Welcome back to our blog! I’m Brenda K with Brenda K’s Halifax Home Selling Group, here in the beautiful city of Halifax, Nova Scotia. Today, we’re diving into a crucial topic for anyone considering selling their home. Despite high interest rates, it’s an excellent time to sell, but common pitfalls can cost you dearly if you’re not careful.
Selling a home is a significant decision, especially for seniors. To ensure a smooth and beneficial transition, here are five mistakes to avoid. Let’s explore how to make your home-selling experience as successful as possible.
Mistake #1: Underestimating Financial Implications
Ignoring Selling Costs: Don’t overlook the costs involved in selling a home. Most sellers think of costs as commission, legal fees, and moving expenses. But there are additional costs, such as inspection-related items. I recently had a senior couple who had been in their home for 48 years. Despite taking good care of their home, they faced significant financial setbacks due to inspection issues. Their septic system was barely functioning, cracks in the foundation scared buyers, and electrical issues were not acceptable to new buyers. These items impacted their net profit by over $30,000!
Mismanaging Proceeds: Don’t make the mistake of not planning how to use the proceeds from the sale. Your age and stage of life will impact this decision. For instance, I’m taking advantage of this market to downsize. Consider future living costs and ensure the sale supports your long-term financial goals.
Mistake #2: Not Exploring Housing Options
Understanding Downsizing: Many clients want to downsize from large homes but don’t want to give up their belongings that they’ve accumulated over many years. Downsizing means reducing space and belongings. One client sold nearly $20,000 worth of furniture and belongings when downsizing. Make sure you’re ready for a lifestyle with less space, storage, and privacy.
Senior Living Communities: Don’t overlook the variety of senior living options available. Explore independent living, assisted living, or continuing care retirement communities to find the best fit. There are great communities in the Valley and in Truro, with options for exterior maintenance plans and one-level townhomes, etc. Consider proximity to family, friends, healthcare facilities, amenities, and social activities.
Mistake #3: Overlooking Emotional Factors
Emotional Attachment: Don’t underestimate the emotional impact of selling a long-time home filled with memories. Downsizing can be especially emotional, as it may be the first move that involves giving special belongings to children. This move is not only about excitement but also about adjusting to a new chapter of life’s journey.
Mistake #4: Neglecting Physical and Health Needs
Accessibility: You might feel healthy now, but at any age, health can change. Consider how accessible your new home will be as you age. Think about steps to the front door, underground parking, and proximity to medical care. Ensure your new home can accommodate any future in-home care or assisted living services you might need.
Mistake #5: Misjudging Market Conditions
Market Trends: Understand the demand for homes in your area to determine the best time to sell. I’m selling my home now because I’m concerned that a flood of homes might hit the market in the upcoming years. Even if interest rates come down, they won’t be as low as the historic “Covid” rates. Don’t set unrealistic home value expectations. Work with an agent who will provide a realistic value and respect their expertise.
Alright, now let’s get to how we can avoid these common missteps:
How to Avoid These Mistakes
Mistake #1: Be proactive! Have a pre-inspection on both the home and, if rural, the septic and well systems. This way, you can get ahead of, or avoid potential costly inspection fixes. Also, decide where to invest the proceeds of the sale by consulting with your financial advisor, family members, or realtor.
Mistake #2: Make a Game Plan for future living costs and ensure the sale supports your long-term financial goals. Decide on your preferred style of living, lifestyle, and whether you want to reinvest in real estate or other investments.
Mistake #3: Acknowledge the emotional impact of moving and give yourself time to adjust. Remember this is a big life change, and it’s OK to feel the emotions of that. Plan where you want to be in the next 5-10 years. Talk and express to your family and loved ones about your plans, goals, and concerns moving forward.
Mistake #4: Consider potential health issues and ensure your new home can accommodate any changes in your health. Ensure your support systems are in place and that you have plans for property care if you run into unforeseen life circumstances.
Mistake #5: Interview several agents to find one you’re comfortable with, and most importantly one you trust. Check online reviews and ask about their experience with listing homes in your area, and how they deal specifically with the senior community.
I practice what I preach and, as a boomer, I’m cashing in on my real estate wealth in this seller’s market. I’m downsizing myself, so if you’re looking for a patient person who’s been there, shoot me a message!
If you think this may be a good plan for you too or if you’re planning a move in the next few years, it’s never too early to have an initial conversation.
Reach out to us today, and let’s begin this exciting journey together. Whether you’re ready to make the move this year or simply exploring your options for the future, we’re here to support you every step of the way!
Curious about your home’s value in today’s market? Comment ‘value’ below, and we’ll reach out with a complimentary market valuation (no home visit necessary!).
Thank you so much for reading my blog. I hope you found it insightful! If you’re thinking of buying, selling, or investing in real estate in the near future, we’d love to hear from you! Get in touch with our team today to discuss your plans and goals. Until next time!
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