Is It Time To Sell Your Home?
Are you thinking of selling your home to move to a senior supportive environment? Or perhaps to move in with an adult son or daughter who can help with your needs as you grow older?
You may be considering leaving the family home with all that it represents—the place where children were raised; the safety and security of a family unit; the physical space where your oldest and dearest memories reside. For seniors, it can signify the best years of their lives, where friends and community ties were made.
Many seniors would prefer to continue living in their own home, or aging in place. Sometimes, circumstances work
against those preferences:
• Home maintenance becomes a burden
• A major life event forces considering a move
• An aging parent wants to live closer to adult children or other caretakers
• Financial concerns make it difficult to keep the home
• Support services are needed that are not available at home
Whatever the reason, there may come a time when parents, along with their adult children, consider selling and moving on. It's important to hire the right real estate professional who understands these needs and communicates effectively.
You may be considering leaving the family home with all that it represents—the place where children were raised; the safety and security of a family unit; the physical space where your oldest and dearest memories reside. For seniors, it can signify the best years of their lives, where friends and community ties were made.
Many seniors would prefer to continue living in their own home, or aging in place. Sometimes, circumstances work
against those preferences:
• Home maintenance becomes a burden
• A major life event forces considering a move
• An aging parent wants to live closer to adult children or other caretakers
• Financial concerns make it difficult to keep the home
• Support services are needed that are not available at home
Whatever the reason, there may come a time when parents, along with their adult children, consider selling and moving on. It's important to hire the right real estate professional who understands these needs and communicates effectively.
Selling a Seniors Home Is Different
Many homeowners have previously bought and sold homes. However, selling a senior’s home can be much more complicated, due to the number of unique issues and decisions—and sometimes the number of people involved. Though seniors usually make the decision to sell, it is not uncommon for adult children to help them sort through these questions:
• Is moving the best alternative? If so, where? Have other options been explored?
• Are close family members on board with a decision to sell?
• What is the best way to downsize a lifetime’s worth of possessions and family heirlooms?
• What are the tax-related implications of a sale?
• What effects might a sale have on future income?
The financial, logistical and emotional issues involved in a move can be stressful for a family to navigate. Senior parents and their adult children may feel they are in unfamiliar waters as they deal with these questions. A real estate professional who has experience in senior’s issues, and who can put you in contact with other similarly-trained professional advisors, can be an invaluable resource at this time. You can count on a Seniors Real Estate Specialist® (SRES®) to help guide you through the process and the special considerations, making the transaction less stressful and more successful.
• Is moving the best alternative? If so, where? Have other options been explored?
• Are close family members on board with a decision to sell?
• What is the best way to downsize a lifetime’s worth of possessions and family heirlooms?
• What are the tax-related implications of a sale?
• What effects might a sale have on future income?
The financial, logistical and emotional issues involved in a move can be stressful for a family to navigate. Senior parents and their adult children may feel they are in unfamiliar waters as they deal with these questions. A real estate professional who has experience in senior’s issues, and who can put you in contact with other similarly-trained professional advisors, can be an invaluable resource at this time. You can count on a Seniors Real Estate Specialist® (SRES®) to help guide you through the process and the special considerations, making the transaction less stressful and more successful.
Jason Gelios Maintains a Network Of Professionals
That Cover a Wide Variety Of Seniors' Needs
Things To Consider Before Starting The Process
Are all relevant family members aware of the upcoming sale and the reasons for it?
It’s a good idea to have a family discussion about the decision to sell, prior to signing commitments. Adult children often have strong emotional stakes in the sale. Some family members may not want to say goodbye to the home. A family talk can help prevent later misunderstandings and avoid delays in the process. If the move involves significant downsizing, this may also be a time to bring up property and possessions issues.
Have the tax consequences of a sale been considered?
Selling a home can trigger significant taxation. Capital gains taxes may apply in the event the sales proceeds aren’t used to buy another home. Before listing a home, it’s a good idea to consult a tax specialist or professional financial advisor to determine how a sale will affect your finances. If you don’t have an advisor, your SRES® can provide you with a list of referrals to choose from.
Will an adult child be acting on the behalf of a parent in the sale?
