When a home is inherited, in accordance with the provisions of the Civil Code, the spouse of the deceased usually receives the usufruct of the house and the children, the bare ownership of it. This means that the widow or widower has the right to live in the property until her death, if the usufruct is for life, or during the period assigned to him or her in the distribution of the inheritance. However, it is possible that the parties, by mutual agreement, decide to sell the home with usufruct to a third party and, in this case, the usufructuary has the right to receive financial compensation for the sale. And how do you know how much a house with usufruct is worth? How to determine the amount of compensation? The financial comparator HelpMyCash.com gives us the answers.
A house with usufruct is worth the same as any other home on the market. Therefore, to decide the price at which it should be sold, the house must be valued through different means, such as, for example, online home valuation tools, consulting several real estate agencies and even looking at apartment prices. similar published on real estate portals. Thus, with all this information, you can set an attractive amount that is interesting to encourage demand and that helps close a quick sale.
Now, once the sale price of the home has been decided, it is necessary to determine how much the usufruct is worth and how much the bare ownership of the house costs so that each of the parties receives the amount that corresponds to them.
In this sense, the parties are free to agree on the value they consider appropriate. That is, the usufructuary and the bare owners can decide by mutual agreement the amount of compensation to receive. However, the tax regulations established in the inheritance and gift tax indicate a simple rule that can be used as a basis to determine how much this usufruct may be worth, they explain from HelpMyCash.com.
The value of the life usufruct, which is that which gives the usufructuary the right to live in the property until his death, is calculated taking into account the age of the person. Thus, the base formula to calculate this rate is the following: the usufruct is equal to 89 minus the age of the usufructuary.
For example, suppose that the usufructuary is 71 years old and the price of the inherited home that he wants to sell is 100,000 euros. In this case, you must subtract 89 minus 71, which gives a result of 18. And then, this result, expressed as a percentage, is multiplied by the price of the house to determine the amount of the usufruct. That is, 100,000 euros times 18% equals 18,000 euros. And what is the value of the bare property? In this case, it would be the excess amount, that is, 82,000 euros.
It must be taken into account that the value of the lifetime usufruct cannot exceed 70% of the price of the house nor can it be less than 10%. That is, this is equal to 70% of the sale price of the home when the usufructuary is 20 years old (or younger) and decreases by one percentage point as the person ages, but after 79 years of age it does not. You can never receive less than 10% of the value of the property, even if the calculation shows a percentage lower than this, they say from HelpMyCash.com.
Temporary usufruct, for its part, is calculated by multiplying 2% by the number of years of duration of the usufruct. For example, if it is a temporary usufruct assigned for 15 years, for an apartment that has a price of 100,000 euros, the value will be determined by multiplying that percentage by 15 years. The result, in this case, will be 30%. Then, as in the previous case, the price of the house must be multiplied by the percentage obtained: 100,000 euros times 30% equal to 30,000 euros. And the value of the bare property, in this case, will be 70,000 euros.
It must be taken into account that the temporary usufruct may not be less than 2% and may not be greater than 70%. In this way, the maximum period taken for the calculation is 35 years, so when the temporary usufruct exceeds this time, it will always be worth 70% because it is the maximum limit set by the regulations.
