The senior population continues to grow with each passing day, and with it does the senior housing industry. Communities devoted to seniors are found throughout the US, with about 29,000 assisted living communities available for the aging population to choose from.
Whatever your specific requirements or interests are, there’s an assisted living community out there for you. The benefits of living in one of these communities can’t be overlooked either, so once you find a community, the only thing stopping you is deciding what to do with your home. Here, Smart Move Real Estate offers more information to help guide your decision and prepare for what’s to come.
Prepare the Home
Before doing anything, it’s in your best interest to fix it up. This might be the last thing you want to do before moving into assisted living, but the repairs will benefit you in the long run.
Whether you end up selling or renting, renovations and cosmetic updates can increase your profit upfront or overtime. Have a trusted home inspector tell you what is in need of repairs or updating to meet local and state codes. After that, you’ll have a detailed list of what it’ll take to get your home looking as new as possible.
Sell the Home for Liquid Cash
If you do decide to sell the home, speaking with an accomplished real estate broker at Smart Move Real Estate can help keep the process as painless as possible. It also doesn’t hurt to look into local trends in your market and neighborhood. That way, you’ll have an idea of what you’ll make from the sale of your home. Let the experts do what they do, and you’ll be one step closer to more freedom in assisted living. Why not cash in on your home’s equity to help fund your new life?
Long-term care costs continue to rise year after year, and assisted living costs about $3,600 a month on average, according to LongTermCare.gov. Depending on your finances in retirement, over $3,000 a month can be difficult to manage on a fixed income. Selling your home could pad your savings account and assuage any financial pressure.
If you sell your home, you’ll shirk the cost of homeownership and possibly make a worthwhile profit. However, renting out the home could provide supplemental income in retirement.
Pull in Additional Income
Becoming a landlord when you move into an assisted living facility could be more rewarding than the initial profit from selling your home. That said, renting out your home can be hard work and unsustainable if the market is already saturated with affordable rentals.
With more and more people renting homes these days, the odds of finding a tenant are in your favor. Finding a good tenant at the right monthly payment can become trickier. See how much other landlords are charging for rentals in the same neighborhood as yours to get an estimated rent you can charge. Then, do the math to see if the monthly rent payments would cover landlord expenses with enough left over to pocket. Will it be worth your time and energy? If not, consider simply giving the home to your family.
Leaving It Up to Family
Keeping your home in the family can be a nostalgic and beneficial endeavor for everyone involved, but it’s important to remember that your property could be lost without the proper planning and documentation in place.
Can your family afford the taxes? Could your home be seized by the lienholder or Medicaid for outstanding debt? It’s important to figure out the legalities with the help of an expert and keep a line of conversation open with your family.
Whatever you decide to do with your home, it could impact your life for better or worse. Give yourself adequate time to take everything into consideration and come to terms with your decision. Then, move onto your assisted living community with a clear head and heart.
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Article by: Rhonda Underhill / Getwellderly.com