Your parents have decided to downsize and now it is time to sell their home, and that task has been left up to you and/or your siblings. Selling your parent’s house can be a daunting and complicated task, but it doesn’t need to be. The key to selling your parent’s home is to go into the process with realistic expectations and the willingness to put a little time and money into the home to get it market-ready.
Here are our top 5 tips at Core Properties to help you simply and effectively sell your parent’s home while not getting overly stressed in the process.
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Get Organized
In some cases, you will need a power of attorney in order to sell your parent’s home. If this is the case, make sure that you have completed this step before you put the house on the market. Selling your parent’s house can be stressful even without the headache of missing paperwork, so prior to putting the for-sale sign in the front yard, make sure you have all of the proper documents in order. These documents should include: titles, surveys, certificates of compliance, and inspection reports. Also, it’s important to have the mortgage information if applicable.
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Family Matters
No matter how close your family is and how well you get along, it is important to sit down and have a conversation with all stakeholders before you put your parent’s house on the market. The last thing you want to run into is a fight right before closing day. If the tensions are too high, we would suggest using a mediator in the process to ensure everything goes smoothly.
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Hire professionals to clean and declutter
While it might be cheaper to clean and declutter your parent’s house before you sell it, it can also be overwhelming and emotionally taxing. Spend a day or two picking out all of the important objects that your family would like to keep and cherish, but then call in the professionals to remove and donate items that are no longer wanted. Once the house is decluttered, hire cleaners to give the house a thorough cleaning and get it ready to sell. This will cost you more money than doing it yourself, but it will also make the process easier emotionally, especially if the house has been in your family for many years.
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Make Repairs, but don’t go overboard
We would not suggest any renovation projects before selling your parent’s house. Sure, the kitchen might be outdated, but price the house accordingly and it will sell. However, a new coat of paint and repairs to any obvious cosmetic damage will go a long way. Make sure you set a budget and stick to it!
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Be Realistic
Selling your parent’s house will require a level of patience and realistic expectations. If you are looking to make a large profit on the house, you might be let down. Rather, go into the process with the expectation that you want the process to go quickly and smoothly, and thus price it accordingly. Remember that an unoccupied home is not a good thing long term, so best to price the house to sell than sit on it waiting for a big payout.
Selling a family home will involve emotions for you and other family members. At Core, we want to honor your childhood memories, but if you find that your emotions are getting in the way of selling your parent’s house, we are happy to help assist you in the process. Please feel free to contact our team at 314-356-9052.