Helping Your Senior Parents Sell Their Home
Whether they’re planning to downsize to a condo, relocate to a more convenient location, or transition into a senior living facility, helping your parents sell their home can be an emotional and stressful time for all involved. As difficult as you may find the process, it can be especially challenging for elderly parents to leave their family home. A little patience and planning can help make the move easier for everyone involved. Here are seven ways you can help your senior parents sell their home.
Find Out Why Your Parents Want to Sell Their Home
To offer the best support, start by talking with your parents about their motivation to sell and how they imagine their lifestyle in the future. Are they having difficulty maintaining a large home or do they want income for retirement living? Do they want to be closer to family or medical facilities, or do they dream of travelling? Understanding their goals will help you come up with a strategy that works for everyone.
Discuss What Your Role Will Be
Selling a home is a big job that requires a lot of decisions and often a lot of manual labour. Talk to your parents about what kind of help they will need and what role they want you to play. Do they want you to handle the sale or do they just want your support? Do they want other family members involved as well? And what is their expected timeline? Being on the same page will allow everyone to enter into the planning and sale with the same expectations.
Help Them Declutter
Far too often, the longer we stay in the same home, the more and more stuff we collect. When helping your senior parents sell their home, chances are there will be a lot of stuff to sort through and get rid of before they can move into a smaller residence. This can be an overwhelming and emotional task for anyone. Assistance from someone with less attachment to the stuff is often the answer.
To help the process go smoothly, start with the easy stuff and work up to the more meaningful items. Throw away anything broken and recycle old collections like newspapers, magazines, and plastic containers. Next, donate duplicates, clothes that don’t fit, and items that haven’t been used in a long time. Your parents likely won’t have room for multiple sets of things or stuff they’ve been holding onto from the past. As you empty out the home, start selling or donating furniture and large items that won’t be making the move.
Assist with Repairs
Selling a home almost always requires some repairs and updates. If your parents have been in their home a long time, it could take a significant amount of work to get the home ready to list. Depending on their health and physical ability, they may be able to take care of some of the tasks themselves. However, prepping a home for sale can be a lot of work and whether you lend a hand yourself or find a professional to assist them, your parents may need help with the long list of tasks. Check out our tips on prepping your home for showings to get an idea of what will need to be done!
Helping Your Parents Find A New Home
After getting their current home ready to list, you’ll have to start thinking about the new home. You should already have an idea of what your parents needs and wants are and how much help they’ll need from you. You may be able to offer suggestions for neighbourhoods that meet their needs and suitable buildings or residences to help narrow down their search. If possible, it may be a good idea to attend showings with your parents to ensure they get all the information they need.
Technology can often be a challenge for seniors who aren’t familiar with it, so offer to assist them with online searches and new features such as digital signatures.
Assist them in Navigating the Paperwork
Buying a home can be daunting for anyone, especially seniors who may not be familiar with the terminology, or legal and financial responsibilities. You can help them plan out the necessary finances for the down payment as well as closing costs such as inspections, legal fees and insurance.
Helping Your Parents Find the Right Realtor®
The best decision you can make to help your aging parents sell their home is to connect them with the right real estate agent. A Realtor who has experience working with seniors who are rightsizing will be an excellent resource for both you and your parents. They know they market, which neighbourhoods are the most senior-friendly, and will help ensure your parents find a home that meets their needs. Contact us to discuss how we can help you and your senior parents sell their home.