5 Tips for Seniors Considering Selling Their Home
Many seniors seeking to prepare for their future through elder law planning and Medicaid planning struggle with the idea of selling their home. Selling a home they spent many years living in or raising their family in can become a very emotional experience. And emotions are bound to run even higher if they are moving into an assisted living facility or to live with a family member who will provide care or assistance. If you are a senior considering selling your home or if you have a loved one who is a senior selling their home, consider these tips to help the process go smoothly.
5 Tips to Help Seniors Prepare to Sell a Home:
- Explore the Available Financing Options – Consider the change that moving will have on the household budget. Make sure you are financially ready to make the move and remember that you may not always receive the proceeds from the sale of the home as quickly as you would like. Keep in mind that you’ll need to plan accordingly to have the funds available that are necessary until the house sells and the proceeds of the sale are available.
- Consider Medicaid Planning – If Medicaid planning is not already in place, you should get in touch with an experienced Medicaid planning attorney before taking any action that could significantly impact your finances so they can advise you.
- Get a Storage Facility & Pack Early – Arrange for a storage facility and go through household items and storage as you pack. Get rid of everything unnecessary or unwanted. Pack as much as you can early to decrease stress when it’s time to move. Store keepsakes in the storage facility. Or if pressed for time, store all your household items in the storage facility until you have time to go through them.
- Get Ahead on Maintenance – Consider getting ahead on needed maintenance and repairs before it’s time to sell. Pay particular attention to items that will come up in the home inspection. Many feel it is a good idea to invest in a repair service a year or two before downsizing/selling their home. Handling the necessary repairs before listing the home can increase the sale price.
- Create a Realistic Timeline – Make sure to discuss your plan or timeline with an experienced professional, so you are realistic in your expectations.
If you are a senior considering selling your home and you do not already have Medicaid Planning in place, please get in touch with an experienced Medicaid Planning attorney at The Elder Solutions Law Firm, P.A. today.