What do with the House? A major decision!

This article has been kindly written for ‘Widowed World’ and submitted by Paul Clarke (MNAEA) of Clarkes Estates, Bognor Regis, West Sussex.

There is simply no right answer. But, whatever you do decide to do, you’ll likely have more options than you think, so don’t make a rash, emotional leap … find out your options and plan a calm and considered way forward.

Even in the best of circumstances, moving home is considered by psychologists as one of the top 3 most stressful things a human being can experience. You’ve already experienced the top one by becoming a widow, so be gentle on yourself, you are after all, only human.

You may find it useful to consider:

Do I want to move?

Do I have to move even though I don’t want to?

What alternatives are there to moving?

If I don’t move now, will I be able to cope when I finally have to move?

Who can help me if I do move?

What should I do next?

Ok, so let’s look at alternatives to moving. You can still cope with the house, your life is right here, and you want to stay where you are … right then … so why are you reading this? Well, most likely, because you are under pressure to move, and most likely of a financial nature, or from family members.

Equity Release. Financial Advice is beyond the scope of this article; however, if the only reason to move at all is financial, then it may be worth considering using an equity release scheme. These are heavily dependant upon factors such as your current age group and life expectancy, the value of your home and what your intentions for your estate are. The principle is along the lines of; “you get the equity to spend now, you retain a lifetime right to live in the property, but you give up ownership of the property. Upon your death the equity release scheme sells the property and keep the funds”
Let’s face it, if you have no family to bequeath your wealth to, you might as well enjoy spending it. You can also do this with only part of the property, and thus leave something to your estate.
But beware, these schemes are not without their pitfalls. You will find it more difficult to later move house should you live longer than you expected, for you will have reduced funds, or worse, no funds from the sale of the house to go towards your new home, or care. And for those of us who do have families, which is most of us, you will want to consider carefully how this impacts inheritance funds.

Family Pressures. Talk this through with them at length. Make sure you tell them how you feel, and then listen to them tell you why they have concerns. Maybe you can cope, and don’t need help, but perhaps there are valid concerns that your family have. Listen carefully. Consider if you would have those same concerns if your parent(s) were in your shoes today.

OK, I am going to sell, what now?
Good Luck. Firstly, is there a family member who can help you? If you feel out of your depth with the prospect of all those Estate Agents in shiny suits (we are a persuasive breed aren’t we!) then maybe a family member, or a friend who has recently moved, can both steer you in the right direction, and can take the brunt of the pressure of decision making.

Sharing a decision like this usually leads to a better decision making process. You will not be pushed in to a rash decision without your family members input, and your family member will have your interest at heart.

Selling a home involves so many different issues that doing good job of it is a full time job. It’s why Estate Agents exist. So, once the decision to move is made, choosing the right Estate Agent becomes the central issue.

A good estate agent will sell your home for you. A great estate agent will lead you through the entire move process. They will tell what you need to know, tell you what you need to do, when you need to do it, and what to do to your home to help them sell it for you, leaving you to get on with your life whilst they take care of the details. So choose carefully, it’s an important decision.

These are the issues to pay attention to:

Look for membership of the National Association of Estate Agents. Check for the logo on their stationary, website or adverts. You can also check directly with the NAEA for members near to you here www.naea.co.uk. It is the mark of those who have taken the extra steps to publically demonstrate competence and legal compliance.
Get at least 3 marketing proposals by agents. It will allow you to properly establish an accurate property price, compare agency terms and choose a service level you are happy with.
Pay attention to a realistic price expectation; don’t be bamboozled by agents over pricing your home. Most agents will test the value of your home just because you ask them to; however, this is not the same as misleading you into believing your home is worth more than it actually is. It’s a common way to lure a client to do business with them, and they will insist you reduce it later.
Compare fees across the agents. You should not be paying over the odds for your area, but do remember that the cheapest agent in town is unlikely to be the best agent. Your agent will be negotiating the best price for your home with your buyer. If they can’t negotiate even an average fee for themselves, they are unlikely to do it for you.
Consider carefully if a minimum time commitment is required by you to remain with the agent. An agency that is confident about delivering their agreed service level and generating a sale will be completely unconcerned about you switching agents. These same agents generally have a short notice period and No Minimum term
Consider carefully which agent is aligned with you and your interests … you will be taking their advice about what is likely your biggest financial asset, your home, so be confident they know your situation and will hold your interest at heart. Once you have chosen them, pay attention to the advice you are being given; it’s a significant part of why you chose them!
Expect and plan for some up-front costs to moving (about £400 - £500)
Enlist a family member or friends help

What ever it is that you do do, take it one pace at a time, and you might as well have fun doing it. Most of don’t move house very often, so make the most of it. There will surely be bumps and scrapes along the way, but there will also be laughs and smiles.

Best Wishes
Paul Clarke (MNAEA)
Clarkes Estates, Bognor Regis