You may be wondering if it’s time to sell the family home in Hampton, VA or surrounding area. Many clients have come to me wanting to discuss their available options. It’s a good time to consider selling, especially if your plan is to downsize significantly or if you are considering transitional living.
Ultimately, what you need in your 50s and 60s and beyond is something a little different from what you needed in your 20s, 30s, and 40s.
Most of the 65+ sellers I talk to tell me that less maintenance and peace of mind are major concerns. For others, it’s more about lifestyle; the freedom to travel, to visit family, and to take more time for hobbies and leisure.
Whatever your reason, you’re right to weigh out the advantages of selling the family home home in this market.
Considerations for Seniors: Is it Time to Sell the Family Home in Hampton, VA?
Have you spoken with your family?
That doesn’t necessarily mean that you have to change your plans; in fact, I think you know your situation best and are in an ideal place to make your own decisions. However, I find that selling the family home runs more efficiently when there’s been communication and family members are on board.
Will you give a family member ‘power of attorney’?
Whether you decide to sell the family home or keep it, have a conversation about your plans for the future. This includes whether you’ve designated a family member to receive a power of attorney in case of your illness or incapacity. Having the conversation in advance makes your loved ones more prepared to carry out your wishes.
Have you spoken to a financial planner and CPA?
At some point there was a one-time exemption to the capital gains tax if you were 55+, but that no longer applies. If you sell your family home and don’t re-invest into another type of real estate, you may be subject to capital gains taxes!
Have you discussed plans with an estate planning attorney?
If you decide not to sell the family home now, you may still want to talk to a CPA and an estate planning attorney to help you come up with ways to avoid potential issues in the future. Laying the groundwork now may help ensure that things are done with less hassle and according to your wishes.
If now is the time to sell the family home in Hampton, Va…..what work needs to be done?
Some houses sell for beyond list price, but how much beyond depends on the condition of the home. If it’s been awhile since you made major upgrades to the home, you may find that you’re not able to get top dollar. But that’s fine! We can talk about updates and improvements that can be made to boost resale value when it’s time to sell the family home.
Where will you live after selling the family home?
For buyers and sellers who are 55+, there are a host of unique considerations, and you’re smart to want to make sure that you’ve thought through all options before you jump headfirst into something you’re not quite ready for.
Think long and hard about how you envision spending your retirement and the area you want to live in.
Do you like to garden? If so, then you probably need at least a modest lawn space.
Do you enjoy golf or outdoor recreation? Then perhaps a lifestyle community may be worth considering.
Have you always dreamed of traveling the world? A condo with no exterior maintenance may be right up your alley then!
On top of all these things, you should consider weather, healthcare providers, and proximity to family as helpful metrics to determine where to set new roots. After all, planning for the future as best you can will alleviate some stress for yourself later on.
Where does all your ‘stuff’ go when it’s time to sell the family home?
Even the most organized of folks have an abundance of stuff after a few decades. It begs the question how do we decide what to do with it all?
When you are moving it may not be possible to take everything with you. Breaking it up into categories may help you sort things easier when selling the family home.
Items like extra sets of linens, extra bedroom furniture, and tools may be sold, given away, or donated.
After that, consider some of the more treasured possessions that you have. You likely have someone in mind to pass those things along to; giving them the items sooner rather than later lightens the load. You will have peace in knowing these sentimental items went exactly to whom you wanted to give them to.
Lastly, consider keepsakes from your children in their youth, or mementos you inherited from parents or grandparents. Those are the tough things to sort through and surely you don’t have to part with it all; perhaps paring down and keeping only the items that mean the very most to you is a slightly easier task.
Let’s Talk.
Selling the family home is a huge decision, and there are a lot of things that might surprise you. Wherever you are in the process, I can help.
Buying and selling real estate isn’t something that you do every day. You should maximize the value of the investment you’ve made in your home.
I’d love to set up a time to talk about your goals, both in terms of selling you family home and what you’re looking for next.
There are lots of great neighborhoods in Hampton Roads suitable for your desired lifestyle; there are some great luxury gated communities like Ford’s Colony in Williamsburg and Kingsmill on the James. Historic neighborhoods like Phoebus in Hampton and Hilton in Newport News offer shopping, dining, and a small town feel.
Let’s talk about what you want your retirement to look like and how we can get you there.
For more information, or to set up a time to talk one-on-one about your options, give me a call at 240-381-5596.
Coastal Towne Realty
