Many people will have to sell their homes when moving into assisted living. Whether it’s to help fund senior living and care or simply downsizing, selling your home can be a lengthy process. While it can be difficult to part ways with something that holds so many good memories, there are some benefits for selling your home when moving to senior living Casper WY.
Selling a home can have tax implications no matter what age you are. However, selling a paid-off home can bring in profit when sold in the right conditions, including long-term capital gains. There also is a significant cut in monthly costs like insurance and property taxes. At assisted living Casper WY, you won’t have to worry about property tax or home insurance! Wyoming is also a state with some of the best tax rates in the nation, making it an added benefit of selling your home.
You may consider updates and repairs on older homes to make it more sellable. According to the U.S. Census, half of homes sold by individuals ages sixty-five and older were built before 1975. Older homes may have a lower market value – homes owned by seniors are valued eight percent lower than average simply because of the home’s age and outdatedness.
Once you’ve decided to sell your home, you will need a realtor. Realtors are a valuable resource for seniors selling their homes. They can provide expert advice and help you price your home fairly for its age, condition, and location.
Once you’ve found a realtor, you’re ready to put your home up for sale! A realtor can help you decide which buyer to choose since many factors like financing and timelines can be considered.