It can be difficult to see your parents grow older. Your parents may be having medical issues or might need extra help. At some point, the children need to step in to provide support and guidance. The family home holds many happy memories for everyone, so when is it best to sell your parents’ house? It is easier to make decisions when you know your options. There are some helpful tips to assist you in making this important decision.
When Your Parents No Longer Reside in the Home
One of the most obvious decisions to make is to sell the family home once your parents move out. The family home is often filled with memories, and this sentimentality may prevent you from moving forward with the sale. Generally, after your parents are no longer living in the home, it is time to remove and sell the possessions and put the home on the market.
Sell When Market Conditions Are Right
It is always best to consider selling the home when the market conditions are best for sellers. Learn about the current housing market and determine whether you should wait a while to avoid getting too little for the property. Obtain an appraisal so you can determine the market value of the home. An attorney or real estate agent can assist you in learning your best choices.
Sell the Home When Your Parents Need Money
Your parents may have quite a bit of money tied up in their home. There may come a time when they require some additional funds to assist them with their medical care or with their current living arrangements. It may be more financially beneficial to sell the home to pay for your parents’ needs. You may need to seek power of attorney to handle the sale of the home on behalf of your parents.
Sell the Home Before Your Parents Pass Away
Selling the family home before their deaths may offer some potential tax benefits. However, if the property becomes part of the estate, beneficiaries will most likely need to pay high taxes on it. The property would also have to go through probate. In addition, it could take some time to sell the property, which means that heirs won’t quickly get their share. In the meantime, the estate will have to pay for maintenance costs on the home, including property taxes.
Sell the Home to Avoid Additional Costs
Maintaining the home takes a financial commitment, even if nobody is living in the structure. There are costs to keep the home in working order, utility expenses, and ongoing taxes and association fees. Inspect the home to find out what repairs are needed. If the repairs are affordable, you may elect to handle them. If the repairs are too costly, you may prefer to sell the home “as-is,” even if you will need to accept a slightly lower offer from the buyer.
Sell the Home When Your Parents Wish to Sell
It is best to have an open and honest discussion about the home with your parents. Find out your parents’ wishes and expectations. Even if your parents are not ready to sell their home, they will begin to understand and think about the future, and this will make things easier when it becomes necessary to take action. Keep in mind that you must have legal authority to act on behalf of your parents.
There are many factors to consider when choosing to sell your parents’ home. We can assist you with your options to make the decision easier and less stressful. Call us today at Moen Sheehan Meyer, Ltd. at (608) 784-8310 or contact us online to schedule a consultation.