By Rhonda Underhill of Getwellderly
Moving to assisted living can feel like moving your life into a totally new world. With this new change comes new routines, new expenses, and of course, new decisions. One of the most pressing decisions that many older adults face as they prepare for this sort of move is how to handle their home. Deciding what to do with your home is a big decision, and it’s certainly not the last one you will make during this big transition. If you want to make figuring out what to do with your current home easier, Senior Living Chaplains recommends these essential steps.
Figure Out Your Assisted Living Plan Before You Make a Decision
If you have recently decided to move into assisted living but haven’t decided which community is right for you, you should take care of this crucial step ASAP. Depending on which community you choose, you may need to make a different decision about selling, renting, or keeping your current home. If you’re wondering where to start when selecting an assisted living community, you can go online to compare features and rates for assisted living communities in your area. You can chat, call, or email with advisors on these sites to narrow down your choices and schedule tours of your top picks. Tours can be useful because you can see for yourself what sort of amenities each community offers, and you can also see that assisted living can provide some serious perks. Many communities offer social activities and maintenance services in addition to providing seniors with safety.
Work With a Local Realtor Before You Decide to Sell Your Current Home
Now that you have your assisted living plan and costs figured out, you can decide whether selling your home makes the most sense. This is the most obvious way to get rid of the expense and upkeep involved with owning a home, but if you need funds for assisted living, you need to make sure your home sale provides profits. Investing in the right upgrades and staging touches can help boost the price point of your home. But honestly, the best way to ensure that selling your home will be profitable is to consult a realtor. An experienced local pro can provide market information for your area and can help you decide whether selling right now will yield profits.
Find a Property Manager Before You Decide to Rent Out Your Current Home
When you’re preparing for a move to assisted living, you already have enough on your plate. So, don’t add more stress by going it alone if you decide to rent out your home. Before you begin leasing your home, think about hiring a property manager to take care of the finer points of marketing, maintaining, and managing a rental property. Otherwise, you could end up searching for reliable tenants and attempting to collect timely rent payments on your own. An experienced property manager can tell you how to make rentals more profitable.
Talk With Your Loved Ones Before You Decide to Gift Your Current Home
A far less common option for seniors who are looking to get rid of their homes before transitioning into assisted living is to give the home to family members. If you are considering this uncommon move for your current home, you should talk with the intended recipients first. Make sure your loved ones want your home and also ensure that your family members understand the financial implications of receiving these property gifts. They may need to pay additional taxes on that property, so you both need to be aware of these legal ramifications.
If you’re still having a hard time deciding how to handle your current home, you may need more time to plan your transition into assisted living. After all, moving out of your home and giving up your current lifestyle are both huge changes, so allow yourself some time to process your emotions and then get back to using the tips above to decide what to do with your home.
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