In the event an aging parent is ill or incapacitated, another family member will need authority to make legally-binding decisions with regard to the home. If this is the case, a durable power of attorney document must be in place prior to the incapacity, naming an agent who will act on behalf of the senior.
If family members are assisting a parent in the sales process, has one member been chosen to be the contact in communicating with professionals?
It’s best to have one family member take the lead in communicating with Jason Gelios SRES® and other professionals. Multiple contacts can create confusion and delays.
It’s a good idea to have a family discussion about the decision to sell, prior to signing commitments. Adult children often have strong emotional stakes in the sale. Some family members may not want to say goodbye to the home. A family talk can help prevent later misunderstandings and avoid delays in the process. If the move involves significant downsizing, this may also be a time to bring up property and possessions issues.
Have the tax consequences of a sale been considered?
Selling a home can trigger significant taxation. Capital gains taxes may apply in the event the sales proceeds aren’t used to buy another home. Before listing a home, it’s a good idea to consult a tax specialist or professional financial advisor to determine how a sale will affect your finances. If you don’t have an advisor, your SRES® can provide you with a list of referrals to choose from.
Will an adult child be acting on the behalf of a parent in the sale?
In the event an aging parent is ill or incapacitated, another family member will need authority to make legally-binding decisions with regard to the home. If this is the case, a durable power of attorney document must be in place prior to the incapacity, naming an agent who will act on behalf of the senior.
If family members are assisting a parent in the sales process, has one member been chosen to be the contact in communicating with professionals?
It’s best to have one family member take the lead in communicating with Jason Gelios SRES® and other professionals. Multiple contacts can create confusion and delays.
What You Can Expect From Jason Gelios
A REALTOR® who chooses to become an SRES® does so because he or she enjoys interacting with seniors.
Their decision to become an SRES® is rooted in a desire to help others. It means that your REALTOR® has respect for older individuals; has the ability to listen deeply and ask the right questions; knows how to communicate the old-fashioned way, with a handshake and a visit. Be prepared to sit and chat awhile. They’ll want to take time to get to know you and your family’s situation, as you’ll want to learn more about them.
An SRES® Realtor who understands that this can be a stressful time for a family.
It’s hard to deal with leaving a home after spending many years in it. Perhaps the parent would actually prefer to go on living there. Your agent wants to understand the challenges you all face in this major decision. By doing so, they can present all available options, so that the outcome is one that will suit the family’s needs.
At times, the amount of information coming your way may seem overwhelming.
An SRES® realtor is there to help by tailoring meetings to a senior’s needs. Don’t be afraid to ask as many questions as you’d like until you feel comfortable with the steps to the sales process and other potentially-complicated details. An SRES® may suggest taking breaks so you can absorb the information, and may want to break up the prelisting-process over several visits to your home.
Their decision to become an SRES® is rooted in a desire to help others. It means that your REALTOR® has respect for older individuals; has the ability to listen deeply and ask the right questions; knows how to communicate the old-fashioned way, with a handshake and a visit. Be prepared to sit and chat awhile. They’ll want to take time to get to know you and your family’s situation, as you’ll want to learn more about them.
An SRES® Realtor who understands that this can be a stressful time for a family.
It’s hard to deal with leaving a home after spending many years in it. Perhaps the parent would actually prefer to go on living there. Your agent wants to understand the challenges you all face in this major decision. By doing so, they can present all available options, so that the outcome is one that will suit the family’s needs.
At times, the amount of information coming your way may seem overwhelming.
An SRES® realtor is there to help by tailoring meetings to a senior’s needs. Don’t be afraid to ask as many questions as you’d like until you feel comfortable with the steps to the sales process and other potentially-complicated details. An SRES® may suggest taking breaks so you can absorb the information, and may want to break up the prelisting-process over several visits to your home.
Some Topics We May Cover
Here are some of the topics you can expect to explore together, each of which is discussed in greater detail on the
following pages:
1. Housing options
2. Home adaptations
3. Meeting healthcare needs
4. Financial considerations
5. Legal considerations
6. Selling your current home
following pages:
1. Housing options
2. Home adaptations
3. Meeting healthcare needs
4. Financial considerations
5. Legal considerations
6. Selling your current home
Ready to get started?