At one time or another, most of us will go through the process of selling our home. There are several reasons why seniors in particular may consider selling their homes, such as downsizing or needing to free up cash for retirement or to clear the way for a move to a senior living community.
Whatever the reasons for a move, it’s important to weigh the potential financial and emotional impacts before making a final decision. To help guide seniors through this process, we’ve compiled insights on factors to consider when deciding whether to sell, such as current market conditions, the potential costs of moving, considering your future plans and the impact on retirement income. We also have some tips on how seniors can prepare their homes for sale and navigate the sales process, including identifying the right time to sell and finding a trustworthy real estate agent.
Consider Your Future Plans
While selling a home can provide seniors with numerous benefits, it’s important to carefully consider future needs before making a decision. Seniors should take the time to assess the next stage in their lives, potential health issues, family considerations, retirement savings and other factors before deciding to move.
Family considerations are especially important, as adult children and loved ones may have an emotional attachment to the family home or may want to be involved in your future planning. It may be beneficial to hold a family meeting or make an announcement about your future plans so everyone is on the same page.
Evaluate the Cost of Staying
What’s the cost of staying in your current home? Evaluating the cost of staying put can help you determine if now is the right time to sell. For instance, what are your current maintenance costs? What about property taxes? Consider how you feel about performing routine home maintenance yourself or organizing this work to be done. If the idea of caring for a large home a year from now, five years from now or ten years from now starts to feel overwhelming, it may be a good time to move.
Sometimes the costs of staying put are also social. Have friends and family moved away? Is your home a bit rural or hard to get to? As we age, it’s easy to become lonelier, which can have negative impacts on our health. A move to a more community-centric setting can help boost your social, emotional and physical wellness.
Consider the Real Estate Market
The housing market is volatile. By waiting for the right time, seniors can potentially maximize their sale price and ensure that they are making a financially sound decision. Carefully evaluate your options and consult with trusted experts to determine whether selling your home in the current market is the right decision for your financial future. With proper planning and preparation, seniors can ensure that they are making the right decision for their unique circumstances and future needs.
Consult with a Real Estate Professional
The ins and outs of home selling, staging and buying can be complex and tedious. That’s why so many homeowners and buyers choose to work with a real estate professional. Ensure that you choose an accredited professional with experience in your area. A good way to find a reputable agent is to speak to friends and family about the realtors they have worked with. It’s also important to note that until you list your home with an agent, you can “shop” around for a real estate professional. Consider speaking to two or three and asking them how they would position your home in the market and what their strategies would be for selling it, and at what price.
Sooner, Not Later
Many older adults wish they had moved out of their prior homes and downsized sooner, especially if they decided to move to a senior living community. Downsizing now can help you simplify your life and reduce the physical and financial burdens associated with maintaining a larger property, as well as potentially eliminating safety hazards and accessibility challenges commonly found in larger homes.
Smaller homes typically require less upkeep and lower expenses, and at senior living communities maintenance is often included, allowing seniors to spend more time and money on leisure activities.
Explore Community Living at Beacon Hill
When you’re ready for your next adventure, come and visit us at Beacon Hill! From sophisticated living arrangements to multiple on-site dining venues and custom wellness plans, as well as dozens of on-site activities and social clubs, we enable you to live the life you’ve always imagined. If you’re interested in a community setting that enriches your physical, mental, and emotional well-being, come see what life is like at Beacon Hill. Contact us or complete the form below to learn more.