On its own, selling a home is a pretty big undertaking. In addition to the expected stresses that come with the process, helping your older parents sell their home can be an emotional, and sometimes overwhelming experience.
But with the right planning, patience, and communication, you can make their transition to a new living space and the home selling process much easier.
Here are a few things to consider when it’s time to help your parents sell their home.
Plan Ahead When You Can
When it comes to selling your parents’ home, recognizing the need to move in advance can help reduce stress and make the process easier. If you have the time, begin with an open discussion amongst your family about everyone’s feelings. This can help ensure you’re all on the same page when planning for their move.
Of course, life is full of surprises and sometimes circumstances pop up in which you’ll need to help them sell their home sooner than you thought. No matter the reason for moving, working with the right professionals can help you and your parents navigate selling on any timeline.
New to the selling process? Explore other helpful resources on my blog.
Consider the Financial Aspect
Like any move, selling your parent’s home requires thoughtful financial planning. In order to make the best choices for them, you’ll need to know as much information as possible about their finances. This includes details like their income, mortgage status and payments and also relevant tax considerations.
If possible, partnering with your parents’ financial planner can help you budget for them successfully. If they don’t have one, finding a financial planner who specializes in retirement planning can help you find the best path forward.
Find a Great Real, Local Estate Agent
Like financial planners, partnering with a great real estate agent who really knows the local area will make a huge difference in the selling process. An agent can help alleviate some of the stress that comes with selling and ensure overall success.
An agent who specializes in these circumstances can help answer any tough questions you may feel nervous or uncomfortable asking. They can also provide helpful insights and considerations about your parents’ unique circumstances when it comes to preparing their home for sale.
Get a Head Start Decluttering
On its own, downsizing to a smaller living space can be a stressful experience. When you combine the challenge of decluttering with the other considerations that come with selling your parent’s home, it can feel overwhelming. Thankfully, like the other items on this list, careful planning can help make the process smoother.
Decluttering is no small task, and shouldn’t be rushed. I recommend taking a few weeks or even months to navigate this process. Many items in your parent’s home will not be able to go with them to their new living space, as a result, you’ll need to determine which items they can keep. Items that they are unable to take can be thrown out or recycled if they are worn conditions. Other items can be donated to local organizations or offered to family and friends.
If your parents have lived in their home for some time, this can be an emotional process for both you and them. Many items in their home will likely have sentimental value, so take time during the decluttering process to reminisce and enjoy shared memories.
Thinking about buying or selling South Etobicoke or Alderwood? Check out these great resources to learn more about making moves here:
- Everything You Need to Know About Buying or Selling in Alderwood
- Home Selling Trends in South Etobicoke
- How Much are Homes Selling For in Alderwood?
Don’t Forget About Power of Attorney
Depending on the circumstances, you may be required to make legal decisions on behalf of your parents during the selling process. In Canada, there are important designations that allow individuals to act on behalf of their loved ones. You may be familiar with the most common designations, executor and power of attorney (POA). Although these titles are sometimes used interchangeably, the designations are actually very different.
The power of attorney allows someone to act on behalf of your affairs while you are still alive. This often involves decisions about medical care or personal assets. During the selling process, you may require POA in order to make decisions about your parent’s property. In Ontario, you can get a documentation kit from the provincial government to create a POA document or have your lawyer create one. Regardless of your parents’ current health conditions, appointing a POA early on can help ensure their wishes are respected when the time comes.
Need more information? Explore the differences between Power of Attorney and Executorship right here.
POA or Executor?
Unlike power of attorney, an executor is appointed to take care of someone’s affairs after they have passed away. The executor is an extremely important role as they take primary responsibility for the deceased’s assets and finances. Like POA, appointing an executor is a big decision and enlisting the help of an attorney who specializes in family law can help you navigate the process.
It’s worth noting that executorship can come with some legal delays, mainly during the probate process when the court must verify the executor’s appointment. However, this can be sped up in some cases – such as when there is a pending real estate transaction.
Selling your parent’s home is no small process. Although it can feel overwhelming, taking the right approach will make a big difference in ensuring a positive outcome. Enlisting the help of a real estate agent early on can help you find success in every detail.
Looking for guidance on selling your parents’ home? I can help! Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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