As a 55+ buyer and/or seller, you probably have a list of questions. They may also include questions about selling and/or buying. I have tried to answer the most frequently asked questions (FAQ) about the 55+ process below. However, if you have others, I am glad to help. Just give me a call at 908-238-0118 or drop me a note at email@example.com and I can help you to navigate through the 55+ process.
Because the laws surrounding senior issues are so complicated, actions like selling senior homes can affect areas that seem unrelated but are critical to a senior’s well-being, such as qualification for senior benefits. It is important to retain the services of an attorney who specializes in senior homes and elder law, who can structure legal documents and transactions in a way that protects the assets, benefits and rights of an aging parent.
An attorney could be beneficial in many parts of the sale of a senior home and the moving process. Elder law attorneys understand issues specific to seniors and have extensive knowledge across a number of senior-related areas.
Elder law attorneys understand issues specific to seniors and have extensive knowledge across a number of senior-related areas.
While The Answer To This Basic Question Is As Individual As You Are, Here Are Some Things To Consider.
Generally speaking, under most market conditions, real estate professionals advise listing your present home and shopping for your new home simultaneously. Nonetheless, you should talk to me about your personal situation, so you can consider how fast you need to sell and how long you should expect it to take in current market conditions.
If you have very specific criteria – like location, size, views, age, etc. which could lead to a time-consuming home search – you should consider finding and buying a home first before you sell your existing home. If necessary, your offer to buy a home can be contingent on selling yours. On the other hand, if you sell first, you can make your sale dependent on finding a home to buy.
Seasonality can play a role in deciding when to sell – with spring and fall the most popular seasons to put a home on the market.
I can help you consider the effect of other factors like interest rates, consumer confidence, month’s supply and typical times to sell at your specific price range in the local economy.
Most seniors would prefer to age in place, but health and aging issues can prevent full access to the house. Raised thresholds and bathrooms represent fall risks, doorknobs become difficult to turn, and stairs are hard to climb. Seniors may feel trapped in certain are of their homes, forcing them to consider moving when they don’t want to do so.
Accessibility and safety can also become issues when an aging parent moves in with an adult child, prompting a need for home renovations. It can be difficult for a homeowner to determine what changes are needed and how they should be made.
In these situations, your SRES® may be able to refer you to an aging-in-place specialist who can evaluate your home, find problem areas, and suggest home modifications.
You may need assistance with sorting out the complex decisions and figuring out what role your real estate investment plays in your overall financial picture? Those considerations include taxes, retirement savings withdrawal schedules, long-term care needs, inheritance issues and others.
As a SRES® designee, I understand managing capital gains and the tax implications of owning real estate. I can provide information that addresses a host of issues, such as the uses of pensions, 401K accounts, and IRAs in real estate transactions, and how Medicare, Medicaid, and Social Security affect real estate decisions for senior citizens. And, I can introduce you to an attorney or tax advisor that specializes in those areas.
As years pass, even the most independent individuals may need help with basic daily needs. For seniors who are moving into a residence that provides assisted living care, this may not be an issue. However, if a senior decides to remain in their home, or is moving in with a son or daughter, daily caregiving needs can become a major concern.
An adult child living nearby is usually the first among siblings to become aware of an elderly parent’s need for assisted living. There may be more parental requests for help around the house, or a noticeable decline in home maintenance. Perhaps there is a health crisis. Whatever the cause, it may be a good time for the parent and all relevant family members to discuss developing a plan for meeting the senior’s medical and other needs.
Having mixed emotions. Buying a residence as a senior can be both exciting and daunting. The excitement stems from anticipating new beginnings in a fresh environment. It’s daunting because there are so many types of 50+ residences, finite resources and sometimes emotional hurdles to overcome.
As a SRES® designee, I can sit down with you and your loved ones to discuss needs, outline options and help you determine the very best 55+ residence option for you. Then, working within the parameters you provide, we can locate a property that fits your needs.
As a SRES® designee, I can leverage my senior education, experience and network to find properties, determine appropriate offers, and negotiate purchases on your behalf.
When necessary, I can also tap into a network of experts, such as home inspectors, movers, attorneys, and CPAs, to ensure that the purchase of your new residence, and the move, proceed smoothly.
Selling a home is rarely simple–and selling a senior’s home can add additional considerations and complexity. As a SRES®,, I can modify some aspects of their marketing efforts to meet the individual needs of senior homeowners. Here are the essential steps you can expect during the process:
- Pricing considerations
- Staging your home
- Showing your home
- Negotiating the sale and closing
- Packing and moving
For families facing the task of packing and moving on their own, think about starting the process well in advance. Set small, achievable daily goals. Establish plans for tackling different rooms. Remember that packing can be emotionally taxing on everyone, so consider ways to break up the work and make it more enjoyable.
Your golden years bring lots of changes. When it’s time to make a change to your home, you’ll want a REALTOR® with the Seniors Real Estate Specialist® (SRES®) designation by your side. From market trends to economic issues, your SRES® is specially qualified to address the real estate needs of adults ages 55+ and can empower you to make the best decisions for your future. As a certified SRES agent, I can help you in these needs.