Table of contents
Are you about to sell your childhood home, for example, due to the passing of your (one of your) parents? Besides the necessary emotions, unfortunately, there is also a lot of arranging involved. What about inheritance tax and transfer tax on the house? When is the best time to sell the house? And how do you ensure that your parents' home is sold as quickly as possible for a good price? In this article, we help you with all your questions.
For your information: We help people daily with choosing a real estate agent. A large part of our users sign up because they have to sell their parent's house.
To better assist with this, we have created this overview. We share this in the hope that more people will be helped. If you have more questions, you can always email us at info@mijnverkoopmakelaar.nl.
Register the house here and receive responses from various real estate agents.
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1. Accept or decline the inheritance?
Upon the passing of the parent(s), the children are faced with the decision of what to do with the house. Are you still unsure about the destination of an inherited house? Read more about the rules and possibilities regarding inheriting a house.
Have you decided that your parents' house is best sold? Before you look for a good real estate agent, first consider the following matters: whether or not to accept the inheritance and the rules surrounding inheritance and transfer tax. Not pleasant matters, but important to know.
You can skip this section if you have already accepted your parent's inheritance.
In the case of an inheritance, you have 3 options as a child in the Netherlands:
- Accept unconditionally
- Accept conditionally
- Decline
Accept unconditionally
This means that you accept the inheritance in its entirety, regardless of whether there are debts in the inheritance. The risk you run is that there are more debts than value in the inheritance. In that case, you are liable for the debts and primarily have to pay.
Accept conditionally
If you are not sure whether your father or mother had more debts than assets, it is wise to accept the inheritance 'conditionally'. This means the following: all debts in the inheritance are offset against all assets in the inheritance. If there is something left over, it is yours. You accept the inheritance under the condition that the balance is positive. This way, you do not run the risk of having to pay the debts with your own money.
Decline
If you decline the inheritance, you are entitled to nothing. The advantage is that in this case, you are not liable for your father or mother's debts. The disadvantage is that you also forgo personal items. Think of letters, photos, and other items with high emotional value. Discuss this well with all heirs. How to deal with disagreements among heirs, you can read here.
Note: If you take or sell items from the estate, this is considered an 'act of acceptance'. In other words: through your actions, you have accepted the inheritance. So then you are suddenly responsible for the debts.
2. Inheritance tax and transfer tax
Inheritance tax
We still assume that the house is being sold and thus not remaining within the family or circle of heirs. Different rules apply otherwise.
If you inherit a house from your parents, you are obliged to pay inheritance tax after 8 months (2022). You pay the inheritance tax on the total assets you inherit, including the house. The amount of inheritance tax for the house is determined as follows: WOZ value minus any mortgage debt.
How much inheritance tax you pay depends on the total acquisition. You pay a certain percentage up to a certain amount of the acquisition (stepwise).
Inheritance tax rates for children in 2022
As a child, you pay no inheritance tax on the first € 21,559 (exemption). Above that, the following inheritance tax rates for children in 2022 apply:
€ 0-130,424 | You pay 10% tax on this | |||||||||||||||
€ 130,424 and more |
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Example calculation: The inheritance consists only of the house. The WOZ value of the house is 350,000 euros. There is no mortgage debt. The first 21,559 euros is tax-free. After subtracting the exemption, 328,441 euros remains. Inheritance tax must be paid on this amount.
- On the first 130,424 euros, you pay 10%: 32,844 euros.
- On the remaining amount, 198,017 euros, you pay 20%: 39,603 euros.
- In total, you pay 72,447 euros inheritance tax in this example.
Transfer tax
When you inherit a house from your parents, this is not seen as an acquisition. Therefore, no transfer tax is due. Not even if one of the children decides to live in the house.
3. When to sell parents' house?
If you inherit a house from your parents, you are obliged to pay inheritance tax after 8 months (2022). If you plan to sell the house, it is best to do so within 8 months of the passing. During that period, you do not have to pay inheritance tax yet. In certain cases, you can apply for an extension for paying the inheritance tax. Are you in a hurry to sell the parental home? Read tips for quickly selling a house here.
4. Preparing the house for sale
To empty or not
If you have to sell your father or mother's house, it may seem tempting to immediately start clearing out the house. Our advice: do not do that immediately.
An empty house does not always make the sale easier or more lucrative. Future buyers cannot always properly estimate how an empty house looks 'filled'. Therefore, it helps if there are still furniture in the house.
In some cases, your parents' furniture may not be helpful in the sale. For example, the furniture may be too old or worn to contribute to a good appearance. Does the space smell musty, are there simply too many items in the rooms, or is there dusty carpeting? Those are also things you would rather do without. Viewers love a bright house and must be able to see the full potential of the house. Cluttered rooms, dark furniture, or too many items do not help with that.
A good real estate agent looks at the inventory with an objective eye and advises which items should better stay and which should go. Also read our tips for preparing the house for sale.
Maintenance tasks
You can best determine this in consultation with a real estate agent, but generally, the following applies: painting window frames, removing mold, and repairing lighting are (time) investments that pay off in a sale.
Leaks or leakage spots are a more difficult decision. The costs can be high. On the other hand, these are also the issues that potential buyers are concerned about. They prefer to buy a house where everything is resolved. Discuss these matters with your real estate agent and ensure a good plan to present the house at its best.
5. Choosing the best real estate agent in parents' area
What makes selling your parents' house difficult is that you may not always be familiar with the local real estate agents. And that you want to choose the best real estate agent together with other heirs. But don't worry: we can help you well with this.
Enter the address of the house below, and fill in the details of the parental home. Then real estate agents from the area respond to the house by email. They indicate the rates they charge and give an estimate of the proceeds and sales speed. Very handy, so you don't have to approach real estate agents one-on-one yourself. They simply come to you. After all, you have other things on your mind during this period.
Tip: add photos of the interior to your request, then you will receive more responses from real estate agents.
We then advise always inviting 2 or more real estate agents to your home. Only then will you know whether there is a click. Read more about how Mijn Verkoopmakelaar works.
Is your parents' house on the other side of the country? Or do you live abroad yourself? Then it is possible to sell the house remotely through a power of attorney.
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Frequently asked questions about selling your parents' house.
How high is the inheritance tax?
Up to €21,282 is tax-free. You pay 10% on the amount between €21,282 and €128,750. On everything above €128,751, you pay 20% tax.
How do I choose a real estate agent in another city?
By comparing rates and experiences of different real estate agents. You can research this yourself on funda.nl or by using comparison websites such as MijnVerkoopmakelaar.nl
