Tips for Seniors on Selling Their Home
One of the most difficult decisions that many seniors will have to make is when they should sell their home. It is a dilemma that many seniors deal with, when they must decide to let go of their long-time home and move either into a more manageable place, in with a relative or to an assisted living community.
It is difficult enough or many families to convince their senior loved one that they should move at all, but it can be even more challenging to decide when is the right time to sell. After all, a home is often the most valuable asset that a senior has, so they should be careful about when they are selling so they can make the most of this decision.
If you feel that now is the right time for you or your senior loved one to sell their home—here are a few tips to consider.
- Make sure you know the current value of the home. Most seniors have been in their home for a very long time when they are finally ready to sell. This can make it difficult to really know the home’s current value. If seniors are not knowledgeable about current prices, it could cause them to accept much less for their home than it is really worth.
- Work with an agent who is familiar with seniors. It is important that you work with a real estate agent who is familiar with senior housing options. There are many agents who work closely under the guidelines of the Housing for Older Person’s Act and who can help seniors make appropriate sales decisions. This is also a smart way to avoid schemes and scams during the transaction process.
- Have a plan on where you are going next. It can be really difficult to line up your moving time lines, but for seniors, it is typically best to make sure that they have a new place lined up before they sell their old one. This will make the entire moving process easier and ensure you don’t have to live in temporary housing. Whether you are moving to an assisted living community, nursing home or just a different house, it is always smart to have your next location ready for your move.
- Take your time when packing. This is one of the most difficult steps in the moving process for more seniors. Moving not only means all of the buying and selling paperwork, but it means packing up a home and years of memories. Seniors should give themselves more time than they originally think when packing. This can not only be a very physically taxing undertaking but a very emotional one—and one the is typically much harder than most seniors assume.
The right time to sell a home can be different for everyone—you just have to decide what makes the most sense for you and your family.