Lifestyles over 50 Finance & Money
There comes a point in time for many that they need to sell their parents’ home. This may be due to downsizing, transition into a health care facility or to their passing. Regardless of the circumstances, it is never easy. The physical task is daunting and the emotional process is draining. Below is an outline of the necessary tasks:
Talk with siblings - this is the first step. You might be related, but you probably do not all think alike. Discuss your wishes and expectations, divide up responsibilities and come to an agreement. If your parents are still alive involve them in the process as much as possible.
Make a plan - do you sell the home as-is or spend some money give it some aesthetic appeal? Determine how much the home is worth vs. its potential value. Working with a realtor to conduct a CMA (Comparative Market Analysis) is an economical way to go, and you will receive a general valuation range. I typically offer this service free of charge. If you need a specific price then order an appraisal for the home. Once you agree on the desired outcome then the heavy lifting begins.
Clean out the stuff - go through all the items and determine which items you wish to keep, those you wish to donate and the rest will be recycled or discarded. Removing clutter and unwanted personal items will help your cause. Clean up the home and make it presentable. Hire the necessary contractors to fix any issues to make it more appealing.
Pick the right realtor - this sounds like a simple step but it is very important! Having a realtor who is organized and responsible will help you sell the home quicker and maximize its value. A good realtor should also be able to refer you to trusted contractors to do the job right and stick to the construction schedule.
For more than 40 years I have helped hundreds of family members sell a relative’s home. I have the experience, credentials, and patience to work with older adults and under difficult circumstances. This list of tips is not exhaustive and there are many tricky situations that can arise. A good realtor can help you through the process.
Elissa Clausnitzer, SRS, is a licensed Realtor with Weichert Realtors and has over 30 years of experience in real estate. She specializes in helping boomers and seniors achieve their goals in their next step in life. For a free Comparative Market Analysis you can call her at 610-573-0386.