Selling An Aging Parent’s Home in Minneapolis
Your elderly parents have loved being proud homeowners all these years. Their handsome landscaping once drew admiring glances from the neighbors. They finished the basement into an amazing place to celebrate life’s happiest moments. They might even insist they could still keep the place up if they really wanted to.
Unfortunately, that’s not always possible. When aging parents are downsizing into a smaller home, moving to a care home or in with you, leaving their pride and joy, their neighbors and perhaps decades of memories behind is far from easy.
Tips When Selling An Elderly Parent's Minneapolis Home
Here are five tips to help your parents sell their home in Minneapolis and move into the next phase of their lives:
- Surround them with love. This is bound to be a big job, so you’ll need help from friends or relatives. Try to convince siblings to take a couple of days off work. Having their loved ones around during the move could make this emotionally trying time easier for your parents.
- Get rid of things. Your parents have accumulated a lifetime of possessions and since they’re moving to a smaller home, you’ll have to find a new place for many of them – both for staging purposes and living comfortably in their next home. Buyers will want to see the home decluttered so that they can envision their own belongings there. Be prepared to encounter some resistance from your parents on this. They’ve likely developed an emotional attachment to collectibles and keepsakes, things that have become part of their identity. Be realistic about the value of these items. It’s not worth your time to try selling things that no longer have a market, such as decades-old furniture, China and Hummel figurines. Donate them to charity instead.
- Hire an experienced real estate agent to list the home. It’s always best to let an experienced Minneapolis real estate professional sell your home, but that’s especially true when your parents are elderly and you have your own home and family to take care of. If you and your siblings live out of town, a local agent who knows the market will be sure to list the property at market value. The agent also can refer you to other services and contract them for you if needed.
- Let your agent see first. Before clearing the house of furniture and décor, let the agent tour it to decide what, if anything should stay for staging. Much of it might be dated, especially the carpet, paint and wall coverings, but anything that still is attractive to buyers should remain.
- Determine where to put the proceeds. If one or both of your parents are moving into a nursing home, assisted living, or will receive in-home care in another house or apartment, Minnesota’s Medical Assistance program will require them to use cash proceeds from the sale of the home to pay for their care. Exempt from this requirement is up to $3,000 in assets for an individual and $6,000 for a couple. You might be tempted to have your parents transfer the property to you at no charge to hide the asset from Medical Assistance, but the program will penalize your parent needing long-term care if you don’t pay them market value for the home. This is a complex area of Minnesota law, and we strongly advise you to seek legal advice here.
If you are looking to help your parent sell their Minneapolis home, the Kris Lindahl team will be happy to advise on the pitfalls. Get in touch, today.