Retirement, downsizing, and long-term care may prompt your aging parents to sell their home. Understand how planning ahead can help ease these transitions.
Topics like money, wills, or estate planning are often viewed as taboo subjects. However, to ensure your parents are comfortable and well cared for in their golden years, these conversations are critical. Speaking openly with your parents about their options could help make transitions much easier if it comes time to sell their home, whether that’s to aid in payment for continued care, helping them downsize, or finding a location that’s more accessible. Below are some tips to stay on top of the situation.
When it comes to timing, the earlier the better. Waiting to sell the home until a parent moves into assisted living, or has an unexpected medical emergency can add stress to a difficult time. Creating an open dialogue when your parents are healthy and mentally capable of planning for their future will help to create a smooth transition.
By planning for the future early, you also have time to evaluate your options. If your parents have an older home that needs a lot of costly repairs or upgrades, and their financial situation cannot accommodate these investments, you still have options to ensure that they receive the most equity from their home. Selling the traditional method through a realtor may not be feasible with an imperfect house. Myers Home Buyers has helped many families get a fresh start by getting top dollar for a home as-is, with no repairs or upgrades.
Downsizing a home or moving to be closer to family may also reveal a need to deal with a lifetime of possessions that have been collected over the years in your parents’ home. It may feel daunting to sort through everything in the home. Luckily, when you choose to sell with Myers, you can plan to focus on only what your parents truly need or want to keep, and leave the rest. You see, when you sell to an investor, they take on the burden of clearing the house.
In order to avoid adding more stress at what may be a trying time, getting all of the necessary paperwork in order ahead of time can help to give you peace of mind. Real estate documents such as deeds, titles, and tax bills are important in the selling process, so be sure to make copies. You may also want to speak with an attorney to help you sort out paperwork with your parents and understand their wishes should they become unable to make decisions.