Moving into assisted living is a major life transition that involves a slew of difficult decisions. When an elderly parent decides to relocate to a senior living facility, one of the decisions you must decide is when to sell their house.
Should you wait till their relocation is done? Or should the house be sold first? While there is no right or wrong answer, each offers benefits and disadvantages.
The Pros and Cons of Selling a Senior’s Home Before Relocating
Pro: Additional Funds
Most people prefer to sell their houses before moving to free up funds for elder housing. The house is usually a senior’s most valuable asset, and the profits from its sale are needed to cover the costs of senior living.
Con: Showing A Slightly Cluttered Home
Sowing a slightly messy lived-in home can do you harm when trying to sell it. Any experienced real estate agent will agree with this. Older adults who have been in their houses for a long time and often store a large amount of “things.” This doesn’t always make a good first impression.
Con: Conflict with the Senior’s Schedule
It’s difficult to live in a for-sale house. It’s difficult to keep it clean and “show ready” at all times. Finding someplace for the senior to go while the house is being shown is also challenging.
Many potential buyers work during the day and it is normal for them to want to see properties in the early morning and late evening hours. Oftentimes, seniors may find these hours inconvenient.
If you do decide to sell your house before moving, consider hiring a senior real estate agent. They can walk you through the process and provide you useful advice on how to sell your house quickly with the least amount of inconvenience.
The Pros and Cons of Selling a Senior’s Home After Relocating
Pro: Excellent for Staging
Most agents will tell you that selling an empty property will benefit you since you have a “clean slate.” In reality, if you’re dealing with an empty property, you have a fantastic chance to stage it to attract buyers.
Professional home stagers have access to furnishings and accessories that may assist purchasers in seeing themselves living in your house, thus helping sell the home faster.
Pro: Less Stress for the Elderly
A senior who moves first has the luxury of taking their time packing and relocating. This reduces move anxiety and stress, compared to a senior who sells their house and must downsize and relocate within a few weeks.
Con: Additional Expenses
If your elderly loved one’s house does not sell as soon as you hope, you may be burdened with mortgage or utilities bills as an unexpected expense. To ensure that potential buyers view your house in its best light (no pun intended! ), you should keep the lights and water on.
Are the additional costs something your family can afford? Some senior living homes have connections with businesses that assist in the establishment of short-term bridge loans for the time required to accomplish this move.
While transitioning to assisted living is difficult enough, when selling their homes, seniors must also make some difficult decisions concerning their beloved homes. It is difficult to determine what is ideal. There is no correct answer, so weigh the pros and cons of each option to make the best decision for you and your family.
Encircle Life would gladly relieve you of the burden and stress of selling your house. Schedule a free consultation with us today to learn more about how we can help you.
