Moving is among one of the most stressful life changes, but if you’re a senior, it can be even more overwhelming from both an emotional and physical standpoint. You’re putting your home up for sale, sorting through decades of personal belongings, and family heirlooms. Packing and figuring out how to get everything from point A to point B can feel paralyzing.
But with careful planning and an understanding of what resources are available to you, you can start the next chapter of your life stress-free. Follow these 8 simple steps to get started on your transition.
Tax Breaks And Financing
1. Understand the tax breaks that come with selling – If the value of your home has appreciated over time, you could have a decent amount of equity. If you’ve physically lived there for at least two of the five years prior to selling, you may not be on the hook for the taxes on the profit you make from the sale. Tax laws state that a single filer can claim up to $250,000 in profit without taxes and $500,000 if married.
2.Agent vs. FSBO – By selling on your own you avoid a four to six percent agent commission fee on the sale price, but note that a good agent can help with the negotiation process more effectively. If you decide to work with an agent, try to find one that’s SRES (Seniors Real Estate Specialist) certified. These agents specialize in the sale of a home for clients age 50 and older. They can help you face emotional and financial challenges, avoid senior-targeted loan scams, and put you in touch with other experts to ensure your move is a smooth one.
3.Shop for financing – If you need to finance a new home, research what works best for your situation. Don’t be afraid to get creative. For example, if you’re a veteran and you have equity in your current home you want to put toward a new home, consider a VA loan with the option for a refinance cash out so you can use some of that equity to pay off your old home and purchase the new home. VA loan interest rates are often lower, and you may not need to put any money down on the home.
Plan And Hire Help
4.Plan the move – Set a firm date so you can create a timeline to ensure everything stays on track, especially if you’re moving out of state or across the country. Consider scheduling your move during non-peak times to save some money. Research the top-rated moving companies in Glendora, which charge $69-$100 per hour to hire two movers. Choose a company that offers insurance coverage in case of damage to any items.
5.Hire help – If your budget allows, consider hiring a senior relocation specialist or move manager to help coordinate the move, sort and pack, arrange charity pick-ups, and assist with unpacking and arranging at your new home.
Get Paperwork In Order And Plan For Your Pet
6.Collect important paperwork – Make it your duty to collect important paperwork such as medical records, deeds, wills, diplomas, degrees, passports, military records, birth certificates, and Durable Powers of Attorney., Place them in a safe spot so they don’t get lost in the shuffle during the move.
7.Implement address changes – Along with a post office change of address, be sure to update your bank, investments and retirement accounts. Also, your Medicare and Social Security, voter’s registration, and driver’s license. Make address changes to your car registration, newspaper or magazine subscriptions, accountant, lawyer, or insurance agent. And remember your social clubs and church with your new address.
8.Plan for your pet – If you think it will be too frantic to move your pet the same day as the big move, arrange for someone to watch it until you’re settled so that the transition for the pet isn’t overly stressful, too. You can find local pet sitters and boarding facilities online, or ask a friend or family member to help watch your furry friend.
Though the situation lends itself to emotion, advancing into the next phase of your life can also be exciting if you plan for a seamless moving process. Remember that you do not have to go through this process alone.
Don’t be afraid to enlist the help of family and friends who can help you reach out to applicable resources or lend a helping hand themselves. Contact the NuHome team if you need help. We have a full network of people that can help you during your transition.