Olear Team

How to Talk with Your Parents About Selling The Family Home

Have you had “the talk” with your parents yet? No, not the one about the birds and the bees, but a crucial conversation about their changing needs and the potential transition from the family home.

While the family home may have been ideal for raising a bustling household, circumstances change as children grow up and parents age. Perhaps, a parent has passed away, leaving the remaining parent in a house much larger than necessary. Aging can also make maintaining a large home a physical and financial burden.

Before initiating the conversation, carefully assess the situation. Are there unused rooms, serving only as storage? Are necessary repairs being neglected? Consider financial aspects, evaluating whether the home remains affordable with changes in income and expenses.

Equip yourself with information about housing alternatives before discussing it with your parents. If independent living is feasible, downsizing to a smaller home, condo, patio home, or apartment might be beneficial. For those with health concerns, transitioning to a senior apartment or an assisted-living facility could alleviate the tasks associated with living at home. In cases of serious health issues, nursing home care may be the most suitable option.

If you’re unsure where to begin, consider consulting geriatric care managers, professionals who can analyze the situation and propose solutions based on medical and financial considerations. This external guidance is particularly valuable for adult children living at a distance from their parents.

Your community’s Department of Senior Services can also be a valuable resource, offering assistance with various age-related issues at no cost. Researching, making a call, and scheduling a meeting can provide helpful insights.

Every family and situation is unique, so be observant and discern when the time is right to broach this challenging subject. Don’t delay, as your parents might be waiting for you to initiate the conversation. If needed, don’t hesitate to reach out to my office for assistance.