The logistics of selling a home can be time-consuming. But it also can be emotional, especially if you’re selling the place where you raised your family and built key memories.
But selling to downsize or move into a place with built-in supports can be helpful, allowing seniors to avoid home maintenance responsibilities and living in places that better fit their health needs.
When selling a home as a senior, you may want to:
- Discuss your decision with close family members or your children to prevent misunderstandings, especially if family members have close ties to the home.
- Talk with your family about possessions in the home they may want if you’re downsizing.
- Assign a durable power of attorney or a representative to communicate with professionals involved in the move, like real estate agents, if you are ill or at risk of becoming incapacitated during the home-selling process.
- Contact a tax expert or financial advisor familiar with your state’s laws before selling to see how the sale will impact you financially since selling a home can cause significant taxation.
- Hire experts who are familiar with the potential additional challenges a senior faces when selling a home