Seniors: Is It Time to Sell Your Home?February 10, 2023
Selling a home comes with both advantages and disadvantages, so it’s important to weigh the pros and cons to make the right choice. The real estate market has been thriving in recent years, with home values increasing across the country. However, there is always a risk of the market fluctuating downwards, so the decision to sell your home must be made with care.
Deciding to sell your home is an emotional choice, too. After all, home is a place of comfort and familiarity. It’s where you have spent years making memories and building a life. However, there comes a moment when staying feels more burdensome than moving. This is especially true if your children have moved out, and only you remain in your large house.
What Are the Benefits of Selling Your Home as a Senior?
Housekeeping and maintenance can be a huge struggle when keeping up with a home. Day-to-day chores such as laundry, cleaning, and general upkeep often take a significant amount of time and come at the expense of other activities. In addition, if something in the home breaks or needs repair, it can be expensive and difficult to maintain.
Moving into a senior community not only offers a new experience, but it comes with the peace of mind of knowing that someone will be there for you when help is needed. These services are invaluable, allowing you to move independently while knowing you are safe and secure.
How Do You Know When It’s Time to Sell?
You might consider downsizing because your home has gotten too much to maintain over the years. This decreases the cost of maintaining your home and frees up funds for other investments.
If you’re planning on relocating to be closer to family, you may want to explore options such as renting out or selling your current home. You can then use the proceeds to fund your new living space in a life plan community such as Stonebridge at Montgomery.
How Do You Prepare Your Home To Go On Sale?
There are several factors to consider in preparing your home to go on the market. Special financial considerations should be made as there could be potential repair costs. Also consider the amount of time, as repair work can entail research, planning, execution, and buffers for projects that run behind schedule.
When seniors decide to sell their house and move on to their next adventure, one of the most important steps is to declutter and clean the home.
Over time, many things can accumulate throughout the house: clothes, furniture, dishes, you name it! It’s best to start sorting through everything immediately and decide what should be donated, thrown away, given to friends or family members, sold, or put into storage.
Making repairs and updates to your home before selling is a wise decision when increased home value is the end goal.
Painting is a great place to start if you want to freshen up the vibe of your home. Using neutral colors will help keep potential buyers from being distracted by the wall shades they dislike.
Hiring a Moving Service
Hiring a moving service can help minimize the risk of physical injuries from lifting and carrying heavy furniture or falling while walking up flights of stairs during the move.
Professional movers specialize in safely transporting large boxes and bulky furniture while ensuring they don’t injure themselves or hurt any of your belongings in transit.
What Is the Process Of Selling Your Home?
There are options to consider when it comes to selling your home. Most deals involve bids in competition between multiple buyers. To navigate this process, we recommend hiring a reputable real estate agent.
A great real estate agent can help make selling your home much smoother and less stressful. When selecting a real estate agent, you want to find an experienced practitioner with proven success in the local market.
Any reliable agent should be well-versed in market trends and pricing strategies. They should also know how to handle negotiations with potential buyers. Ensure they have effective communication skills, so they can help you understand the nuances of the legal agreements related to real estate sales and provide regular updates on progress throughout the process.
If you own an older home, make sure to accent all the unique features and make them stand out when it comes time to sell.
What Are Some Tips For Finding the Right Real Estate Agent?
Selling your home as a precursor to moving into a life plan community can be an intimidating, overwhelming experience. There might be difficult decisions to make regarding your future and retirement planning. Don’t worry; consulting your financial advisor and family before taking any action will help you alleviate your concerns.
Discuss With a Financial Advisor First
Discussing the home-selling process with a financial advisor will provide clear insight into your best course of action.
Your financial advisor will be able to explain any tax implications, and how the sale can potentially impact your retirement planning.
What Should a Good Real Estate Agent Do?
A real estate professional can be a valuable resource in selling your home quickly and for the best possible price. They have a wealth of information about current market trends, tax regulations, and laws related to buying and selling a property you would not have alone.
Having a real estate agent around will help you get the best deals when selling your home. An expert real estate agent will understand the art of pricing a property appropriately for the local market conditions. This ensures your home will sell, rather than languish on the market for months with no offers.
How Do You Close the Sale?
The home-selling process can be simplified by taking the time to gather the necessary documents for potential buyers. This includes the home’s sales contract, which contains all details on who is the current owner, when the home was purchased, and what was paid. This document will also list any terms or conditions communicated before and during the purchase of the property.
Additionally, gathering maintenance records and capital improvement receipts will help show the buyer how recently repairs and updates were made.
Potential buyers may want to see these items in place before even considering an offer on a home, as they provide a sense of security that what they are purchasing is in good condition and not subject to hidden issues or unforeseen costs down the line.
Having this paperwork on hand while selling allows transparency between seller and buyer, promoting trust between both parties if a deal is reached. Gathering these documents ahead of time makes the process much smoother for everyone involved.
The Best Time Is Now!
Home is where your best memories are, and you can create new ones at Stonebridge. Here, you will be surrounded by excellent amenities and a warm, friendly community. Rediscover life after your retirement. Contact us to learn more or give us a call today.