Making the transition from living independently to moving into a Continuing Care Retirement Community (CCRC) presents challenges for the whole family. It’s important to sell your parents’ home before they move into long-term care for a number of reasons. Find a real estate agent who understands the challenges surrounding senior homeowners. S3Living in Philadelphia has the expertise needed to expedite selling your parents’ home.
Why Selling Your Parents’ Home Is an Important Step
Selling your parents’ house before they go into a CCRC can prevent the state from putting a lien on it after your parents pass away.
Seniors do not have to sell their homes to get Medicaid coverage. However, the state may place a lien on the property after your parents pass away to cover the expense of nursing home care. This is known as “estate recovery,” which gives the state the right to recoup the expense of benefits from your estate.
If a spouse, child under 21, or disabled child still lives in the property, the state cannot file a reimbursement claim. However, many seniors have grown children or would like their survivors to benefit from their estate.
Selling your parents’ home starts with finding the right real estate agent.
Finding the Right Agent for Selling Your Parents’ Home
When it comes to buying or selling property, older adults have unique needs. Often, senior sellers have to significantly downsize their belongings to move into an assisted care facility. An understanding agent can provide advice on what seniors will need in their new homes. Choose an agent who understands the intricacies of estate sales and who can also recommend the best CCRCs.
To get you started, review the following overview of selling your parents’ home and getting them moved into the right long-term care community:
- Determine with the house’s value and list the property
- Handle negotiations with the buyers
- Find the best CCRC for your parents’ needs
- Downsize belongings
Consult a tax advisor if your parents have been in their home for a number of years. An experienced agent should have the connections to make an appropriate recommendation for this and other services. You need an advisor who can decrease the tax impact of selling the home.
The S3Living Difference
At S3Living, we help seniors find a suitable long-term care home and also help families sell their parents’ homes. The stress of this big move may cause some older adults to settle for less than their home’s true value. With the help of our home selling services, your family can receive a fair price for the property. Our experienced, licensed agents also advocate for the best interest of the entire family.
Listing and selling your parents’ house may prove overwhelming when you also have to deal with the emotional and logistical stress of moving your loved one to a retirement community. Turn to a full-service real estate company in Philadelphia for guidance through this difficult time.
Some of the services offered by S3Living include the following:
- Staging the home, including professional photography
- Advice regarding repairs and renovations needed to get the best price
- Moving company recommendations
- Listing and marketing the home competitively
Work with the determined agents at S3Living to help you make the right choices about selling your parents’ home.
Selling Your Parents’ Home in Pennsylvania
S3Living in Philadelphia lends support to older adults and family members transitioning seniors to long-term care. We can handle selling your parents’ home as well as finding the right community for your mom or dad in need of assistance with the tasks of daily living.
S3Living agents offer buyer representation for Continuing Care Retirement Communities and 55+ adult living communities. Learn more about our additional services to ease the transition for you and your parents by contacting us at 833.405.0263.