norm
2013-11-19 19:13:23
- #1
Hello everyone,
I have a few questions about incidental construction/demolition costs, I just can't find a comparable example for my case and maybe you can help me make things a bit clearer for me.
The following situation:
We (my mother, my brother, and I) inherited "a" house from my father. (1.5-family house, 115 sqm with usable basement) It is my grandfather's house and he still lives in this house (right of residence). My grandfather transferred it to my father back then. My mother inherited 50%, my brother and I each inherited 25%. My mother lives in the house where we grew up. My brother now has his own house. I currently live in a rented apartment. My grandfather is finding it increasingly too much with the house and he wants to move into assisted living. The house was built in the early 60s and has never been renovated.
So much for the initial situation...
Now to my question:
In the event that I want to demolish the house and rebuild, what costs should I expect? I imagine a 1.5-family house with 130 sqm with "residential basement." I don’t like the current house layout and everything would really have to be completely redone, so a new building might pay off.
With a new build, I always read about 35-40k incidental costs, but what would I face in my case?
Let’s assume the house with the land is worth 200k.
My mother and brother would gift me their shares. The 100k from my mother should be tax-free, 30k from my brother’s share I would have to tax (20k are exempt), is that correct? If the right of residence is removed, is the land/house then mine? There will probably also be notary and land registry fees?
Then the demolition – around 15-20k? Could I possibly save part of the earthworks in the new build since the "hole" is already there after demolition?
New build – incidental costs: Real estate transfer tax should then be replaced by gift tax (30k taxed), so those should not apply?
Development costs – those shouldn’t be that high, right? Since the connections are already at the house.
Notary / land registry as usual, surveying costs, building permit, construction electricity, etc... should all be normal, like in any other new build.
I already read a lot here in the forum, but I haven’t found an example like mine yet.
I have already written a lot (hope somewhat understandable), but maybe you can help me with some numbers as I am partly unsure what could be coming.
In short again:
- Amount of real estate transfer/inheritance/gift tax? Is it "only" the 30k taxed + notary costs?
- Demolition 15-20k, is that about right?
- Are the development costs then significantly less than for an "undeveloped" plot?
- What costs might possibly be waived or added in my example compared to a normal new build?
Thanks already for your answers.
Regards Norman
I have a few questions about incidental construction/demolition costs, I just can't find a comparable example for my case and maybe you can help me make things a bit clearer for me.
The following situation:
We (my mother, my brother, and I) inherited "a" house from my father. (1.5-family house, 115 sqm with usable basement) It is my grandfather's house and he still lives in this house (right of residence). My grandfather transferred it to my father back then. My mother inherited 50%, my brother and I each inherited 25%. My mother lives in the house where we grew up. My brother now has his own house. I currently live in a rented apartment. My grandfather is finding it increasingly too much with the house and he wants to move into assisted living. The house was built in the early 60s and has never been renovated.
So much for the initial situation...
Now to my question:
In the event that I want to demolish the house and rebuild, what costs should I expect? I imagine a 1.5-family house with 130 sqm with "residential basement." I don’t like the current house layout and everything would really have to be completely redone, so a new building might pay off.
With a new build, I always read about 35-40k incidental costs, but what would I face in my case?
Let’s assume the house with the land is worth 200k.
My mother and brother would gift me their shares. The 100k from my mother should be tax-free, 30k from my brother’s share I would have to tax (20k are exempt), is that correct? If the right of residence is removed, is the land/house then mine? There will probably also be notary and land registry fees?
Then the demolition – around 15-20k? Could I possibly save part of the earthworks in the new build since the "hole" is already there after demolition?
New build – incidental costs: Real estate transfer tax should then be replaced by gift tax (30k taxed), so those should not apply?
Development costs – those shouldn’t be that high, right? Since the connections are already at the house.
Notary / land registry as usual, surveying costs, building permit, construction electricity, etc... should all be normal, like in any other new build.
I already read a lot here in the forum, but I haven’t found an example like mine yet.
I have already written a lot (hope somewhat understandable), but maybe you can help me with some numbers as I am partly unsure what could be coming.
In short again:
- Amount of real estate transfer/inheritance/gift tax? Is it "only" the 30k taxed + notary costs?
- Demolition 15-20k, is that about right?
- Are the development costs then significantly less than for an "undeveloped" plot?
- What costs might possibly be waived or added in my example compared to a normal new build?
Thanks already for your answers.
Regards Norman