A senior may decide to move because they no longer need a large home or want to be free from the regular maintenance a property requires. In some cases, adults over 55 may wish to move to an active seniors’ community or into supportive housing to make their golden years enjoyable. In any case, moving can be an exciting time, especially when families and older adults use smart senior real estate advice to help make the process smoother.
Common Obstacles When Seniors Sell Their Homes
A great deal of real estate advice for seniors centers around overcoming challenges for older adults selling their homes. This is because seniors do face some added considerations when selling real estate, including:
- Other people involved in the process: While many older adults decide to move, family members such as adult children sometimes help with making the decision or assist with the moving process. This means there may often be multiple opinions about moving options. One way to manage everyone’s opinions is to let every individual involved speak, then allow the senior to make the final decision about each step in the moving process.
- Downsizing: One advantage of moving as a senior is the option of downsizing into a more manageable property. However, this can also create family discussions about what to do with items in the home.
- Taxes: Even if a home was a primary residence, selling the property can trigger capital gains taxes, which can vary depending on marital status, income tax bracket and how long the seller owned the home. Since there are many variables, speak with a financial advisor or tax expert before putting the house up for sale to learn whether there are any ways to reduce the tax burden.
- Change: If a senior has lived in their current home for some time, change can be an exciting opportunity, but it may initially cause stress in some cases. Working with a team of professionals can help older adults see letting go of belongings as a way to clear the mental and physical space in their lives so they can enjoy a fresh start.
- Legal concerns: Some of the assets a senior wishes to liquidate may be bequeathed in a will. Families may need to discuss changes and change expectations. In some cases, the will may need to be updated. Additionally, some seniors have power of attorney and may be incapacitated. If this is the case, the person holding power of attorney needs to work in the individual’s best interests.
How Cates Auction Real Estate Company Can Help
Since 1942, we at Cates Auction & Realty Company have been helping seniors sell their homes and assisting property buyers in Kansas City and surrounding areas. When it comes to selling your house, Cates Auction & Realty Company is here to help with an experienced team of brokers, agents and auctioneers. Contact us today to inquire about selling a home through the auction process.