Paying a mortgage or maintaining an existing home while in assisted living isn’t practical or financially feasible for many people. For those who plan on staying in assisted living or moving into a retirement home in the near future, now may be a good time to consider selling one’s home. Doing so can help to supplement retirement income, making it easier to pay for assisted living and other expenses.
Before diving into the home selling process, however, there are some things seniors should keep in mind while preparing to sell a home.
Find the Right Agents and Advisors
It all begins with finding the right team of real estate agents and financial advisors.
Working With a Financial Advisor
Ideally, the first step should be to consult with a financial advisor, especially for those who may still owe on their home mortgage. Doing so will help seniors get a better idea of how much they can expect to pocket from the sale when all is said and done. An advisor may also be able to give a senior some specific advice on how to best invest or utilize the money from the sale.
Working With a Real Estate Agent
From there, it’s time to call in some help from a real estate agent. These professionals can determine the current fair market value of the home and help decide on an asking price. He or she may also be able to give a better idea as to how quickly the home can be expected to sell. Seniors should keep in mind, however, that real estate agents often collect a commission on home sales, but their expertise can be more than worth the cost.
Call on Help From Trusted Relatives
Now is also a good time for seniors to call in some favors from relatives to help make the process of selling their home easier. More than likely, there are some items from the home that will need to be packed away or moved into storage. Seniors may also want to consider asking relatives to host a yard sale as a means of getting rid of unwanted items and making some additional money in the process.
Relatives can also help with other aspects of the home-selling process, such as cleaning and de-cluttering.
Hire a Few Professionals
More than likely, a few professionals will also need to be hired along the way to keep the house looking its best for showings. This will help the home be more attractive to prospective buyers.
Whether it means hiring someone to mow the lawn once a week or hiring a landscaping company to refresh the entire design of the yard, landscapers serve a valuable role in improving and maintaining the curb appeal of a home.
A deep-cleaning will go a long way when it comes to keeping a home looking fresh and appealing to prospective buyers. A professional cleaner can assist with everything from vacuuming and mopping to dusting, scrubbing showers, and disinfecting surfaces.
Professional stagers can strategically arrange furniture and decor in a home, helping prospective buyers better imagine themselves living there. While this isn’t a must-have service, it may be worth spending a few hundred dollars here, as staging can make all the difference in how quickly a home sells.
Be Prepared to Spend on Updates
Finally, sellers need to be prepared to spend a little money on updating their home as they prepare to sell. While a home may seem perfect to the senior who owns it, the reality is that today’s buyers may have different opinions. With that in mind, it may be necessary to replace older carpeting, add some fresh paint, and update older appliances to appeal to buyers. A real estate agent should be able to provide advice on the updates that will be most appealing in today’s market.
Selling a home while in assisted living can take some careful planning and research, but by having the right team by one’s side, the process can be much easier. Those interested in selling a home would benefit from contacting a financial advisor and professional real estate agent to get started.