Rent or Sell Home

What do we do with the house?

Many adult children are faced with the emotional task of helping their parents move to a retirement or assisted living facility and then having to figure out what to do with the empty family home. Fortunately in today’s market you do have several options.

 

Rent It Out – The rental market is strong right now and the average rents are higher. You may easily be able to charge enough to pay the mortgage and then some, or earn money from a free and clear home to help your parents pay for their new living space. Renting is not without its risks, make sure to consult with a property management company to help you with the process.

 

Sell It As-Is – If the home needs a lot of repairs or updating that you are unable to do yourself, you might want to consider selling the home to an investment company. A “we buy houses” company such as STL Real Estate will purchase the home for cash without making you go through real estate agents and inspections. You net less profit from the sale of the house but save yourself time and money on repairs and commission.

 

Fix and Sell – If you want to sell the home for top dollar you will want to clear the home out (perhaps an Estate Sale) and do all the necessary repairs and updates to make the home match the local market competition. Hire a real estate professional to help you price, stage, market and sell the home. This will take more time, effort and money upfront but can net you the highest return in the end.

 

 

Video Transcript Stephanie Dacey Talks About Helping Your Parents With Real Estate:

PS – STL Real Estate has put together a whole video playlist like the above that focuses on helping your parents sell their home after retirement. If you would like this video information for free, along with other free resources please visit our senior resources page.

When my parents move to assisted living, should we rent or sell their home?

When elderly parents move into an assisted living or retirement home, they are going to have an option of renting the house out or selling the home. The option you choose can depend on how you are taking care of your parents as far as more than one sibling, is it just you, does the house still have a loan on it, are there some parts of the home that are important to keep in the family, maybe then the option is to rent the home out and make an investment out of it. There are risks with that but, if you are willing to be a landlord and have a family rent it for a particular amount of money per month for a year or two years depending on how the market is and how much energy you want to put into the home that can certainly be an option. It just goes a different way for each person because there might be a time where you are in the same community and you have that time to be a landlord or you might be out of state and your parents are living in a different area of the state and it might just be too much of a hassle. In that case putting it on the market and finding that right real estate agent to market and sell the home for the most amount of money possible might be best. –Stephanie Dacey, Senior Real Estate Specialist

Article Written By: Stephanie Dacey, a licensed Real Estate Agent at STL Real Estate. As our lead listing agent, Stephanie is an expert in pricing, staging and negotiations. If you are thinking about selling, fill out the form on this page to contact Stephanie. STL Real Estate is also a “we buy houses” company that could purchase your house with cash under the right conditions as well. If you need to sell your home fast in St. Louis, we can help!

By | 2017-12-05T08:24:25+00:00 September 17th, 2015|Categories: 1. STL Real Estate, Blog, Homeowner Tips, Real Estate Agents, Sell House Fast|Tags: , , , , , |