Senior Care and Your Loved Ones: When Should you Sell your Parent’s Home?


After several conversations about your parent’s increasing need for care, it’s time to make the decision to move to an assisted living or memory care facility. There are a lot of steps that need to be taken to make this happen. One of the most important decisions you’ll make when it comes to your parent’s home is whether or not to sell it after they move to a senior care facility. In this post, we’ll cover the basics and what you need to know when selling your parent’s home before moving into a senior care facility. 

Moving into a Senior Care Facility

Most families will eventually have to consider the options for their loved ones when it comes to long-term care. According to the HHS, about 70% of Americans over the age of 65 will require some type of long-term care. However, the majority of them will receive in-home care. Almost everyone over the age of 65 will eventually need long-term care services. Different people have different reasons why they choose to live in a senior care facility or long-term care. For instance, many people only require in-home care, while others require residential care. Some seniors prefer to live in an independent living community instead of in a nursing home or assisted living facility. They may also stay at home until they require more assistance with their daily living activities.

When is a Good Time to Sell Your Parent’s Home?

Getting the right long-term care facility for your loved one can be a daunting process, especially when it comes to the cost. There are a variety of factors to consider when it comes to choosing a facility and community that will best meet your needs.

While many people can rely on social security and long-term care insurance to help pay for their long-term care, many others need additional funds to cover the high costs of care. There are various ways to help fund their care, including home equity loans and home equity lines of credit.

If you or a loved one are no longer able to live in their own home, it may be the best decision to sell it. However, this option is not available to everyone. For some seniors, this is not an option and they may need to move into a residential facility

Contact an Estate Attorney and Gather Your Documents

If a home seller wants to make an offer, he or she should contact an estate attorney who will handle the transaction. The estate attorney will review all of the documents involved in the deal to make sure that the buyer and you have the authority to act on their behalf. If a home seller’s parents do not have a will or trust, the home seller should ask his or her own estate or will attorney to help with any issues that may arise in the court system.

Selling The Home After Moving to a Senior Care Facility

Stage the home

It’s important to put your home on the market as soon as possible after your parent moves out. This will allow you to make necessary repairs and updates, and it will give you an opportunity to sell the home for a higher price. Professional home stagers can help sellers make their homes look their best by renting furniture and accessories. This allows them to sell their home more quickly.

Clean and Fix the Home

You’ll need to thoroughly clean and inspect the inside and out of your home before you decide whether or not to make any repairs. If no one has updated the kitchen and bathrooms in the past 30 years, then you may want to consider investing in these areas to get the most out of your home. You might also want to consider selling the house while you’re still mourning. Doing so could leave you with little time to do other important tasks.

Conclusion

The process can be challenging and we’re here to help find the best fit for you and your loved ones here at Golden Pond. Give us a call to schedule a tour and we’ll help to ease the move-in process to make it as smooth as possible.