Selling a house at an older age

Are you considering selling your house as you get older? Perhaps you want to take advantage of the overvalue, buy a smaller house, find a house with less maintenance, or you are no longer mobile enough to continue living in your current home. In this article, we discuss the advantages of selling your house in old age and guide you step by step through the sales process. 

Reasons to sell your house in old age

If you've spent a large part of your life in the same house, it can be difficult to say goodbye. You've created so many beautiful memories there, and the sale may feel like the end of a phase. Of course, it is, so give yourself time. 

But, try to see the other sides of the coin too. There are many reasons why selling your house in old age is a good idea.

• Maintenance: A smaller house or apartment requires less maintenance and cleaning. If you're renting instead of buying, you don't have to worry about major maintenance at all; the landlord is responsible for that.
• Health and mobility: A home without stairs or a home adapted for seniors is future-proof. Here you can safely spend your old age.
• Financial benefit: Selling a house can bring great financial benefits. Especially if you have a hefty overvalue. This provides financial freedom, a pleasant side effect in your old age.
• Social contacts: If you buy a home closer to family or friends, this gives you the opportunity to spend more time with your loved ones. If you move to a senior home, there is often a common area to spend time together.
• Keep control: Many people prefer to stay in their familiar home as long as possible. That's understandable, but it can also mean that you have little choice when you are eventually 'forced' to move, for example, due to mobility problems. If you sell your house yourself, you are one step ahead. You can decide where you want to live and keep control.
• Facilities: Some seniors want to move to a location with more amenities. For example, a place with better public transport, more shops nearby, or a more pleasant climate.

Want to know what all is involved in buying a new home? You can read everything you need to know in our article on buying a house in old age.

What can you do with the overvalue of your old home?

Chances are that by old age you have paid off a large part of your mortgage. Selling your home suddenly frees up a considerable amount of money, provided you then move into cheaper accommodation. You may choose to buy a smaller house or rent. This can significantly improve your financial situation.

Make sure to get good advice from the right professionals to get the most out of your money. You'll have to deal with different rules concerning taxes and other financial considerations. For instance, it's important to put as much of the overvalue of your home back into the purchase of your new home. The part of the overvalue that you don't put into your new house is not tax-deductible.

A financial advisor or real estate agent can help you understand the best options for your situation, so you can get the most out of selling your house. 

Also, read our article on using the overvalue of your house.

Using home equity: what are the options?

Buying a house at an older age

Rent or buy a house?

Step-by-step plan for selling a property in old age

Below you will find our step-by-step plan for selling a property in old age. From the engagement to the receipt of the sale price in your account.

Step 1: Engage a good Real estate agent

Engaging a Real estate agent is a crucial step in selling your house, especially in old age. An experienced Real estate agent can guide you through the whole process, from determining a realistic asking price to negotiating with potential buyers. Moreover, a Real estate agent will take care of all the paperwork for you. That saves a lot of stress! 

Working with a Real estate agent can remove a lot of work, leaving you with more time and energy for other important matters during this transition phase. Below you can read how to quickly and easily find the best Real estate agents in your area. Also read our tips for comparing Real estate agents.

The costs of mortgage advice

Comparing mortgage advisors

Mortgage conversation

Paying off mortgage: to do or not to do?

Step 2: Prepare your house for sale

Before the real estate agent can put your house up for sale, pictures need to be taken for the (online) advertisement. Of course, you want to attract as many potential buyers as possible and receive a lot of bids after the viewings, so your house needs to look top-notch. For this, read our tips for making your house ready for sale and fixing up your house for sale. 

If the interior of your house is very outdated, you can use 'sale styling'. For more information about this, you can contact your real estate agent. He or she can also advise you on whether or not to use this service. Because you often achieve a higher sale profit and faster sale with sale styling, you usually get double the return on your investment.

Step 3: Put the house up for sale and schedule the viewings

If you have found a good real estate agent, they can put your house up for sale once all the owners of the house have signed. Sometimes the house is still in the name of a deceased partner, or the children are co-owners. Therefore, it is important to find out who owns the house.

Read here how to find out who owns the house and what you need to do to put the house up for sale.

Then the real estate agent puts the house up for sale. Because real estate agents have extensive knowledge of the local market, they know how to place your house on the market at the best price. They also know exactly how to promote your house in the right way, so the right target group is addressed and you get as many viewers as possible. The real estate agent then schedules and guides the viewings.

Most real estate agents take all these services off your hands. These are called 'full service real estate agents'. There are also real estate agents who perform only certain tasks for you at a reduced rate. On our page about the costs of a real estate agent you can read more about the different types of real estate agents. Make sure you know exactly what to expect from your real estate agent beforehand.

Step 4: Accept the best offer

Are there bids coming in? Discuss with your real estate agent if there is a suitable bid, and which bid is the best to accept. For accepting the bid, the owner(s)' signature is required. Are you not able to sign yourself, for example due to illness or being abroad? You can also sell your property by power of attorney. 

You can authorize a familiar person, but you can also authorize the real estate agent or the notary. In our article about selling a house with a power of attorney you can read everything you need to know.

Step 5: Finalize the sale and arrange the transfer

After accepting the buyer's bid, the sale is finalized. The real estate agent or notary draws up the purchase agreement. This document records all agreements between the buyer and seller. Think of the selling price, the resolutive conditions and the transfer date. 

The notary then checks the ownership papers, arranges the payments, and prepares the deed of delivery. The final transfer of the house takes place at the notary's office.  

Are you not physically able to come to the notary? Or have you been declared incapable, for example due to dementia? There are then three different ways to finalize the sale of the house. You can read them here.

Step 6: Receiving the sale price

When your house is sold, the notary plays an important role in handling the financial and legal matters. He or she ensures that any outstanding mortgages are paid off from the sale proceeds, and that notary fees and real estate agent fees are paid. If there is any money left over after this, this surplus is paid out to you. 

Do you want to use the surplus value earlier, because you need the amount for the purchase of your new home? With a bridging mortgage, you can use the expected surplus value for financing before you have received the amount. Read more about the bridging mortgage.
 

Do you have questions about our service? Contact us!

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