Is it time to sell your home?
Are you thinking of selling your home to move to a more manageable home, adult supportive environment or with a family member? Many people would prefer to continue to live in their current home and age in place. Sometimes, circumstances work against this option; house maintenance becomes a burden, a major life event happens, individual wants to live closer to family, financial concerns and/or support services are needed. Whatever the reason, there may come a time when you and your family consider selling the family home.
Here are a few things to consider before downsizing your home:
Can you leave the memories behind? You raised your children in your current home, and each room and piece of furniture holds special memories. You might also have to sell, giveaway and donate a lot of items in order to move into a smaller home. This process can be challenging, but there will be plenty of room for new memories in your new home.
What will you owe if you sell? This is where your financial advisor will assist you. You could have capital gains tax if you have been in your home for a long time. You might be able to port some of your homestead tax exemption to your next home. Keep in mind, however, that when you downsize, you will most likely have a smaller mortgage and less property taxes, which could make selling worth it.
There are a wide range of downsizing options to choose from, here are just a few:
Townhouse/Condo. Many adults 55 and older are leaving the suburbs behind and moving into condos or lofts in downtown areas. Not only are these homes easier to maintain, but they are also in walkable neighborhoods with easy access to amenities such as culture, restaurants and nightlife.
Active Adult Communities. These communities have a 55+ age requirement and often offer varied social calendar.
Assisted Living Arrangements. Services in a community setting. This setting allows for individual needs of those who don’t require continuous nursing care.
Nursing Care Facilities. Are for individuals requiring 24-hour medical assistance. Onsite physical and occupational therapy are provided.
Continuing Care Retirement Community. Options include independent living developments, assisted living units and nursing care facilities.
You have now made the decision to sell your home. In order to start this process, you will need an extensive market analysis to make sure your home is priced appropriately. Scheduling any needed repairs, freshen landscaping to give your home the best curb appeal. Have an organized stagers highlight your homes best assets.
One compelling reason to use a Senior Real Estate Specialist (SRES) is their professional expertise on a number of different fronts. Selling your most valued and valuable asset is not a decision made lightly. SRES are professionals that help this transition run smoothly.