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3 Tips For Senior Citizens Selling Their Homes

A mistake while selling a home can cost heavily to the seniors. So, they must plan everything very well before they sell their home.

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Amit Sethi
January 16, 2024
Senior Citizens Sell Their Homes

Senior Citizens Sell Their Homes

Whether you buy a home or want to sell it, the transaction amount is often huge, and therefore, you can’t afford to make mistakes and miss out on crucial steps. Especially if you are a senior person and want to sell your home, you need to take every step with utmost care and planning. So, here are three tips that can help senior citizens sell their homes

Avoid Rushing Into A Sell Decision, Plan In Advance

Buying a home is not easy, so why should you rush when you want to sell it? Once you have decided to sell the home, you should immediately start planning every step in detail. For example, you need to make a plan for things like how to find the right buyer for your home, do you need to repair your home to fetch a better rate, after selling your home where you will live, how you would use the sale proceeds, the timeline to sell your home, tax implications on capital gain and so on. Planning can help you save time and get the right price for your property.

Also Read: Here Are 3 Reasons Why You Should Relocate

What’s The Right Price To Sell Your Home?

Assessing the value of your property requires a lot of due diligence. To know what price you should sell your property, you should check the price of similar property that may have been sold in your society or the locality. You can also take the help of an expert property valuer to estimate your home’s market price. Usually, factors such as the location, age of the property, maintenance status, features and amenities, etc., impact the price and the demand and supply of the property in the area.

Make Sure How You’ll Use The Sales Proceed

On selling your home, you’ll receive a huge amount of money. As a senior, you should be ready to allocate such a huge corpus in advance. For example, you can use the sales proceeds to buy a new home, adjust the outstanding loan amounts, invest in your future goals, and so on.

Other Important Points That You Should Keep In Mind

You can involve a legal expert to process the sale transaction without dispute. Senior Citizens Sell Their Homes may result in a capital gain, which is subject to taxes at applicable rates. However, there are a few ways to save the taxes. You may consult a tax expert in advance to determine how to manage the tax liability arising from selling your property. If you live in the home you plan to sell, then make sure to arrange your next abode before you vacate the existing one.

The author is an independent financial journalist.

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