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.
Go directly to:
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.
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.
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.
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.
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.
We help you quickly and easily find the best real estate agents for selling your old house and buying your new house. Find the best real estate agents at competitive rates, and if you wish, schedule an appointment with a mortgage advisor.
Receive multiple proposals from real estate agents in your mailbox over the next few days!
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.
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.
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.
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.
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.
We help you quickly and easily find the best real estate agents for selling your old house and buying your new house. Find the best real estate agents at competitive rates, and if you like, you can also schedule an appointment with a mortgage advisor.
Receive multiple proposals from real estate agents in your mailbox over the next few days!
Do you have questions about our service? Contact us!