Selling a house and moving in with family can be a significant life change, especially for elderly parents. If your mum is considering selling her house to live with you, it’s essential to understand the process and its implications.
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Why Sell the House?
There are several reasons why your mum might want to sell her house and live with you:
Health Concerns: Increased needs for support and care.
Financial Reasons: Downsizing to a more manageable living situation.
Family Connection: Wanting to be closer to loved ones.
Steps to Take Before Selling
Before making any decisions, it’s important to have an open conversation with your mum about her feelings and plans. Here are some steps to consider:
Talk to your mum about her reasons for selling and what she hopes to achieve.
Understand the financial benefits of selling, including freeing up equity and reducing maintenance costs.
Think about how selling the property impacts inheritance and taxes.
What to Consider When Selling?
Selling a property entails various considerations:
- Selling through agents can be costly, with typical fees ranging from 1% to 3.5% of the sale price.
- How quickly does she want to sell? The housing market can be unpredictable.
- It may be necessary to repair or renovate to maximise the sale price.
- If you need to sell property as is then consider a property buying company such as Property Saviour as we will buy any house in any condition.
This table shows pros and cons of selling the house:
| Pros | Cons |
|---|---|
| Access to cash for expenses | Emotional stress of leaving a long-term home |
| Potential for a simpler lifestyle | Logistics of moving and adapting |
| Closer family support | Possible need for renovations to new home |
Moving In: What to Plan?
When your mum decides to move in, planning is essential:
- Ensure your home is safe and accessible for her needs.
- Determine how you will manage her care daily.
- Discuss if or how she will contribute to household expenses.
Insider’s Tips
Selling her house and living with you is a viable option but one that requires careful planning and open communication.
Make sure to assess all aspects and prepare for this significant change together:
- Talk to other family members to gather support and express all perspectives on the situation.
- Ensure that any power of attorney is properly registered and used in the best interests of your mum.
- Understand the implications of inheritance tax on any gifts or property transfers.
How can my mum avoid paying certain selling fees?
Selling to Property Saviour means you won’t have to pay any selling fees. In fact, we will contribute £1,500 towards your mum’s legal fees.
What are the tax implications of selling a house to live with family?
It’s essential to consult an accountant to understand any tax implications, including inheritance tax and capital gains tax.
Can I inherit my mum’s house if she sells it and lives with me?
Yes, this is possible but be mindful of gift taxes and inheritance tax rules which can affect your plans.
What if she needs long-term care?
If your mum goes into a care home selling the house may impact her eligibility for long term care benefits.
Sell Your Property in Days, Not Months
Selling a property through traditional estate agents or auction houses can be a frustrating and time-consuming ordeal. Estate agents often charge exorbitant fees, which can significantly eat into your profit margins. Their sales processes can be slow and unpredictable, leaving you in limbo for months on end. Auctions, on the other hand, are a gamble, with no guarantee of a sale or a fair price. You risk selling your property for a fraction of its true value, and buyers may discover hidden problems after the sale, leaving you with a costly headache.
In contrast, selling to Property Saviour offers a swift and stress-free solution. We provide instant offers with no hidden fees, and we cover at least £1,500 towards your legal fees. As genuine cash buyers, we don’t rely on mortgage financing, which eliminates the risk of the sale falling through due to financing issues. Our process is transparent and efficient, ensuring a smooth sale that meets your needs.
If you’re tired of the hassle and uncertainty of traditional property sales, request a call back from us today. Our expert team will guide you through a seamless sale, so you can move on with your life. With Property Saviour, you can sell your property quickly and with certainty, avoiding the pitfalls of estate agents and auctions. Don’t wait – get in touch with us now to discover a better way to sell your property.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
