How to Sell Your Home and Move Into a Senior Living Community

Many people worry about the expenses and levels of independence when they sell their home and move to a senior living community, but there are many benefits to consider:

• No more taxes and home maintenance
• The money from selling your home can go towards your senior living needs
• Security, safety, and care for the rest of your life
• More opportunities to make friends, learn, try new things, and enjoy events

If you’re finally ready to make the best move for your future, you’ll want to make sure you’re taking the right steps to make the process as efficiently, economically, and emotionally sound as possible. Here is a basic guide from start to finish on how to sell your home and move into a senior living community:

Find a Real Estate Agent

Whether you’re ready to show your home today or just starting to take the first steps, it’s great to find and establish a relationship with an experienced real estate agent in your area. They’ll help you tackle the fluctuating real estate market, stage your home for sale, and map out the timeline of your process from listing to closing. You might want to consider looking for a real estate agent with the Senior Real Estate Specialist designation, as they are uniquely qualified to assist homeowners over 50 in making major life transitions.

Find Your Home’s Value

To start the selling process, you’ll need an accurate assessment of the value of your home in its current condition. A third party, which can be your real estate agent, will correctly value your home without any overestimation from the emotions and memories tied to it. If you choose to have your real estate agent as your third party, make sure they have a pricing strategy advisor certification to provide a more accurate home evaluation.

Decide Your Method of Selling

You’ll have to choose one of three options for selling your home when the time comes based on their benefits and your needs:

1. Sell your home as-is to a cash investor without any repairs: This option is available if you’re motivated to sell quickly and not prepared to handle major repairs, but you will only get a 40-70% portion of the home’s value.
2. Sell your home as-is with a real estate agent: This route is great if the return on investment doesn’t really exist, especially if the home hasn’t been updated for a lengthy amount of time.
3. Fix up your home and sell it with a real estate agent: This can be an excellent option if you want to sell your home for more money. However, what will matter is the net profit, or the money you’ll get in your pocket after selling, so if it won’t net more after repairs, this route may not benefit you.

Declutter and Stage Your Home

You might need to downsize for your new home or find that you don’t want to pack and move absolutely everything you own. Decluttering will help you see what you plan on taking when you move, as well as create a fresh and open look for your current home when you go to stage and sell. You’ll also have a likelier chance of selling your home for more money as people will have an easier time envisioning how they’ll move in. Reach out to rightsizing experts or professional organizers if you need assistance, take time to feel your emotions, and make peace with whatever you choose to do with your belongings.

Make the Best Financial Choices

Consider meeting a financial planner to discuss your plans for senior living, how the cost fits into your short- and long-term financial plans, and tax questions about selling your home and senior living expenses. Listen to your real estate agent to make the best possible decisions when navigating the market. They will help you determine if it’s time to present and sell that house or wait and handle some maintenance until the market is ripe. You want to get the most bang for your buck, if possible, and increase your home’s value. However, if there is any reason you need to act quickly, trust the professionals to help you with those fast decisions.

Go Through the (E)Motions and Enjoy the Senior Living Lifestyle

You are allowed to explore your feelings and memories of your home, as there were most likely many important experiences you’ll always cherish. Take time to process the past and look to the future at the great life you’ll get to explore in a senior living community. Remember that you won’t have to worry about the hassle of home maintenance and will always have access to great support, security, and care so you can enjoy the many enriching opportunities available to you. Selling your home will be an incredible investment towards securing a fulfilling future without worry for the rest of your life, so let that thought drive you to the real estate finish line!

Selling After Moving

If you decide to sell your home after you’ve already moved to a senior living community, there are a couple things to consider doing slightly differently from the above guide based on your particular circumstances:

• After decluttering and moving out, perhaps leave select furniture you chose to downsize on for staging purposes to sell better than a vacant home.
• Find a real estate agent in the correct market if you move away from the city or state your home was in.
• Remember that you’ll have to continue paying any bills or mortgage payments for your home until it sells, so make sure you’re financially sound to bear that along with your new senior living lifestyle for that timeframe.

Ready to start your downsizing journey? Check out our free ebook, Unlock the Power to Declutter: The Definitive Guide on How to Start!

At Life Enriching Communities (LEC), we’re committed to ensuring patrons feel well-equipped to plan their future and age how they wish. Explore more resources on senior living or contact us today to learn more about our legacy of services and programs that bring meaning and purpose to every stage of life.