When you’re a senior, moving to assisted living has many benefits. You won’t have to clean and maintain your home, and you’ll be able to live comfortably and safely. This may sound enticing, but you still may be wondering about how you’ll pay for assisted living and what you’ll do with your current home. Do you want to sell it right away? Would you prefer to keep it in the family? What are your options? Peer 2 Peer shares some tips.
Finding the Right Facility
By moving to assisted living, you can stay independent, get some help with routine household chores, and make friends with like-minded individuals. The proximity to walkable destinations, a light-rail transportation system, and comfort of being close to other retirees may be what seals the deal for you. Keep in mind that if you require round-the-clock care, you’ll need to consider moving to a nursing home with access to skilled medical professionals. When selecting a nursing home in Brooklyn, schedule home and community tours to see if one catches your eye, and carefully research reviews and pricing.
What to Do with Your Home
Sell It. There are a lot of pieces involved in selling your home, which is why following a rough timeline can help you make sure you check all the boxes. The very first step, and one that should be completed at least two months out, is to hire a reputable real estate agent to help you find the right home, negotiate prices, handle paperwork, schedule tours, etc. About a month and a half out, you’ll want to make sure that any repairs or updates are handled, in addition to decluttering and sorting items you’ll take with you. Remember that the time it takes to sell your home varies, so it’s worth it to ask your agent about the current market trends and home prices. Also ask about what, if anything, you can do to speed up the process, especially if you need the proceeds to move to assisted living.
Rent It. Why should you consider renting? If the housing market isn’t at its hottest or your home value has declined, you can rent and use the money made to go toward assisted living payments, and list it when conditions are more favorable. You might also consider renting if you’d prefer having an additional source of income and your home is in a location (and condition) that is desirable. If you’re going to choose this option, you can ask a trusted family member to manage the property, or you can hire a property manager for the job. A management company will charge you a fee, but they can maintain your home and screen for and find reliable tenants.
Keep It. If you’re not yet ready to sell the family home, you could leave it to a family member. You’ll need to transfer the title to them, and this is often accomplished via a quitclaim deed. At this time, you’ll need to decide whether this will truly be a gift or you’ll sell the home at fair market value or far below it, the latter of which results in a gift tax.
Moving to assisted living may be an easy choice, but deciding what to do with your current home might not. You can sell, rent, or gift it, and each comes with unique pros and cons. It’s up to you to weigh the choices to arrive at what works best for you.
Thank you to Kent for providing this article for Peer 2 Peer Real Estate
You can find more about Kent at firstname.lastname@example.org
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