When is the right time to sell —- before or after you have moved to a Senior Living Facility?
Some real estate experts believe that selling your home before moving is the best option for families, but is this the best option for older adults?
For your consideration, we've broken down the benefits and drawbacks of selling your home before moving.
Many people want to sell their home before moving to free up funds for senior living. The house is often an older adult's most valuable asset, and the proceeds from its sale are used to cover the costs of senior living.
Any experienced realtor will warn you that showing a cluttered lived-in home is detrimental when attempting to sell. Older adults who have lived in their homes for a long time also have a lot of "things." It does not always make a good first impression.
It's difficult to live in a for-sale house. Not to mention the work it takes to keep it clean and "show ready" at all times. Finding places for the senior to go when the house is being seen is often challenging as well.
Since many prospective buyers work during the day, it is typical for them to want to see homes in the early morning and late evening hours. Seniors may find these times inconvenient.
If you do decide to sell your home before moving, consider hiring a realtor with experience selling senior homes. They will walk you through the process and give you useful advice about how to sell your home easily and for the most money.
Many realtors would tell you that selling an empty home will benefit you because you have a "clean slate." In reality, if you're working with an empty building, you have a fantastic opportunity to stage it to attract buyers. Professional home stagers have access to furniture and accessories that can assist customers in visualizing themselves living in your home and completing a deal quickly.
A senior who leaves first has the luxury of taking their time packing and traveling. This reduces move anxiety and stress, particularly when compared to a senior who sells their home and must downsize and relocate within a few weeks.
If your senior loved one's home does not sell as fast as you hope, you might be saddled with mortgage or utility bills as an additional cost. To ensure that prospective buyers see your home in it's best light, you'll need to keep the electricity and water on. Are the additional costs something your family can afford? Some senior living facilities have agreements with businesses that assist in the establishment of short-term bridge loans for the period required to make this move.
It is clear that there is no correct response when it comes to selling a senior's home. The best way to reduce anxiety associated with a transition is to do what feels good for you and your family.
However, it might be worthwhile to meet with a senior-friendly realtor before making a final decision. Their knowledge of the real estate market in your Indiana neighborhood, as well as their experience in selling homes for seniors, can help you make a more informed decision.