OK, so Mom and Dad are moved to a new retirement community. You and your family members scurried and got them settled, and then you walk back into a home that has been lived in for 50 years.
You start the checklist:
- Carpets are horrible and need to be replaced,
- Light fixtures are dated and old
- House needs repairs, and a lot more than what you anticipated
- Faucets are old and need to be updated.
- The bathroom and kitchen both need a gut job
- The yard is overgrown
Pretty soon that list gets so big that it can be overwhelming. How can you find that happy place where your family can maximize the value of the home, but at the same time, not be out-of-pocket too much? Where do you draw the line?
Living here in the Pacific Northwest we have a very hot real estate market, especially in the late spring and summer. Homes are selling within a week of being on the market, and most often they are awarded through a bidding war, or escalation clause written into the contract. Yet, elsewhere in the country, if Mom and Dad live in another state, you may need to make the kind of improvements necessary to get a solid offer.
Speaking with a realtor that specializes in working with seniors can be an important resource for you as a family. Especially if you have moved Mom & Dad to another city to be with you and their home is left behind. There are numerous providers who can help you to find that happy medium in making a few repairs because it’s necessary, but in other situations, allow the next owner to make changes that they want.
Possessions
As a family, hopefully you have identified items that you want to keep, and some you want to get rid of. You may have some valuables that need to be sold, and other items you might want to donate to charitable causes. Hopefully the sorting has been complete.
In addition, if it is a family home that you all grew up in, don’t be surprised if there is resistance among your siblings. There may be emotions in letting go of the home by others. Sometimes these practical decisions can be met with a fury of emotions from others in your family. This is also a process, and sometimes takes time to get everyone on the same page.
Find a way to work with estate sale companies who can find the true value on items before you sell things. You might find true treasures that are within your parents’ walls. Not too long ago I heard a story about a mid-century modern credenza that was sitting in Dad’s office of a family who was moving him out. Dad had been a successful Boeing executive in his past, and as they were unpacking the office, back in a drawer there was a signature. It said: “Howard Hughes.” They didn’t think too much about it, but they decided to have the signature verified. Turns out that the credenza was in fact the property of Howard Hughes, and he had gifted it to their father from an airplane deal that had happened in the early 50’s! (The family never knew this story!) Needless to say, the piece went up for auction, and it sold for over $50,000!!
Stage the Home with Current Furniture and fixtures
It’s proven that no matter how hot the market is, staging a home will get significantly more for a home than it being empty. Likely your parents’ furniture is old, and not welcoming to a home buyer. Work with a staging company to find ways to bring your parents’ home current. It might mean investing in some new faucets and light fixtures at the very least. It might mean a fresh coat of paint in a current color, or even painting the front door for a fresh new appearance.
Don’t Forget Curb Appeal
Remember this. If the home isn’t appealing from the curb, no one will step inside. Don’t forget to have a clean fresh appearance outside. Plant some flowers or containers out front. Make sure that the lawn is freshly mowed and watered. A good curb appeal will tell a potential buyer that this home is cared for and loved. It will tell them that it’s the kind of home that will bring the same to them.
Final thoughts: It took me close to three months to get my mother’s home ready for sale. Then, after it sells it sometimes takes 6-8 weeks before closing. That means it could easily be 4-5 months that your parents’ assets in their home will be freed up. You should anticipate working out a plan of a financial bridge to get Mom and Dad through for this time before the money is available from their home, if it is their only asset. Sometimes senior communities will work with you as well in this time, so don’t be afraid to ask.
Here’s wishing you all a great success!
