If your kids have moved out, you might realize that it doesn’t make financial sense to stay in a house with several empty bedrooms. You might be tired of maintaining a large home, or you might be finding it increasingly difficult to live on your own as you get older. No matter why you want to sell your house, you’ll have to discuss your plans with your kids.
How to Talk to Your Grown Children About Your Plans to Move
When you tell your kids that you want to sell the house, explain your reasoning. They’ll be more likely to support your decision if they understand why you made it.
If you want to move so you can have greater financial freedom, frame the conversation positively and emphasize how downsizing will improve your life. If you’re struggling to cover the bills, you can’t keep up with maintenance or you want to move into an assisted living community, be honest with your kids.
Why Your Adult Children Might Oppose Your Plans to Sell Your Home
People become emotionally attached to places that are important to them. Fond memories of childhood experiences and family get-togethers can make it hard for adults to let go of the house where they grew up.
Even if your kids moved out long ago and rarely visit, they might have a strong emotional reaction when you tell them that you want to sell the house. They might not realize how much they’re attached to the house until they’re confronted with the prospect of you selling it.
What to Do If Your Kids Get Upset
Do your best to stay calm. It’s common for adults to get upset when their parents decide to sell their childhood home, even when the parents have sound reasons.
Give your kids a chance to express their feelings. Often, just being heard helps people calm down and put things in perspective. After your kids have had an opportunity to express their anger or sense of loss, they might realize that selling the house is the right move.
Your kids might want to keep the home in the family after you pass away, but they might not have thought about the costs associated with inheriting the house, such as estate taxes and maintenance. They also might not realize how keeping the house would cause you to struggle financially while you’re still alive.
Your adult children might raise valid concerns, or they might suggest a way to keep the house in the family while allowing you to enjoy greater financial freedom or afford assisted living. In that case, you might want to seek advice from a professional, such as your financial planner. Remember that ultimately, it’s your decision to make.
