Why Buy A Bare Property And How It Works?

The bare ownership is a very interesting sale mode. There can be many, in fact, buyers who want a first home or a property to be exploited later.

Most of the bare-rented property in Gurgaon sales are carried out to find liquidity and therefore to ensure a certain standard of living, or to meet the needs related to the passing of the years or to support children in purchasing the house.

But what exactly is bare ownership? What are the advantages for the seller and the buyer? We will try to answer these questions in this article.

What is bare ownership?

When we speak of “bare ownership” we refer to a particular way in which the owner of the property, usually an elderly person and without heirs, decides to sell his house with the condition of being able to live there until his death.

Selling the bare home property, therefore, allows the owners to have the liquidity deriving from the sale of the property while continuing to live in the apartment for the rest of their life; those who want to invest in the “brick” can, for their part, buy properties at prices lower than the market ones in relation to the age of the seller.

In fact, the sale price of a bare property is very advantageous for the buyer who, in turn, will come into possession of the property on an indefinite date.

Advantages for the seller

It is easy to guess that the seller can only gain advantages from bare ownership. In fact, he will continue to live in the home and will be able to enjoy the right of usufruct for life, immediately having the liquidity deriving from the sale of his home.

Advantages for the buyer

Even the buyer can enjoy significant benefits from purchasing bare home ownership. In fact, it will be able to buy the property at a much lower purchase price than a new or building to be built: the discount can go up to 50% compared to the market price.

Tips for buying a home in bare ownership

If you have decided to buy a home in bare ownership, there are some aspects that you will need to keep in mind.

First, the evaluation of the property: it is important to rely on professionals in order to obtain a correct evaluation of the sale price of the house.

Another aspect to be evaluated well is the age of the seller: the value of a rented property in Noida in bare ownership changes according to the life expectancy of the seller, as well as the future usufructuary, since the duration of the contract statistically depends on it.

Therefore, the value of a bare ownership property varies according to the age of the seller. If the seller belongs to the age group 45-50 years, the percentage discount with respect to the market value will be approximately 75%, while if the seller falls within the last age groups the discount for the buyer is reduced between 25% and 10% if the owner is over 80 years old.