Taking possession before gift / usufruct / renting - disadvantages?

Yes, acquaintances have said, "what, why don't you inherit during your lifetime, or have you already done so?? If everything goes well, you can take advantage of the tax exemption amount and, as said, if everything goes well, you can again benefit from passing on/gifting the remaining amount tax-free."

Well, basically yes.
However, it only makes sense if there is enough wealth to even have to pay taxes as a son. But you can only answer that yourself.
You can do the usufruct arrangement like that, sure. However, I don't fully see the necessity. It's just all money going to the notary and the land registry office, and possibly completely unnecessary.

You mean "not quite"?

Could you possibly give me a rough estimate (just for orientation) of what a notarial service like that costs?

Gift contract
vs.
Gift contract with usufruct right

Isn't that roughly the same??

No, I don't think so. Edit: Too dangerous half-knowledge from me, better ask someone who knows! Another consideration: Are there siblings?

and I don't see why it couldn't also, if necessary, get a loan from the bank. But as I said, I'm not very familiar with that.

I tell you this as a banker. No one would buy an apartment at a foreclosure auction that is encumbered with a superior usufruct. That is why the apartment is not mortgageable. Regarding your points 2 and 3. You are building an incredible structure with thought experiments about rent or rent-free, gifting, usufruct, then possibly renting out or owner-occupancy. I don't know your life situation now, but that's quite wild and incomprehensible why you are doing it that way. And all of this for an apartment that is not very usable, as you describe it. What kind of values are we even talking about here?

No? Then I don't understand the sentence. "However, I also see the necessity that way."

There are no siblings. Only one child.

If it is important:
The mentioned apartment is still "encumbered" with a loan. The parents are the debtors.

:

Okay. Then maybe we are making mistakes that we don’t have to make. Thank you for your food for thought.

PS:
The apartment purchase price a few years ago was around 480-500 K€.