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It is possible to sell your house and continue to live in it while maintaining the right to usufruct on the property.
In Italy, there are approximately 2.5 million elderly people who live alone: almost 4% of the population. They often continue to live in the family home, which has become too large for them. The idea of trying to sell, however, terrifies them: the process seems too complicated and tiring. In truth, the sale of an elderly person's home is simple and can be organized in many different ways.
If you are interested in learning more, continue reading this article and discover Casavo's advice on how to sell a property even at an advanced age.
How to sell a house at an advanced age
Selling an elderly person's house is an excellent way to quickly obtain enough money to guarantee an income to supplement their pension.
If you want to get rid of your home, or help an elderly relative sell an apartment that is now too large for the needs of a single life, you can choose various alternative solutions to the traditional sale. Here are some ideas.
The partial sale of a large property
Very often, elderly people find themselves living in very large houses built in eras in We were all used to having more space available. In this case, a good idea to sell the property quickly is to divide it into two parts, creating a small apartment where you or your relative can continue to live and selling the rest of the property. A small-sized home is easier to manage and keep clean, while a medium-sized property easily finds its place on the market. Depending on the agreements you make, the buyer can also cover the costs of subdividing the property, perhaps in exchange for a discount on the final price.
Bare ownership: selling a house without ceasing to live there
The bare ownership house is a great classic for selling the home of an elderly person. The owner can choose to sell their residence immediately and continue to live there by stipulating a contract that provides for the transfer of ownership only upon death. The seller retains the right of usufruct, continuing to live in the property.
With the bare ownership contract with reservation of usufruct, therefore, the transfer of the property is postponed to a later date, while the sale is concluded in the present with the full payment of the agreed sum, according to the methods established in the contract. This type of sale is considered an advantageous investment for both the seller and the buyer. Usually, this type of agreement provides for a significant discount on the final price, with a reduction that depends on factors such as the age and health of the bare owner.
Selling to children or relatives
To speed up the process, it is also possible to decide to proceed with the sale to a child or a relative. Italian law does not limit the possibility of transferring an asset to a family member; the only risk you could run concerns the disputes of any other heirs after your death. In the event of an agreement at a price significantly lower than the market average, they could in fact accuse you of having violated their economic interests.
Donation with or without assistance costs
If the transfer does not depend on liquidity reasons but only on the desire to go and live elsewhere, then the property donation is the solution to pay less taxes and streamline procedures.
If, however, your family decides to also provide for a financial contribution, you can resort to the donation contract with assistance costs. In this case, the elderly person donates the property with An agreement that establishes that the recipient of the donation assumes the responsibility of financially assisting the donor. This type of contract therefore provides for the recognition of a monthly financial contribution to contribute to the maintenance of the person donating the asset.
Intervening for a person incapable of understanding and willing
Unfortunately, as the years pass, the risk of illnesses that impede normal physical and mental abilities also increases. If your elderly relative is in a condition that renders him or her incapable of understanding and willing, you can request interdiction or incapacity from the court in your city, depending on the severity of the situation.
A person under interdiction becomes effectively 100% dependent on another person who assumes the role of legal representative. An incapacitated person, however, is able to take care of themselves, but depends on a curator for extraordinary administrative acts, such as the management of their assets.
If you find yourself having to request interdiction or incapacity for your relative, you therefore also come into possession of their assets and consequently you will be able to directly manage the possible sale of the elderly person's home.
Sell your home quickly with Casavo
A quick and safe solution for selling an elderly person's home is to rely on us at Casavo. With our free valuation tool Get an accurate quote for your property quickly. You can list your home on our listings platform to sell it as quickly as possible. Thanks to our constant research in the field of technology, we are able to offer the possibility of remote viewings directly from your computer or smartphone, so the elderly person does not have to receive strangers. Sell now with Casavo and discover all the benefits we've designed to simplify the world of real estate.
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