When moving to assisted living or a nursing facility, one of the biggest concerns you may have is what to do with your existing home. Fortunately, you have numerous options, including those outlined below.
Choosing the Right Facility
Before making decisions around what to do with your current home, you’ll need to carefully consider your needs. If you need help performing activities of daily living (e.g., meal preparation, laundry services, medication management) but still are able to maintain some degree of independence, then assisted living will likely be a good fit. However, if you need round-the-clock medical assistance and supervision, then a nursing home will be your preferred option.
Selling Your Home
Before deciding to sell your home, ask yourself whether you ever plan on occupying it again. If the answer is no, perhaps you would be better off getting rid of it. By selling your home, you could eliminate the expenses associated with insurance, taxes, maintenance, repairs, and utilities, while also taking advantage of any equity you have built up.
There are some costs associated with selling your home. For example, you would need to pay a commission to the listing and selling agents, along with some closing costs. However, those expenses can be deducted from your profits so you will not have to worry about coming up with them. If you’re curious to see how much you could make from putting your home on the market, there are ways to estimate your proceeds by using online tools and calculators.
Once you’ve decided that selling your home makes sense for your situation, get in touch with Home Solutions Realty. We can help you through the selling process to ensure everything is handled efficiently and with your best interests in mind.
Preparing Your Home for Sale
Many seniors choose to tap into their home’s equity by placing it up for sale. If you decide to go this route, here are a few things you should keep in mind:
- Plan as early as possible. Create a to-do list that will ensure your home is in great shape and ready for the market. By taking care of repairs ahead of time, you can hopefully sell it faster and for a higher price.
- Don’t try to handle everything yourself. You have enough to deal with concerning your upcoming move, so don’t be afraid to ask for help with cleaning, painting, or other tasks.
- Choose an experienced realtor. A skilled agent can provide you with ideas that will give you a better chance of selling and will guide you through the process.
Renting the Home
Maybe you are not yet ready to give up your home or only plan to move for a short time. If so, renting your home could be a great solution. By renting, you could earn enough money to cover your mortgage and other expenses, and you may even be able to make some extra cash if you own your home outright. However, you would be on the hook for maintenance and repairs, which could arise when you least expect them.
When renting, you would also need to account for vacancies, collecting late rent, and screening tenants. Of course, you could hire a property management firm to handle these things for you. However, you would also need to account for the added expense of doing so.
Finding a Live-In Caretaker
Just knowing someone trustworthy is looking after your home can provide you with peace of mind. Maybe you have an individual who could act as a live-in caretaker and see that routine tasks such as cutting grass were taken care of. Under that scenario, you wouldn’t have to pay out extra for someone else to mow your lawn, clean gutters, or take care of minor repairs. On the other hand, you would be liable for any damage that person caused.
Letting a Relative Care For It
Perhaps you have a family member who lives nearby and could check on your place from time to time. Your relatives are more likely to think of looking after your place as a duty they should perform because they want to, not because you are paying them. Accordingly, this can be a very cost-effective option, particularly if you would like to keep your home.
You would need someone you could count on as a backup if that person got sick or could not take care of things. That might require you to pay someone short term. And without someone occupying your residence, your home is more susceptible to vandalism and break-ins.
Your house has served you well for a number of years, but now it is time to call somewhere new home. You have multiple options available, so you should consider your financial stability, local market conditions, and family demographics to make the best decision.
There are a number of different options to explore regarding your former home when you’re moving into assisted living or a nursing home. However, it’s important to carefully think through these choices to find the one that best suits your needs.