property must be sold and you have to move to an age-appropriate apartment.
From happy owner to happy tenant
If you are in a situation where you have to decide what to do with your property and are wondering whether moving into a rental apartment makes sense, 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 as an owner.
Are you planning to switch from being an owner to a tenant (again)? Contact 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 where necessary for the meaning of the text.
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.
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