Real Estate for Seniors: Stay or Move
Sometime in a real estate client’s life the decision to move or sell will have to be made.
To avoid making a real estate mistake do not wait. A health crisis is never a good time to make important decisions.
Some of the reasons for making a real estate change are:
- Real estate downsizing in order to simplify
- Stairs becoming too difficult/Need for personal care
To get the highest real estate price for your home you need to make minor repairs, paint and stage.
This is time extensive, requires many decisions and is often exhausting. So whether you stay or move—do it when you are physically healthy and have the emotional and mental stamina to make such a big change.
You may want to try a new location which means moving out of your home and renting with the possibility of moving back. If you decide to rent, please get a real estate professional to help you with the rental. Be aware there are very strong San Francisco rental regulations and your real estate agent needs to be versed in San Francisco rental control laws.
A few real estate rental hints:
Please make sure you call the prospective tenant’s past landlord. As a real estate landlord myself, I have found that sometimes a current landlord won’t tell you the entire truth if they want to get rid of a troublesome tenant. So the most important qualification besides an employment and credit check, are previous landlords’ recommendations.
An additional detail that I have done, which few Realtors do, is to physically see the prospective tenant’s current living situation.
That way you can see for yourself exactly how the tenant lives. The shorter the notice you give them to see their unit, the better chance you have of seeing reality. If for some reason you can’t check out their apartment, and then check out their car. How they treat personal property is important when interviewing tenants.
Also, if the renters have a pet and you are fine with pets, meet their pet first. I like to rent to tenants who have pets, because they tend to be more appreciative of getting a home and end up being a better tenant. Also, if you want your property protected, a barking dog can be an asset.
Remember if you decide you do not want to move back into your home, consult your accountant how they will affect your real estate tax wise.
Be aware that any real estate clients names have been changed to protect their privacy. Furthermore, Paula Pagano does not accept any liability for the content of any Blogs and this Website or for any actions you take or resultant consequences of actions taken based on the information provided in this communication. Any advice is my opinion after being a 35 year experienced real estate agent in San Francisco.