7 tips for seniors selling their homes

Selling your home as you prepare for retirement can feel overwhelming, but a clear plan can make the process more manageable. These seven tips can help you prepare for the sale and make a smoother transition to a new home or senior living community:

• Get sound financial advice

• Create a timeline

• Hire the right real estate professional

• Sort and declutter

• Repair and refresh

• Let professionals pack and move

• Be patient

Get sound financial advice

Should you sell? Before putting your home on the market, get tax and financial advice. If you sell at a loss, you might not be able to deduct the loss from your income taxes. In general, when you sell for a gain, you can exclude a specified amount of that gain on your return. Tax rules can be tricky when it comes to selling a home, so consider getting guidance from a licensed professional before moving forward. To estimate how much you’ll receive from the sale, also account for transaction fees. These costs vary by location and may include escrow and title fees, transfer taxes, commissions, and inspection fees. You can ask your real estate agent to prepare an Estimated Closing Statement before listing. Finally, estimate your future financial needs as closely as possible. With this information, you can make a more informed decision based on your expected circumstances.

Create a timeline

A clear timeline can help bridge the gap between leaving your current home and settling into the place where you’ll spend your retirement years. The best timeline includes major transition milestones with realistic flexibility built into the dates. To stay organized, keep your timeline in a dedicated folder with your notes, lists, and contact information related to the sale. Review it regularly, even before you list your home, to spot potential problems and recognize when it may be time to ask friends or family for help.

Hire the right real estate professional

Choosing a real estate professional can take some research. Some older adults rely on the agent who has sold the most properties in their neighborhood, while others ask friends for recommendations. Some agents specialize in working with older adults. You can look for a Seniors Real Estate Specialist® (SRES®), a designation for real estate professionals trained to work with older adults on real estate transactions. Professionals with the SRES® designation have completed a course and, in some states, may need to maintain continuing education credits. Whatever approach you choose, interview several agents. The right professional will ask about your future goals, suggest a realistic listing price, and answer your questions promptly before asking you to sign a listing agreement.

Sort and declutter

Downsizing or moving across the country means sorting through a lifetime of possessions. A timeline can make the process of selling, donating, discarding, or storing items feel less daunting. Review the floor plan of your next home to see how much furniture will fit. Before opening your doors to potential buyers, remember that you’re showing your home, not your possessions. Buyers will try to picture their own belongings in the space, so put excess items in storage or ask a friend to hold them. If there’s no room for an antique armoire in your new home, this may be the right time to pass it along to a family member. You may find it easiest to begin outside by removing yard debris and distracting decor. Inside, work through each room, closet, and storage area, marking each one off your timeline as you finish. Use different-colored stickers for items you plan to donate, gift, store, or keep. Setting aside a specific time to declutter each day can also help you stay focused without becoming overwhelmed.

Repair and refresh

Now’s the time to repair dripping faucets and sticking doors. Because buyers often prefer homes in move-in condition, consider replacing an aging water heater or stained carpet. You might also paint walls that no longer look their best, trim unruly shrubs, and refresh the exterior with power washing or paint. Keep tools such as lawn mowers accessible so you can maintain that inviting appearance. This can also be a good time to ask friends and family to stop by, pick up a paintbrush, enjoy food from the grill, and reminisce with you.

Let professionals pack and move

Professional movers have experience packing and transporting household items, and you may be able to find a Senior Move Manager® in your area. Even if you’re moving to an assisted living community nearby, letting professionals pack and move the items headed to your new home can ease some of the anxiety. The process will be faster than a do-it-yourself move and will probably result in less damage. Pack enough essentials for your first day or so in your new home. Bring clothes, dishes, linens, a flashlight, and a first-aid kit to help lower your stress when you arrive.

Be patient

Listing, showing, and closing on a home can be difficult and time-consuming, particularly if you’ve lived there for decades. Be patient with yourself and the people helping you. Remember that your goal is to simplify your life. When moving day arrives and the last box heads up the ramp of the moving van, take a moment to recognize everything you’ve accomplished. Then give yourself permission to take the rest of the day off.

This article was written by Dylan Snyder of the Snyder Real Estate Group in Florida.