As your parents age, there comes a point when it's time to explore their senior living options. Even if your parents are still capable of caring for themselves, many seniors choose to spend their golden years in independent living communities that offer a continuum of care and ample opportunities to socialize and stay active. Once your parents decide it's the right move for them, you may need to help them decide if it's better to sell the family home before or after moving into senior living.
Selling Before Moving to Senior Living
One of the biggest reasons many older adults decide to sell their home before they move is to help finance their choice of senior living. If your parents have built up a lot of equity in their home, it's most likely their largest asset and the proceeds may open up more senior living options than they'd otherwise have. When considering this option, talk to a Realtor who specializes in real estate transactions for senior homeowners who can explain the many practical aspects of post-retirement home sales.
On the flip side, moving is stressful even in the best of situations, but it can be even more so when you're leaving a home you've lived in for many years and have milestone memories. Even when you want or need to move, it can be a very emotional experience. Combine this with the added stress of having to keep the home show ready while strangers invade your space, and stress levels can soar.
Selling After Moving to Senior Living
If you know your parents are prone to anxiety, it's generally a lot less stressful to wait and sell the home after they've made the move to a senior living community. By waiting to sell, your parents can take their time packing so they don't feel like they have to rush through years of belongings in a short period of time. Once the home is empty, it's easier for a Realtor to stage it professionally, which could prompt a higher selling price and/or quicker sale.
While staging is easier in an empty house, it can also be pricey. If your Realtor rent furnishings for a lived in look, this cost may be passed on to your parents, cutting into the home sale profits, which is one downside of selling after a move to assisted living. While the home is on the market, your parents must also pay to keep up maintenance. This can include landscapers to keep the exterior looking pristine and housekeeping crews to do a deep cleaning. If something major is broken, it'll need to be fixed. Utilities need to be left on, and if there's still a mortgage, payments must still be made. If the home lingers on the market, expenses could quickly add up and make you question whether waiting was a good idea.
Find Your New Home at Brightview
Brightview Senior Living offers resort-style independent senior living that provides seniors with a wonderful home without all the work. Our communities include interior and exterior maintenance, housekeeping and linen laundry services and chef-prepared meals, so you can enjoy more free time to do the things you've always wanted to do. There's always something to do in all our vibrant communities and plenty of new friends waiting to meet you. Contact us at (410) 962-0595 to learn more about our senior communities located across seven states.