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New Day Properties

New Day Properties is introducing a new concept that will allow, homeowners aged 72 and above to sell their properties and continue living in them for the rest of their lives. We call it LUIS (Lifetime Usufruct* and Income Solution).

Enjoy your home without owning it?

Is such a thing possible?

This is made possible through a legal principle known as Usufruct – an agreement by which you and your spouse retain the full rights to continue living in your home for life or as long as you want after you have sold it.

Why is Usufruct used?

Because it legally protects the seller

Usufruct is basically the legal right to use and enjoy a property that belongs to another person. This concept is commonly used in many European countries and is now also offered in Spain by New Day Properties. In addition to usufruct, our proposal includes a lifetime monthly pension that will increase your disposable income for life – and it is indexed!

Why would you sell your home and continue to live in it?

There could be many reasons

The rising cost of living and the financial crisis that has affected a lot of people can make it hard to make do with your existing income streams (pension, investments, etc). Many people decide to downsize by selling their current property and moving into something smaller, but the property market may not be on your side, and a sharp reduction of the price may be necessary to dispose of your home quickly, leaving you with very little cash after fees, expenses and capital gains tax.

LUIS™ – Lifetime Usufruct and Income Solution

Occupancy rights for life and guaranteed lifetime pension

Exchanging the ownership of your property in return for a lifetime usufruct could allow you to circumvent the constraints described in the previous point – and remain in your own home. Moreover, it provides you with a lifetime monthly pension in addition to your existing income. You will also have the option of choosing a combination of initial lump sum and monthly pension. This initial cash payment could be used to meet some unexpected expense or to treat yourself to the cruise you have always dreamed of.

We call this combination of lifetime usufruct and pension income LUIS (Lifetime Usufruct and Income Solution). With LUIS, you will be able to enjoy your property even more: you will continue living in it and receive a monthly income that will help you improve your standard of living.

Little LUIS – Limited Usufruct and Income Solution

Occupancy rights and a guaranteed pension for a limited period

If you are younger than 72 and you would also like to sell your property and continue living in it, you might consider Little LUIS. With Little LUIS – Limited Usufruct and Income Solution-, the occupancy right and the pension are not for life, but for a pre-agreed limited period of time only. This period will vary between 5 and 10 years.

Little LUIS is available to property owners over 60 (some qualifications apply).

If you are the 60+ owner of a quality property on the Costa del Sol that is mortgage-free or with a small mortgage, and would like to find out more, you can give us a call on +34 951 242 500 or +34 670 502 955

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