Selling a home often means the beginning of an exciting new chapter, but it can also come with some challenges. That’s never more true than when you need to help your aging parents sell the family home. Assisting the loved ones who raised you as they go through a major transition may not be easy, but knowing what to expect and making a plan can ensure the best possible outcome!
If you’re preparing to sell your parents’ home, here are some tips for ensuring the sale is smooth and successful…
Plan ahead if you can
If the need to sell—due to health issues or a fixed income—has crept up on your parents, there may not be ample time to plan. In that case, you’ll need to move relatively quickly, and a talented real estate agent can help. If you have more time, it’s best to devote some of it to planning.
Whatever the reason, if your parent (or parents) agree that it’s time to downsize and embrace your help, you’ll need to understand their current financial situation. Ideally, you’ll work with them and their financial planner or advisor to learn about their income, taxes, and mortgage (if applicable). This information will be crucial when you’re budgeting together.
Interested in learning more about selling? Visit some of our latest posts on putting a home on the market:
- 5 Top Home-Selling Mistakes: What to Avoid
- Preparing Your Home For Sale in 3 Steps
- Renovating Vs. Selling Your Home As-Is
Respect your parents’ wishes
It goes without saying, but it’s also easy to lose sight of when you’re bogged down in the logistics. Your parents deserve to be listened to at every step—and they should never feel like they’re losing control. After all, selling is their decision (unless they’re no longer in a position to make it, and you have power of attorney).
If you’ve already had “the talk” about downsizing—or, better yet, your parents have decided to take this step on their own—you’re in a good position. That said, it’s important to tread cautiously. Always work with your loved ones, not just on their behalf. Check-in with them at every step, and make sure you’re discussing opportunities, not telling them what to do.
Do your research
One of the most helpful things you can do for your parents is look into their housing options. Whether the properties you’re browsing are condos, assisted living developments, or other types of homes, finding some appealing places can help ease much of the anxiety your mom or dad may be feeling.
While there are plenty of older adults who are tech-savvy, many aren’t. If your parents aren’t likely to start exploring their options online (or they’ll have difficulty doing so due to declining mental faculties), taking this step for them can be incredibly useful.
Remember that the right local real estate agent can help you locate properties and potential solutions you might not find on your own. They’ll have connections and in-depth experience of local homes and buildings, which means they can spot opportunities as soon as they arise!
To get an in-depth perspective on the selling process, you can download our seller’s guide right here!
Move into decluttering mode
Once your parents are ready, it’s time to tackle what will probably be one of the most challenging parts of downsizing: helping them declutter. The process entails deciding what to keep, and what needs to go. While some items (specifically those that are worn out) will need to be tossed, many can go to a non-profit or the homes of people they know.
If your parents have been in the same place for a while, they’re bound to feel emotional—and you might too, especially if it’s your family home. The ideal approach is to use this opportunity to talk about and preserve memories.
This is going to be a big job, so you should encourage your loved ones to take a few weeks, if not a couple of months, to tackle it.
Find the right team
Taking on the task of helping your parents can feel overwhelming, but having a team of experts on your side can make it a lot less stressful. Along with a real estate agent who’s very familiar with the downsizing process, look for a lender (if a mortgage will be necessary), a financial planner (if your parents aren’t working with one already), and possibly an estate planner (if they’re ready to discuss wills and wealth distribution).
The latter can be a little uncomfortable, and your loved ones may or may not want you to be involved in the process. That said, taking this step can provide them with peace of mind, which is why now is a great time to give them the encouragement they need to get it done.
When it comes to choosing an agent, opt for someone who has a history of successful home sales—and helping clients downsize. You should feel confident in the professional you work with, so ask them any questions you may have about everything from pricing to marketing to closing.
The Big Takeaway
Helping your parents sell their home can be challenging, for both you and them. By approaching the process with care, sensitivity, and a bit of strategic planning, you can assist your loved ones in starting their next chapters.
If you’re ready to get started, learn more about our selling process—or get in touch to ask our team anything right here!
