Bruce Nemovitz

In my many years of real estate experience, I've found that the transition from long time home ownership to a senior apartment can be challenging as well as a source for anxiety. The following are questions that often come up after that deposit is made, as well as the commitment to move:

Q. I know my move in date. When should I put my home on the market?

A. I suggest putting the home on the market 60-90 days prior to the move-in date if you want it to be sold before you move into your apartment.

Q. Should I sell my home before my move-in date or after?

A. This decision usually depends on your financial situation as well as your comfort level. Determine what funds will be needed to transition to your new apartment. Can you afford to begin your monthly payment without using the funds from the sale of your home? If so, try and allow for 4-6 months payments, even though you may not need that much. It's better to allow for more payments than you will probably make, so that you can avoid the pressure of needing a sale too quickly.

Also consider your personality when deciding to sell after your move-in date. Are you a worrier? Can you sleep comfortably knowing that you are in your new apartment and your home is vacant? Some folks can, others shudder at the thought.

Q. Will my home sell better with or without the furniture? A. In most cases, the home will show better with furniture inside. However, in cases where there is too much clutter and nowhere for it to go, it may be better to have a vacant home. If the furniture is very old and tired, it may also be better to show the home vacant if possible. Again, in the majority of cases, your home will sell better and faster with furniture.

Q. How can I avoid the stress of having to move out of my current home, close the deal, and move into my new apartment all in one day?

A. No problem! We can structure your offer with your buyer so that you will have no stress at all regarding the move date and occupancy date. Here is an example:

Your move-in date in your new apartment is April 1st. You put your home on the market February 1st. On February 2nd. (Boy that was quick!) you receive an offer to purchase from a qualified buyer. They want you to close and be out March 15th! That won't work. So we counter the offer to reflect your wishes for a smooth moving situation. We agree to a closing date of March 15th (since the buyer's lenders will only lock in their interest rate for 30-45 days). On the closing day, you receive your money for the sale of your home. You are no longer responsible for taxes or maintenance of your home as of March 15th.

We include a clause stating that you can stay on, as a renter in your home, until April 30th at so much per day. Usually the daily amount is based on 1/30th of the buyer's monthly payment. If their payment is $1600 per month, than you would pay $40 per day, but only for the days that you stay. So, if you move out April 15th and the closing was March 15th, you pay rent for 30 days x $40 per day, or $1200. Remember, your move-in date was April 1st and your contract with your buyer allowed you to stay until April 30th, if needed. This is a full month after your move-in date. That is peace of mind and comfort to know that you are not pressured to move, close, and move again all in one day!!

Q. When do I start the process of downsizing?

A. It's never too early to start. Begin sorting today! There are companies that will downsize for you. They work with donation organizations, estate sale companies and movers. These firms will organize and pack for you, as well as unpack and help with the entire move process. Your family may wish to help with the move, so call them today to start to claim the treasures that they would like.

Q. When do I have an estate sale?

A. Many of my clients find that the estate sale works best when timed between the accepted offer and the move date. If you've structured your move date deadline to be after the date your rent begins, then you can close your deal, move into your new apartment, and have the estate sale after you've moved out. Otherwise, have the estate sale after you know the buyer has committed to purchasing your home (usually after the home inspection has been approved by your buyer, which is generally ten days after you've accepted your offer).