Some seniors may prefer to continue living in their own homes as they age. For many others, there are reasons why moving—to a senior-supportive environment or perhaps to be with an adult son or daughter—may be the right choice:
Home maintenance becomes a burden.
A major life event creates the need to move.
There is a desire to live closer to children or other caregivers.
Financial concerns make it difficult to keep a home.
Support services are needed that are not available at home.
Whatever the reason, there may come a time when selling the home and moving is considered.
Though many make the decision about their living situation independently, it is not uncommon for adult children, close family or friends, or advisors to help seniors sort through these questions:
Is moving the best alternative? Is so, to where? Have other options been explored?
Are close family members on board with decisions?
What is the best way to downsize possessions and family heirlooms?
What are tax-related implications of a sale?
What effect might a sale have on future income and benefits?
The financial, logistical, and emotional issues involved in a move can be stressful. A specialist (SRES) who deals with the issues home sellers in the 55+ community encounter during a move can help answer questions and make the process easier and more understandable.
A Seniors Real Estate Specialist® (SRES®) is a REALTOR® who is uniquely qualified to assist seniors in housing sales and purchases.
The mission of an SRES® is to help seniors and their families navigate the challenges that accompany a home sale. The SRES® designation is awarded only to REALTORS® who have additional education on how to help seniors and their families with later-in-life real estate transactions. SRES® designees are familiar with local community resources and services and have experience drawing on a network of expert senior specialists, such as estate planners, CPAs, and elder law attorneys.
What to consider before starting the process
-Informing relevant family of a possible sale and its reasons
Family members can have a strong emotionalstake in the sale; some may not want to say goodbye to the home. A family talk about the decision to sell— before signing commitments—can help prevent future misunderstandings and avoid delays in the process.
-Having one family member take the lead
When family members are involved in the sales process, it’s best to have one person take the lead in communicating with the SRES® and other professionals; multiple contacts can create confusion and cause delays.
-When a family member is acting on your behalf
If a family member—often an adult child—would need the authority to make legally binding decisions regarding the home, a durable power of attorney document must be in place naming that individual to act on your behalf.
-Tax consequences of a sale
Selling a home can trigger significant taxation. So, 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. An SRES® can provide you with a list of referrals if you don’t have an advisor.
Moving from your home can be overwhelming, especially if you have a lifetime of possessions and need to make choices about what to move and what to let go. Utilize help and support from your loved ones to help make these decisions and when you're ready, give Marcea Marsh (SRES, RENE, SRS & TV Show Host) a call.
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