When you're ready to make the transition to assisted living, you must not only decide which facility you want to move into but also what you want to do with your home. You have several options when it comes to your current home. With this guide, you can better decide which option works most effectively for you.
Sell the Home
Once you move permanently into an assisted living facility, you will no longer need your home. Selling it, therefore, becomes the most obvious option, especially if you have no plans to potentially move back into your home. If you sell the house, you have the immediate income from the sale, which can then help pay for your stay in assisted living long-term. You can also use the proceeds from your house to help pay for the move into assisted living. Before you decide to sell the house, make sure you choose a real estate agent that will help you through the entire process. Keep in mind that you may also need to make some repairs or updates to the home before putting it on the market. Reducing clutter, painting, and taking steps to improve curb appeal can all help the home look its best and make it easier for you to sell it quickly, rather than letting it sit on the market. And don’t hesitate to outsource these tasks if they become overwhelming. You can easily track down professionals through quick online searches.
Rent Out Your Home
For some people, selling the home where they lived so happily for so many years just isn't an option. You might, for example, want the ability to move back to your home, should you ever want to--or you might just not want to let go of it quite yet. Letting the house sit empty could cause its own problems. Renting out the home, however, can allow you to keep the real estate investment and even use the home to continue to generate income, which can help fund your stay in an assisted living facility. If you choose to rent out the home, make sure that your budget includes maintenance, repairs, and any taxes you are currently paying on the home. Keep in mind that you may not be able to keep the house rented out every month, so make sure you have plans to pay for the taxes and needed upkeep on the house even if you do not have renters. The ideal scenario is to have a property management company help you market and manage the property. It will take some money out of your profit, but it will be worth the peace of mind knowing that someone is taking care of your investment. Allow a Family Member to Live There Do your family members deeply cherish your home? Or do you know a family member who needs a place to stay even as you move into an assisted living facility? If renting or selling your home doesn't work for you situation, you may want to allow a trusted family member or friend to live in your home after you move out. This can work well if you have plenty of funds to pay for assisted living and want to keep the house in the family, or if you want to keep the home for as long as possible. Allowing a family member to live in the home can keep it occupied. However, it's important that everyone is on the same page:
● Work out a contract that determines how long your family member intends to stay and whether there will be any rent paid. Include which of you is responsible for paying for maintenance and what will be done about any needed repairs to the home.
● Discuss what will happen if you want to move back into the house.
● Talk about whether the family member or friend can treat the house as though they actually own it--inviting others to live there with them, for example.
● What will be done with the property if the family member decides to move out. You might, for example, be concerned with leaving the property sitting empty and want to be sure someone will check on it. Figuring out what to do with your home after you’ve made the decision to move into an assisted living facility can take some time, so start planning as early as you can in order to avoid many complications. No matter which route you decide to take, you’ll want to ensure that it’s the best choice for your needs, both now and in the future.