If Your Parent Is Moving to Senior Living, Should You Sell Their House Before or After?

You’ll have to decide when to sell your parent’s house once they’ve decided to move to an elder care home. You might want to wait until their move is over. Or should you first sell the house? None of the answers are right or wrong; they all have pros and cons.

Consider these things when making a schedule for a loved one to move into an elder care facility.

Selling an Older Person’s Home Before They Move

Benefit: Financial Security

A lot of people think that their house is their hardest asset. The sale money might be needed to pay for this change. Some older people may feel better knowing that their house has been sold and is no longer their financial problem, even if they can get rid of other assets.

Problem: Needing to Downsize While Keeping the House “Show-Ready”

Organizing things to donate, cleaning out closets, and reducing clutter in the basement aren’t the most appealing jobs. Keeping the senior’s house in excellent shape for the sale may be hard during the process.

Potential buyers may understand your position, but too much stuff in the house makes it look smaller and less appealing. Depending on what happens, it could even change how much the house sells for.

Problem: Showings Can Be Annoying

When a house is on the market, it can be hard to live in it for more than just getting it ready to show. Having realtors show the house at strange times and with little to no notice is pretty normal.

They usually plan home tours for early morning or late evening because many potential buyers work during the day. Sometimes it’s hard to find things for your parent to do during the showings, especially if they’ve given up driving.

Marketing a House After an Elderly Person Moves Out

Why Staging for Maximum Income Is a Good Idea?

Since your parent will already be moving out to an elder care home, putting the house on the market will make it easy to make any repairs or updates that are needed. Additionally, it gives you a chance to prepare the house to make the most money. Do not attempt to complete this job on your own; instead, hire a professional.

Realtors can rent furniture and other items from professional home stagers to make their listings look their best. Potential sellers can then picture themselves living in the house, which increases the chances of a quick and smooth closing.

Benefit: It’s Easier for Older Homeowners to Handle

There is no pressure for an older person who is moving into an elder care facility to meet a buyer’s schedule, so they can work at their own pace. Sharing memories with family members while going through old photos and things is a fun thing to do.

More time to plan how your parent will decorate their room or suite at the senior living community. Managing the stress of moving is easier for older buyers when they do this.

Problem: Money Issues

Some unexpected costs may come up if the older person’s house doesn’t sell as quickly as hoped. It can be expensive to fix things like a flooded basement or a heater that quits working.

Utility companies will need to be able to reach the house while it’s on the market. With the monthly fee for senior living, these costs can add up quickly. Certain financial companies offer short-term bridge loans through senior living communities. However, some older people find the thought of taking out a loan scary.

If the real estate market is unstable, a senior may also worry that their home might not sell for the price they want. Knowing the final sale price can make a senior seller nervous.

Considering Your Choices

Do your best to carefully consider your choices. Discuss with the older person you care about which choice makes them feel the most at ease as you move forward.