Our parents are the guiding light for many of us while growing up. They have supported us through good times and bad for years, often sacrificing so we would not go without. At some point, there may come a time when it’s our turn to help them.

One of the tasks adult children face is selling the family home on our parents’ behalf. Understandably, there are both legal and emotional challenges that go with the territory. In this post, we’ll give you a few ideas to navigate the situation with ease.

The Value of Professional Guidance

No matter what stage you are at with the selling process, it never hurts to connect with a local real estate agent. You have enough to deal with in your own life. Adding the task of selling someone else’s house on top of your busy schedule can quickly get overwhelming.

A professional real estate agent will be able to talk you through it all while connecting you with other resources you may need. If you need legal advice, and you almost certainly will, we can put you in touch with an experienced lawyer to make sure all of your bases are covered. This support network can alleviate at least a little stress from a highly complicated situation.

A solid understanding of the Winnipeg real estate market can help you make the most of your parents’ sale. You can catch up with the resources below:

• How Much Does It Cost To Sell A House In Winnipeg?
• 3 Things To Know Before Selling Your House In Winnipeg
• A Step-By-Step Guide For First-Time Sellers In Winnipeg

Talk About the Options

Downsizing can seem like a simple path, but there are a myriad of options after selling the family house. Some of these will depend on your parent’s mental and physical ability to manage as they get older.

If they are still active and cognizant, the sky is the limit! They may wish to relocate to another province or become snowbirds somewhere in a tropical paradise.

Not everyone wants to head off to a distant land, even when they are physically capable. Some want to be close to their children, grandchildren, and the friends they’ve grown to love throughout the years. Still others are mindful of the future. Though they are fit and healthy now, they want to be prepared for what may be on the horizon.

• Assisted living in a suitable retirement facility may be a possibility. These can be modern and comfortable living spaces where residents can enjoy independence. But they’ll have support when they need it most.
• A condo or smaller townhouse might be the best move for older adults who love their privacy but no longer wish to maintain a large property.
• You might even decide to build a secondary suite or laneway house on your own property to keep your parents close by.

Endless options are on the table but the time to talk about them is now. Everyone should have a plan for what happens when their parents are no longer willing or able to handle tasks like selling a house.

Winnipeg is getting more attention from homebuyers everywhere, including those who are downsizing! Learn more in our post, Should Retirees Consider Moving To Winnipeg?

Will You Need Power of Attorney?

Power of Attorney (POA) is a legal designation that allows one person to make decisions for someone else. It’s a little beyond our scope as real estate agents, but we are happy to provide you with a big-picture perspective. There are two types of POA your parents may need.

1. Power of Attorney for Legal and Financial Matters: You have the authority to conduct business on your grantor’s behalf, such as managing investments or, in this case, selling real estate.
2. Power of Attorney for Personal Care: This puts you in a position to make medical and health care decisions for someone else.

No matter which way you look at it, Power of Attorney is a sobering responsibility. You’ll have a legal obligation to act in the best interests of your loved one. Needless to say, you can’t abuse this power to compel them to do something they would not want.

Whether or not you need this authority depends on the scope of assistance your parents have asked for. If they want advice or help with packing, you may not need POA at this time. If you need to sign legal documents or make sweeping decisions for them, POA is likely required. A good estate planning lawyer can guide you through the what, when, and how of gaining the authorization you need to move forward.

Do you want to know more about what POA means? You can get far more detailed information in our post What Can You Do With Power Of Attorney In Manitoba?

Maximum Results With Minimum Effort

Once the legal matters are out of the way, it’s time to turn your attention to getting the best possible results from the sale of your parent’s home, which brings us back to our forte! A sale for someone else can be a little different than a regular real estate transaction.

You don’t always have the ability to repair, upgrade, or renovate the house before putting it on the market. Still, your parents may be counting on those funds to support them in their retirement years. And if you have POA, you have a fiduciary duty to do the absolute best you can.

This is where your local real estate team can step in. We have positive relationships with an entire network of contractors and tradespeople who can transform the house quickly and without hassle. Whatever you don’t have time for, we can take care of, including:

• Home inspectors to spot issues and areas for improvement before a buyer takes notice
• Professional cleaners to clean and declutter the space
• Contractors to paint and perform minor repairs and make the home show-worthy
• Stagers to arrange each room in a way that potential buyers instantly fall in love

Want to know more about how to get your home ready to impress potential buyers? You may enjoy Is Staging Really Necessary When Selling Your Winnipeg Home?

Preparing a home is usually the most time-consuming aspect of the selling process, but it can be almost entirely hands-off if you prefer. In addition, a knowledgeable real estate agent will know how to price the home competitively for the market while generating maximum exposure through online and offline advertising. With the right guidance, you and your parents can enjoy a relatively seamless transaction so everyone can look forward to their next steps.

Do you have questions about selling a home for someone else? Our Winnipeg real estate agents are happy to help. Reach out to info@goodfellowrealty.com or call 204-224-2551 to get started.