The decision to sell a senior’s home, often the most valued and valuable asset, can be a complicated process. Older adults and their children are faced with a number of unique issues when navigating the emotional, financial and logistical terrain of such a move.
Here are 5 things to consider well ahead of placing a “FOR SALE” sign in the front yard:
- What are the parent’s health and safety needs? Is moving the best alternative or is adapting the home a better choice?
- Are relevant family members aware of the decision to sell? Will an adult child or agent be acting on behalf of a senior homeowner?
- Have the tax and legal concerns of a sale been discussed with licensed professionals? Will the sale have an impact on future income?
- How will a lifetime’s worth of possessions and heirlooms be handled? Will home or landscaping maintenance be needed in preparation for a sale?
- Has an informed real estate broker been consulted about the selling process?
Preparing for a transition in residences can be a proactive decision, allowing homeowners and their families the time needed to weigh options while adjusting to the idea of a new lifestyle. Sometimes, such decisions must be made more quickly due to an unexpected life event such as an injury, a sudden illness or the death of a spouse.
Senior parents and their boomer children may feel they’re in unfamiliar waters as they deal with these and other questions. Beginning the difficult conversation now will alleviate some stress and uncertainty often lassoed to these future changes.
Whatever the circumstances, consider consulting early on with a realtor who’s a Seniors Real Estate Specialist®. A certified SRES® can guide everyone through the unique differences in selling a senior’s home while also being an invaluable resource for other professional advisors.