What to Do With Your Home When You Move Into Assisted Living — All the Options
Moving into assisted living can be a daunting decision. There are many factors to consider, including what should happen with your home. Do you sell it? Rent it out? Leave it to a family member? In this blog post, Brian Chandler reviews the options for what to do with your home when you make the move to assisted living.
Assisted Living vs. Nursing Homes
First, it’s essential to understand the differences between assisted living and nursing homes. For example, assisted living communities are designed for seniors who need help with daily living activities but don’t require constant medical care. These communities also provide a wide range of amenities and social activities.
Nursing homes, on the other hand, are designed for seniors who need constant medical care and supervision. These facilities provide around-the-clock nursing care and medical treatment, which can prove to be annoying to individuals who desire more independence.
Keep these distinctions in mind when deciding which type of care is right for you. And if you choose to move into a nursing home, read reviews, research pricing, and check payment options for various facilities before signing the dotted line.
Selling Your Home
Whether you take the leap to assisted living or 24/7 nursing care, one option is to sell your home. This can be ideal if you’re looking to downsize and simplify your life. Selling your home will also give you some extra money that you can use to cover the costs of assisted living.
However, there are a few things you need to do before putting your home on the market. For example, you’ll need to take care of any outstanding repairs and updates. This might include fixing leaks and cracks, painting the walls, or updating the appliances. You’ll also want to declutter and stage your home so potential buyers can see its full potential. And consider that working with an experienced realtor like Brian Chandler can save you a lot of time and stress!
Renting Out Your Home
Another option is to rent out your home, which is perfect if you’re not ready to part with your home. It’s also a good option if you’re looking for a way to generate extra monthly income.
However, renting out your home means someone will need to take on the role of landlord, whether you, a family member, or a property management company. Consider the burden and costs before committing. You’ll also need to create a realistic budget and find reliable renters.
Leaving Your Home to a Family Member
If you have a family member you trust, you could always leave your home in their care. This is worth considering if you’re not prepared to sell or rent out your home just yet. But before making this decision, have an honest conversation with your family member about their ability and willingness to take on this responsibility.
The Financial Pros and Cons of Each Option
You must consider the financial pros and cons of each option before making your final decision. Here’s a quick breakdown:
- Selling your home will give you a lump sum of cash you can use as needed. But you may not be able to get your asking price in a buyer’s market.
- Renting out your home will provide you with regular income that can help offset the costs of assisted living. But it comes with considerable responsibilities and costs.
- Leaving your home in the care of a family member won’t cost you anything upfront. But it could cost you in the long run if they decide to sell or rent out the property without giving you a portion of the proceeds.
Moving into assisted living is a big decision with many factors to consider, including what to do with your home. In this blog post, we reviewed all of the options to think over when making the move to assisted living. Be sure to weigh all of the pros and cons, financial and otherwise, before deciding what’s best for your situation. You might be surprised by the weight lifted off your shoulders once you make a well-informed decision!
Are you looking to buy or sell a home in Colorado? Contact Brian Chandler today! Call (720) 808-1007.
Whether you’re buying or selling in Parker, CO, Brian Chandler brings 40 years of sales experience. Contact Brian today!
Moving is always a big change, but it can be an exciting one too. I wish you all the best as you make this journey and explore all that our beautiful state has to offer. Brian is also a Senior Real Estate Specialist
Also, you can download a FREE copy of Brian’s book ” GAIN MORE FREEDOM BY DOWNSIZING YOUR HOME”
Once your kids move out of the house, you might find yourself with an overabundance of unused space. While letting go of the house you’ve called home for so long might not be easy, it just might be the right decision — both financially and practically — for your future. Whether you choose to move to a smaller single-family home or to a senior living community, the opportunities (and cost savings) are endless.
Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 Read more articles like these Top Realtor Info Contact Brian Chandler
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