Selling Your Elderly Parents Home
Selling off your parents’ home sometimes comes from difficult circumstances. A parent passing away or not able to care for themselves anymore are such examples.
Other times, your parents might just want to downscale and move to a retirement village. Children are often left with having to make the decisions when it comes to selling the family home.
This is never easy. The situation is often more difficult when you live in another city. In addition, a home lived in by elderly parents often needs work before it can be listed for sale.
At PropertyFox, we look at the various tips you can use when listing your parents’ home.
Choose the Right Real Estate Agent
There are a lot of things to consider when selecting an estate agent, but at the top of the list should be looking for someone who might have established a rapport with your parents.
If your parents do not have any previous dealings with agents, look for one who has experience with working with out of town sellers.
In addition, make sure the agent is responsive, will monitor the condition of the home while it is on the market, and uses technology such as online transaction management so that you can track from afar.
As PropertyFox is a strictly digital real-estate agency, we would be able to make the process much easier for you, especially if you happen to find yourself in another part of the country.
Make Sure to Maintain the Property
Even if you are undecided about future ownership, make sure the mechanics of the house in working order. This goes for everything from plumbing to keeping the garden tidy. This helps with “curb appeal” should you decide to sell the property. It also conveys a sense of ownership vs. a neglected or abandoned property.
Complete Needed Repairs and Renovations
Little things can make a home sell for less, including leaky faucets, cracks in walls, scratches on floors, broken bathroom mirrors, overflowing gutters and more. If the home hasn’t been renovated at regular intervals, it won’t compare to other homes for sale in the area.
Other times, your parents might just want to downscale and move to a retirement village.
To get top dollar, you may need to replace worn carpeting, refresh the kitchen cabinets and countertops and update the bathrooms. Landscaping is another area that often needs work. Removing overgrown bushes and improving the curb appeal of the home will have a big impact on the sales price.
Make sure you have a plan for selling the house with your parents’ consent. Ask them about problems they might be aware of and get these fixed as soon as possible.
Be prepared to address any concerns and arrange to have all repairs attended to promptly. Outstanding issues like a crack in the sidewalk or an unresolved work permit can delay your closing.
Settle on a minimum sale price to decide what your parents want out of the house. Or, if you do not want to sell, consider options like turning the house into student accommodation or renting it out to regular tenants.
Selling a property can be stressful. It can be even more stressful if the circumstances that force the sale are unexpected. However, planning ahead is key.