Can I sell my home and still live in it?

We explain how it is possible to sell the property and continue living in it without any problems for the buyer or for you.

Have you ever wondered if it is possible to selling your home and continue to live in it? This practice, which is quite common in other European countries such as France, is becoming increasingly fashionable in Spain.

This is a very advantageous arrangement for people who need money but do not want to lose their home.

Continuing to live in my house, after selling it

There are people who, with the arrival of retirement, think about sell your house and move to the beach. But there are many other situations, at certain ages, in which we are forced to to obtain immediate liquidity. In this context, our most valuable possession is most likely to be the house we live in. However, selling it means becoming homeless and being forced to rent a house. Or does it?

We always take it for granted that new owners will be eager to move into their new home immediately, but this does not have to be the case. The truth is that we can sell our home and continue to live in it without cost and without having to pay a mortgage.

This requires that we maintain the usufruct selling the bare propertyWhat does this mean? When we sell the bare property, what we are doing is selling the right of ownership. However, we keep the usufruct intact. It should be noted that this type of sale can only take place from the age of 65 onwards.. However, although the law allows this to be done from this age, it is usually those over 75 who consider this option in order to obtain an additional source of income with which to live more comfortably for the rest of their lives.

What is the usufruct of a dwelling?

The key to this type of sale is control over the usufruct. But what is the usufruct of a dwelling?

This is the a right in rem by which we are permitted to enjoy an asset that is not our own property. In this case, our former home, which now belongs to someone else. Maintaining the usufruct of immovable property It also gives us the right to rent it if we wish to do so and to obtain, in return, a rent for it.

When selling the bare propertyThe normal situation is that we retain the usufruct for life (i.e. until our death) or until the date agreed between the two parties. If no date is specified in the contractit is understood that the former owner keeps the usufruct for life.

In such cases, the death of the usufructuary or the express waiver of this right on his part are the only possible scenarios for the owner of the bare ownership to obtain the usufruct.

However, it should be noted that certain nuances on the duration of usufruct. We are talking about those usufructuaries that are not natural persons, but a company, a corporation or even a village. In these situations, the duration of the usufruct may never exceed 30 years according to the law..

Living in your own home after selling it by paying a lease

But if I sell my home, Will I have to live in it by paying a lease? It depends on the case:

If you are over 65 years of age and have sold the bare property

By keeping the usufruct over the property you will not have to pay rent, but you will receive the money that you have agreed upon in exchange for the property. In this situation, two methods of payment are usually offered:

• The first, through a life annuity. In order to calculate the amount, the life expectancy of the person selling the bare property must be taken into account. Please note: in the case of a married couple, both have the right to remain in the house until their death.. In this case, the calculation should normally be made on the person with the longest life expectancy. In order to calculate the rent, the sex, age and the price of the house will be taken into account.
   
• The second method consists of the seller receiving the money in a single payment.. In that case, it will be sufficient to reach an agreement between both parties.

If you are under 65 years of age

• You will not be able to keep the usufruct of the property after the sale. You will have to sell it in its entirety. In this case, you can reach an agreement with the buyer to rent the property for as long as you both wish. It is probably in your interest to keep the rental for 2 years, if you calculate that this is the time it will take you to buy a new home. Or because you are going to leave the country in that period of time and until then you prefer to stay in the property.
   
• Also you can come to an agreement with the buyer and deduct the percentage of the rent of the total amount of the sale. As long as you don't need all the capital at once to cover some kind of expense, this is another possible solution.

Selling my home and continuing to live in it, an increasingly common option

It is possible to continue living in your own home after selling it.. If you are over 65 years old, you can to retain the usufruct for life and make use and enjoyment of the property free of charge. Also you can choose to rent it in part or in whole without the owner of the bare property being able to intervene or deny you the right.

However, if you are under 65 years of age and you wish to continue living in your property after its sale, you will have to reach an agreement with your landlord. agreement with the ownerThe law does not protect you to keep the usufruct as it does for the elderly.

We hope this article has helped you to resolve your doubts. And if you still think that something has been left out, do not hesitate to contact us and explain your case. We can help you.