Ones For Real Estate: Selling An Aging Home
FORT WORTH (CBSDFW.COM) — It's been reported U.S. Baby Boomers own more than 32 million of America's homes.
With many of them reaching retirement age, and others already retired some are considering selling their homes and downsizing according to David Hicks, the CEO of HomeVestors.
He is offering a few tips for Baby Boomers and their families as they make the decision to sell their aging homes and move into their next dwelling and chapter in their lives.
Hicks said, "The reality is that there are a lot of Baby Boomers that are out there getting up in age and they are looking potentially to do something with their house."
First thing to consider he says is to make sure the home is updated. "Maybe they've kept it in good condition but yet there are still a lot things that don't quite fit in today's market"
As an example Hicks points out home design and décor trends that are no longer relevant or desired, like sea foam green tile, or pink walls.
Hicks says updating an outdated home usually costs at least 20% of the home's value.
If the home is updated Hicks suggests that you can get the most profit by using an agent to sell it, but if you don't have the time or money to make the fixes needed he suggests selling to an investor as is.
He said, "Are they going to want to make repairs or are they going to want to sell the house as is? Do they have the ability to make repairs? Do they have the money? Do they have the energy? Sometimes it's not money it's energy to make all of those repairs that need to be done."
Lastly, Hicks says families must consider where they're going after the sale. He suggests considering, "Where are your parents going to move? Do they need help? Is it just an apartment so find that first."
