According to American Senior Communities, there are approximately one million Americans living in some form of senior living community, such as assisted living — and this number is expected to double over the next decade. Assisted living can provide a balance of retaining some independence in an apartment-like setting, along with assistance with daily living tasks that many seniors need. Most assisted living communities provide common meals, personal care assistance, medication management, planned social activities, transportation services, and wellness programs. Additionally, medical care and health-related services are also available. Some assisted living facilities offer specialized nursing andmemory care for aging adults as well. Whether you have decided to move to assisted for convenience, safety, financial, or medical reasons, you will need to figure out what to do with your current home.
Should You Rent Out Your House?
Your first inclination might be to keep your current home and rent it out. Although renting your property can bring in a stream of income, becoming a landlord is not an easy task. To rent out your home, you'll need to find, screen, and deal with tenants. You'll also need to keep paying your mortgage payments, property taxes,homeowners insurance, HOA fees, and upkeep costs on the property, while also paying for assisted living.
If you decide to use your home as a vacation rental property, make sure you live in an area that’s popular with tourists so the whole investment will be worth your while. Keep in mind that transforming your home into a vacation property takes a fair amount of work, from upkeep to making sure your guests have the best possible stay. So, if you or your family are unable to handle this aspect, hire a property management company such as Turnkey to address housekeeping, security, and the overall guest experience.
Should You Sell Your Home?
What makes sense for most people when they are moving into assisted living or downsizing to a smaller home is to sell their current house. If you have equity in your home, you may be able to profit a significant amount of money, which will help offset the cost of assisted living. If you’re curious about how much you can make from your home before you put it on the market, many sites have a home value estimator that will give you a rough idea of what to expect.
Choose atrusted real estate agent who has extensive experience selling homes in your area. To get the best price for your home, you’ll need toboost its curb appeal, stage it properly, and market it well. A great agent can help you do that. Selling a house that you've lived in for many years can be a difficult decision emotionally because so many memories are attached to it. Remember that people make memories, not the structure. Wherever you live will soon become filled with good times and the opportunity to make new memories.
Should You Leave It in the Care of a Family Member?
If one of your children or grandchildren may be inheriting the house at some point down the line, maybe they can move in now. You will feel comfortable knowing the house will still be cared for and that you also may be able to visit sometimes. For some families, this arrangement makes sense because they want to keep the home in the family for sentimental or practical reasons. If you decide to go this route, you cancharge rent or agree to let them use the home in exchange for handling the maintenance and upkeep. Whatever you decide, put your agreement in writing. You don't want real estate issues to cause a rift in the family.
Moving can be a stressful experience. However, for many seniors, relocating to assisted living can provide the safety, comfort, and care they need. Before deciding what to do with your current home, take time to do some research to figure out what’s the best option for you.