Selling your parents’ home can be emotionally draining. With this home, you sell fond memories, history, and part of your family’s legacy. For most people, it will be the most significant financial transaction of their lives.
You need to know if you can trust your realtor to help you make wise decisions and give sound advice as you sort through all your options for selling the property.
To help you with this challenging decision, read these tips to sell your parent’s home.
Before you put a “For Sale” signboard in your front yard, start documenting everything that’s been added or done to your parents’ home over time. Include any upgrades like new fixtures, appliances, and flooring.
Take detailed photos of each room from every angle and click pictures of items like furniture and fixtures. Keep a digital copy of all documentation if something is lost during sale negotiations or while working with an agent or lender.
Get Professional Help
It is one of the best tips to sell your parents’ home. If you’re new to real estate, don’t be afraid to get outside help. Using a real estate agent can reduce errors and keep communication lines open, so everyone stays in sync.
Get recommendations from friends and family for agents in your area who’ve worked with seniors before. Not only will they know how to handle things like selling or refinancing a home, but they’ll also likely have connections with potential buyers.
Understand the Legal Process
It can be challenging to know what you’re getting into when selling a home that doesn’t belong to you. That’s why it’s essential to have a thorough understanding of any legal steps and restrictions involved with selling a home. However, homeowners should understand the following.
- If the state requires both spouses or an executor/power of attorney to sign off on a sale.
- Whether a property must go through probate.
- If there are liens or other legal complications on files.
Gaining clarity on such issues will help you avoid any unpleasant surprises in your real estate transaction.
Navigate the Emotional Experience
Going through a significant life change like moving into an assisted living facility or nursing home can be difficult for anyone. But it’s especially challenging for aging parents who are trying to adjust to their new lifestyle. Whether they are eager to leave their old home behind or in denial about going to assisted living, be sensitive to their feelings about the move.
Clean Out the House
A cluttered home can be off-putting to potential buyers. Unless you plan to stuff all your parents’ belongings into your own home or move them all to a storage unit, don’t hesitate to part with furniture and other items that no longer have any use.
Moving your parents into a healthcare facility or a nursing home can be difficult, but you should consider it once they start having difficulty taking care of themselves. Also, consider selling their home. If it’s in good condition, your parents’ home will probably sell quickly at a reasonable price. You can use this money to pay for their care and wellbeing.