After spending a few years on the same property, some may decide to go ahead and sell it. There’s a lot of reasons for this such as moving into a nursing home so you can be taken care of or just transferring to a much better house. If you’re finding it tough to decide on what you really want to do with your old home, we’re here to help you out.
This guide is not only for our elders but this is also for any family member, friend, or senior-friendly real estate agents who want to help them out. There are three common reasons why seniors want to sell their home:
- Health – a change in personal health matters necessitates them to sell the property or move to assisted living.
- Keeping up – inability to keep up with repairs and maintenance on the property. A major factor would also be mortgage payments and taxes.
- Freedom – they just want to look for an easier lifestyle. Senior citizens may want to move in with or move closer to family.
SellUsHomes really wants to help out our seniors to make the transition of selling their property for a new home or assisted living as easy as it could be. Here’s some thoughts to consider.
- Work with your emotions, not against them
Selling your home can be an emotional grind. A lot of memories are attached to the home and letting go of it is like putting salt on an open wound. It gets even harder if the reason is not simply because you want to make a quick profit but something much deeper and painful. Take note of a few points to make the transition easier:
- Declutter – in other words, pack up your personal belongings and valuables. Keep the family photos or your grandkids’ drawings posted by the fridge magnet. Keep your possessions with you when you move out. This makes the house less personal for you during the selling process. By doing so, this adds up to the value of your house since it looks makes it look spacious. Your potential buyers can imagine the house with their own personal belongings.
- Learn to embrace your feelings – your emotions can fluctuate from time to time, especially when buyers attend your open house. To weaken the blow, imagine providing a home for a family looking for one. The housing market isn’t always readily available to provide homes for those in need.
- Don’t let it cloud your judgement – most of the time we have an idea of the people who we want to live in our property. This might make you biased toward accepting an offer from people who you think would make the most out of your property rather than those might have a much higher offer. Always be wary of this and ask help from a real estate professional for a neutral output.
- Get sound financial advice
Although doing a bit of research wouldn’t hurt, it would be best to always ask for help when it comes to what benefits you. There’s more to it in selling your home other than making a profit. If you happen to sell at a loss, this ends up not being able to deduct the loss from income taxes. Consider the transaction fees and taxes involved. It would be good to also have a good estimate over your future financial needs as closely as possible.
- Consider a quitclaim deed
What is a quitclaim deed? This is useful especially when you have a hard time letting go of your home. This is the simplest way in order to transfer the property interest among trusted parties which can be your family members. Always remember that a quitclaim deed provides the least protection for the grantee i.e. the person who receives the property.
The grantee receives the title of the property “as is” and there may be known or unknown complications to the property once it’s sold. For instance, the grantee can hold the responsibility of the lien on the property. That’s why this is usually suggested to family members or to a living trust. Try to make it your way to at least clear any debt tied in to the property before considering a quitclaim deed.
- Let the pros do the heavy lifting and focus on yourself
This can be taken literally and figuratively. Professional movers take a lot of weight off your shoulders since the process would be much faster and you lessen the chances of damaging your valuables rather than making a DIY approach. What you only need to take with you are your essentials and let the pros handle the rest.
Enlisting the aid of SellUsHomes would be your best shot at a quick and seamless sale for your property. We realize the importance of taking care of our elderly and help them realize that selling the property shouldn’t be as daunting as it seems. Contact us at (734) 224-5947 or by email: email@example.com.