Selling the family home: A life transition filled with memories and meaning
By Korey Welch, Owner of Boom Realty
and Senior Mortgage Broker, Loan Factory
Selling the family home: Emotional and financial considerations
For many older adults, the decision to sell the family home marks one of life’s most significant transitions. It’s a move that carries not just financial implications, but a host of deeply personal emotions. After years – or even decades – of living in a single place, packing up and moving on is rarely just about bricks and mortar. It’s about memories, independence, and preparing for the next chapter.
The emotional side of letting go
A family home is often a repository of memories. Birthdays, holidays, milestones, and ordinary moments all become woven into the walls of a house. Letting go of a home can feel like leaving behind a piece of oneself. Seniors frequently describe feeling a mixture of sadness, nostalgia, and uncertainty when the “For Sale” sign goes up.
Adding to this, adult children often have their own attachments to the home where they grew up. Conversations about selling can stir up unexpected emotions, both for the homeowner and family members. Some seniors also worry about losing their sense of independence or facing loneliness in a new setting.
Recognizing and honoring these emotions is essential. Taking time to reminisce, involving family in the process, and focusing on the opportunities that come with a move, whether it’s simplifying life, being closer to loved ones, or accessing better healthcare, can help ease the transition.
Financial factors to consider
Beyond the sentimental value, selling a home requires careful financial planning. First and foremost, understanding the current market is key. Is it a seller’s market or a buyer’s market? Are home values in the area rising, or is it better to sell sooner rather than later?
Tax implications are another important factor. Many seniors benefit from the capital gains tax exclusion, which allows individuals to exclude up to $250,000 (or $500,000 for married couples) of profit on the sale of a primary residence if they’ve lived there for at least two of the past five years. However, for homes that have significantly appreciated in value, it’s worth consulting with a tax advisor.
Then there’s the question of what comes next. Will the proceeds from the sale cover the cost of a smaller home, condo, or rental? Will it support future healthcare or assisted living needs? Seniors should carefully assess ongoing living expenses, property taxes, association fees, and proximity to services and family when choosing their next residence.
Finally, the cost of selling itself should be considered. Realtor commissions, potential repairs or upgrades to attract buyers, moving expenses, and legal fees can quickly add up. That’s why it’s worth noting that I offer a full-service real estate experience for just a 1% listing commission, saving my clients tens of thousands of dollars compared to traditional broker fees. In fact, I recently sold a $2.8-million home, saving the seller $56,000 in listing commissions alone. With more than 25 years of experience in both real estate and mortgage, I’m here to help seniors maximize their equity and make smart, financially sound transitions.
Moving forward
Selling the family home is both a financial decision and an emotional journey. It’s a time to reflect on the past while thoughtfully planning for the future. With clear communication, professional guidance, and a little patience, this life transition can become an opportunity for new beginnings – one where memories are carried forward, and new ones are waiting to be made.
Choosing a senior housing option is a significant decision that requires careful consideration of personal preferences, health needs, and financial factors. As a 25-year veteran of both the mortgage and real estate industries, I understand the complexities involved in making these transitions. My goal is to help individuals and families make informed decisions that promote quality of life, independence, and peace of mind throughout the aging journey.
If you’re considering selling a home as part of this process, I offer professional real estate services at a listing commission of just 1% – a structure that can save sellers tens of thousands of dollars. I’m here to help every step of the way.
Korey Welch, Owner of Boom Realty and Senior Mortgage Broker (NMLS: 14991) with Loan Factory (NMLS: 320841), is a licensed mortgage broker/real estate broker based in Rockland. For more than two decades, Korey has been helping seniors determine the best fit. For a complimentary consultation, contact him at korey@koreywelch.com, 781-367-3351.
If you have questions about building an ADU, navigating local zoning, or how it might affect your property value, I’m always happy to help. As a 25-year veteran of the real estate and mortgage business, I bring deep experience and a personal touch to every conversation. And if you’re thinking of selling your home, I charge only a 1% listing commission – a model that has saved my clients tens of thousands of dollars. Don’t hesitate to reach out. Whether you’re building up, downsizing, or just dreaming big, I’m here for you.
