When it comes time to help your parents sell the family home, be prepared to face a few bumps and challenges. It can be an emotional experience to say goodbye to a home that they’ve lived in for so long, not to mention, selling their home often means that your parents have reached a point where it’s difficult for them to take care of themselves. Navigating between where they’re moving to- will they be moving in with you or one of your siblings, or are they transitioning to a senior living community?- and selling their home is a process that needs to be dealt with thoughtfully and with care. Here are 4 steps to help your parents sell the family home.
1. Meet with a Real Estate Professional
One of the most important first steps to selling your parent’s home is meeting with a real estate professional. A real estate agent can assess the home’s value, as well as give you suggestions on what improvements to make before putting it on the market. If your parents have been living in the home for years, or even decades, without any significant renovations, it’s likely you’ll need to do some upgrades to the home before listing it for sale.
2. Create a List of Belongings
When you move your parents out of the family home, you’ll have to deal with all the belongings that come with it. Create a list of the belongings and furnishings that your parents will take with them to their new home. For all other belongings, sort them into items that will go to family members, be donated to charity, put into storage or thrown out. Some things will be harder for your parents to let go of than others, but it’s important to factor in the amount of space available at their new home when deciding what they’ll keep. You, your parents, and your siblings should be closely involved in this process.
3. Pick a Point Person
If you have siblings, it’s important that you all agree on a point person for communication between your family and the real estate agent. This point person will manage the transaction from the selling side and make sure everything goes as smoothly as possible. Assigning one person will ensure that you avoid conflict and misunderstandings. If multiple siblings give instructions, your real estate agent and potential buyers may get confusing or conflicting information that could cost you the sale.
4. Outsource Work Where You Can
Since the home selling process can be an emotional one, you need to attend to the needs of your parents and focus on settling them into their new environment as much as possible. It can be tempting to do all the work on the house yourself to save money, but it’s wise to get help with things such as decluttering, landscaping, cleaning and of course any renovations or updates that need to be done. Your parents may be dealing with feelings of displacement, anxiety and even depression, so it’s important to focus on them as much as you can, while leaving the work to the professionals.
Helping your parents selling their home isn’t always an easy transition, but by following these 4 steps, you can make the process as effortless as possible.