It is now more and more common for older people to part with their oversized houses and instead want to move into a more age-appropriate apartment. But the real estate market in Germany is overloaded, making the search much more difficult.
This problem was also raised more often to realtors – this gave rise to the idea of real estate swapping.
The need is great
More and more older people want to leave their family home – the children have long since moved out, the house is far too big, there are too many stairs and the large garden also needs to be looked after. Instead, they want to move into a smaller apartment that is age-appropriate and centrally located so that a car is no longer necessary to go shopping and to see the doctor. “We are seeing increased demand in the 50 to 65 age group who want to sell their house,” reports Rüdiger Grimmert from BHW Bausparkasse.
On the other hand, the search for the right property with a garden is also difficult for young families with babies. “We are observing that the need for an improved living situation is increasing among younger and older owners. At the same time, however, many shy away from venturing into the overloaded housing market. That makes real estate diving so attractive, ”continues Grimmert.
It should be quick and easy
The seekers want to find something more suitable, but the process should not be time-consuming, but quick and easy. This is the case with a property swap – both time and money can be saved. The available properties are not advertised publicly. If you are interested in an exchange, you address your concerns to a broker who offers the service. This accepts the offer and offers existing exchange offers to choose from. An exchange will ultimately only take place as soon as the alternative offer is suitable. In addition, property owners also have the option of offering their house for exchange on certain Internet portals.
This reduces competition and increases the chance of finding the right thing within a short period of time. In the best case scenario, two parties actually want to swap their properties – this of course simplifies the process enormously.
If an exchange finally takes place, a normal sales contract is drawn up – because an exchange is ultimately a purchase or sale. Therefore, all normal costs such as real estate transfer tax and notary fees would also apply, Grimmert points out. The amount of the purchase is based on the current market value of the property, continues Grimmert. It is irrelevant whether both objects are equivalent.
The “second living” is promoted
More and more banks are also promoting “second living”. Even retirees over the age of 70 receive suitable loans for the property they want, provided they have the right creditworthiness. “For years we have seen a trend towards downsizing and living in a way that suits the elderly,” says Harald Reinsch, member of the board of directors of Sparkasse Forchheim.
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