If you're taking on the role of coordinating a move to an assisted living for someone you love, you’re not alone. Many adult children and family members assume this responsibility for a loved one.
Since the house is often a key asset, many families look to sell it as soon as possible to help cover the cost of assisted living, as well as to be free of the responsibility of maintaining the home while vacant.
At The Birches, we want your journey to be as positive and stress-free as possible. Here are three simple tips to keep in mind when preparing to sell.
Selling a Home is All About Timing
We’ve all heard that timing is everything. Determining the right moment to sell a house to pay for assisted living is important to ensure you can maximize your profit.
Ideally, you want to coordinate the sale with their move into assisted living. This way, they can enjoy as much time as possible in their home and you won’t have to cover their home-related expenses for an extended period once they’ve relocated.
A trusted real estate agent can help you determine the best time to sell the house. A Senior Real Estate Specialist realtor can also help you prepare for and coordinate the sale. These specialty realtors are trained in nuanced aspects relevant to home sales for the aging population.
It’s also important to consider your loved one’s wishes and best interests during this time. Involve them in the process whenever possible if they want to be a part of the sale.
Some families purposely wait until after a loved one moves to sell the house. This strategy allows time to “right size” the house, address possible repairs, and simply lightens the pressure of making everything happen at once. You may even want to consider renting the house if that makes sense for your situation.
Ultimately, the timing of your home sale will be partly up to you and partly up to the real estate market in your area at the time. That’s why connecting with a real estate professional who understands the local market is likely to set you up for greater success – and better financial outcomes!
Monitor the market
Getting the best price for your loved one’s home will help maximize the funds to cover their assisted living costs.
House sales are typically most brisk in the spring, summer, and fall months. But this is highly dependent upon the area and market. In places like DuPage County that have a low supply and high demand, homes tend to sell quickly no matter the season. Sites like Zillow may offer insight into your local market. Look at what other similar homes are selling for, price changes, and how long listings stay active.
Also, be sure to understand the full financial implications of the home sale by consulting with your financial advisor, realtor, and attorney.
The emotional aspect
While it is a “house” that is being sold, the reality is that it has been “home” for many years, decades, or even their entire life. And as we've long heard, “Home is where the heart is.” Selling one's home is an emotional experience, so be sure to take time to reminisce with your loved one, share your stories and memories, take updated pictures or a video around the home. This can be a positive way to close a chapter with reverence. It can also be a powerful way to support the rightsizing process.
Honor your loved one’s feelings about this change. At the same time, remind them a new chapter is about to unfold; one that offers them the chance to make friends, discover new hobbies, get the support they need to feel their best, and free up energy to spend on what they enjoy.
Learn more about how assisted living enhances quality of life and how to make a successful transition in our helpful articles.
The Birches’ Montessori senior living approach ensures each resident has the support and assistance they need to feel both independent and secure.
With respect and kindness, your loved one will be empowered to live on their terms, connect with purpose, and feel a sense of belonging in a welcoming community to call home.
Download our free “Guide to Navigating Assisted Living” to learn more and contact us for personalized guidance. We’re here to support you on your assisted living journey.
