Once the children have moved out of the house, parents often have more living space available than they actually need. According to the LBS Bausparkasse information service and figures from the TNS Trend Indicator 2020, around 81 percent of property owners in Germany nevertheless wish to remain living in their property in old age. On the LBS website, interested parties can find helpful information on what options are available for making good use of the living space that has become available.
An important point here is the conversion of the property into a home free of thresholds and barriers. Intelligent renovation measures enable the owners to live self-determined and in their own home until old age. On the other hand, part of the house can be converted into a granny apartment in the course of the renovation measures. This can either be used for other purposes or rented out. Those who decide to rent out the granny apartment no longer live alone and can supplement their pension thanks to the rental income.
It is worth mentioning that lucrative subsidies can be applied for from the Kreditanstalt für Wiederaufbau (KfW) for measures to convert a property to meet the needs of the elderly. Also, under certain conditions, the homeowner's pension (Wohn-Riester) can be used. There are also tax advantages in renting out the granny annexe. This is because the expenses for rented granny apartments, such as maintenance costs, repairs or care of the garden, can be claimed against tax.
Source: LBS
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