The old saying “home is where the heart is” can be especially true, for those who have lived in their homes for 30 years and over. As we age however, things change, and a home that was once a great environment to raise a family in has become difficult to navigate, and even a liability.
At this age, there are quite a number different considerations from the ones you had when you were younger and there are numerous reasons to sell including:
- Moving Closer to Family
- Increasing Safety
- Joining a retirement community
Many times, however, seniors believe the solution is to modify their home to accommodate lifestyle changes which will often negatively impact home equity.
If you are considering selling your home now or in the future it’s important you speak to someone knowledgeable about the process and what to expect. Contact our advisors today to discuss your situation
Children Selling Parents Home
Sometimes children or a close relative will need to sell the home to pay for care. A few reasons this may happen include;
- The parents fell ill at some point and were not able to pay for mortgages and loans.
- A parent may have become incapacitated with no one to take care of them and selling the home will cover expenses
In these situations selling a parents home can be complicated, because only the person who owns the house can transfer it to a buyer.
If you are facing a similar situation, contact one of our real estate professionals. We have the resources and knowledge available to assist you in circumstances such as these.