Move First – Sell Later

By Sharon A. Bassett

Transitioning to a senior living facility is not an easy time in the life of the senior or the family. Sharon Bassett Premier Realty, INC can help with this transition. Selling the family home can be done in various stages to transition to senior housing. Each situation is unique there are certain things everyone should consider when selling a long-time family home regardless of the circumstances.

1. Find someone who listens to lean on
Making a move from a home where you have lived for a long time is not easy. Recall when you moved away to college or got married and how you felt leaving the house you grew up in. Now imagine how your parents might feel when they are faced with the emotions of leaving the home where they raised their family and have lived for years. Expect it to be an emotional transition. Working with a realtor who understands these emotions and the transition is key. It is also hard for adult children who must make the decision to transition parents to assisted living. For that reason, it could make sense to have the someone you lean on for emotional support be a friend rather than a family member. Every situation is different. The important thing is that you have someone you trust to lean on and provide emotional support throughout the process.

2. Much listening required
Perhaps one of the most important qualities in whoever you choose to work with through the transition (professionals included) is listening. Beware of people who have all the answers and simply tell you what to do. Choose people who listen to YOU.

3. Choose a primary contact
If there are many children involved, it can be difficult knowing who is in charge if you aren’t the primary contact yourself. This may or may not be the person you choose to ‘lean on’ for emotional support. Choose a primary contact who is readily available and responsive for making decisions because there will be what seems like a million decisions to make.

4. Choose your next home
This is often one of the most difficult decisions, and one not to be taken lightly. Not only does your senior living facility need to fit your financial circumstances (including whether it qualifies for your long-term care insurance coverage if you have it) but it should also feel right.

When you visit you should be warmly greeted by someone at the front desk. You should also see residents of varying abilities actively interacting with each other and with staff. A senior living facility should have a sense of home and a generally peaceful atmosphere. Once this decision is made, the other pieces fall into place much easier. It is settling to know where you are going, and hopefully it will be someplace you can forward look to. It can be an immense relief letting go of the overwhelming responsibilities of maintaining a home.

Senior housing should have the camaraderie of a college dorm… with the option to be as social or as solitary as you choose. It should offer the senior more freedom as they trade streets for hallways and are now able to get around on her their own and can spend time and share activities with newfound friends.

5. Move first, sell later if possible
Just moving is hard enough, without having to make your home showing ready and leave for showings to prospective buyers for your home. If you don’t have the liquid assets to finance your move in the short run, maybe a family member can help pay for it up front for reimbursement after you sell. You might also be able to get a home equity line of credit or a bridge loan from your banker if needed.

6. Tax and trust considerations
If you haven’t sold a home in a long time you may not be aware that there is no capital gains tax on the sale of a primary residence for a sale price up to $250,000 for a single person and up to $500,000 for a couple. If your property is held in trust, talk to your attorney about anything you should be aware of when you sell… legal name of the trust, who are authorized trustees and how many must sign, can the proceeds of the sale pass directly to you or do they have to go through a trust account, etc. There will likely be trust documents for your attorney to prepare for your closing, your title company will make those arrangements.

7. Selling your home
After you have decided where you are going, the difficult task that follows is downsizing and getting rid of the stuff you have spent a lifetime collecting and will no long need in your new home. This is where family and friends can be a big help. But don’t be surprised if they aren’t really interested in your treasures… that is common in today’s more minimalist world.

Contact Sharon Bassett at Premier Realty, INC as soon as you are starting to thinking about your transition… we can guide you through it, including downsizing and selling your home. How you prepare your home for sale can vary greatly depending on many factors. We do a lot of listening to help you come up with the best plan for you and your circumstances.

Sharon A. Bassett
Broker/Owner | GREEN, ABR, SFR, RENE, MRP, SRES, HSE, GRI

(352) 307-2925
bassettpremierrealty.com

sharonbassettsells@gmail.com
10935 SE 177th Place,
Suite 201,
Summerfield, Fl 34491