When it comes to selling your home, it can be a bit challenging. Your home is a place where you’ve lived, maybe raised a family and created many memories. If you’re a senior that has made a lifetime of memories and have all your belongings in your home, then the selling process can be overwhelming. There are many reasons that you could be selling your home, whether it’s downsizing, moving to another state, or relocating to a retirement home, knowing good tips can be helpful in the long run. When it is time to finally start this process, you will realize how much there is to do, especially if you have lived in your home for a while. There are several factors that you will need to consider when selling your home that are different from when you first bought your home. Things such as finding a knowledgeable real estate agent, knowing your home’s value, and possible benefits or savings that come with selling your home as a senior. Here are some helpful tips that you can consider when selling your home after retirement.
1. Finding a Real Estate agent
Finding a real estate agent who specializes and understands the needs of seniors is crucial. These agents will know senior housing options, understand the Housing for Older Persons Act, and help you avoid scams that are perpetrated on with seniors. They will guide you in the right direction when making sales decisions and refer you to other experts as you need them. Since your home is probably your biggest investment, finding someone who is sensitive to your needs during this time will help with making this process easier.
2. Know the current value of your home
Since you have lived in your home for many years, you may not know what its current value is. If you are unaware of your home’s value, you may be accepting an offer that is below the current market value. This is why finding the right real estate agent can help you avoid this costly mistake. The same can happen if you feel that your home is worth more than market value and your inflated asking price causes your property to stay on the market for a long period of time or not sell at all. To find out the value of your home, you can check the comparative market analysis (CMA) or get a home appraisal.
This information will provide you with the most up-to-date information about comparable homes in your neighborhood.
3. Benefits and Risks
At this stage of your life, it’s important to be aware of the benefits and pitfalls of selling your home. Consult with your financial advisor about the impact selling your home on your finances including taxes, pensions, IRA accounts, Medicare, Medicaid, Social Security, and estate planning. In some cases, if you decide to buy a home within a retirement community, you could be eligible for benefits such as reduced fees and assistance with closing cost.
Begin sorting through all of the belongings you’ve accumulated over time. You may consider donating, selling, and or getting rid of items that you will not be taking with you to your new home. This process can be time consuming, so coming up with a plan and timeline will help streamline the process. This should be done before putting your house on the market, so this way, potential buyers can see your home and not your possessions. Most seniors find it easier to start from the outside and then work on the inside. Since this process can be the most overwhelming part, asking for help and sticking to a plan is recommended.
5. Fix it up
Depending on how long you have lived in your home, there will most likely be repairs that will need to be done. Things such as doors, faucets, air conditioning, water heater, walls, and carpets may need a touch-up. When buyers look at a house, the less that needs to be repaired or replaced, the more likely they will be to purchase your home. Seeing that the home has been well maintained can be reassuring for potential buyers. Now is also the time to make some updates before the house gets put on the market. Keep in mind what you can and can’t do, make sure to ask for help from friends and family, especially if the task involves bending or climbing. Consult with your realtor about what changes should be made to increase the value of your home as much as possible.
6. Be Patient, Don’t Stress
The last tip is don’t stress and be patient. Yes, this process can be overwhelming but keeping a positive mindset can make it a whole lot easier. Therefore, good planning is crucial, and prepping to sell your home in several months in advance will make the task more manageable. The more you stress, the longer it will take to get things completed. Focus on what needs to get done and when the time is right, the perfect buyer will come along and then you will be able to start the next chapter of your life. Slow and steady wins the race.
Overall, departing with your home after creating a lifetime full of memories, or raising a family can be a sad. Getting yourself and your home prepared will lead to a smooth sales process. No matter the reason for selling your home, the helpful tips listed above can ease your mind and help you to better plan the process.