Making the move from your home to assisted living is a big transition. When it comes to choosing what to do with your home, you have several options. However, it's important that you carefully examine your options before you make a decision. Let's take a closer look.Leaving the Home with Family
At first glance, leaving your home with a member of your family may seem like the best decision. But before you make that choice, there are a few things you will need to consider. For starters, is there conflict over who wants to take care of the home? Will leaving the home to one child create jealousy with the other? Or, on the other hand, will your family members view taking on the home as a burden and resent those who don't do their part?
Then there are the financial consequences. Leaving your home with a family member is more than just handing over the keys. You have to think about who will cover taxes, maintenance, and if there's still a balance on the mortgage, the monthly payments. Does your family have the means to cover these costs? If you're concerned that leaving the home in the family could cause financial strain or conflict, you might want to consider other options.
Renting Out Your Home
Renting out your home is a great option if you don't want to leave your home with family but you're not ready to walk away. Bringing in a tenant can help you cover the mortgage if you still owe on your house or generate extra income if your home is paid off. However, there are things to consider before you list your home for rent.
If you owe on your home, you need to think about what happens if you can't find a tenant. Do you have a way to pay the mortgage if the house is empty? Does the rental market support the cost of your home? Will you be able to charge enough rent to cover your house payment? What about maintenance? Do you have a family member who can take care of the property, or will you need to hire a property management company?
Choosing to Sell Your Home
Sometimes, putting your property on the market is the easiest way to take care of your house when you make the move to assisted living. The number one benefit is knowing that once your home has sold, you no longer have to worry about it. Plus, if there's equity in your home, this money can help pay for assisted living.
But like the other options, there are a few things you need to look at. There are some circumstances where selling your home just won't make sense. A good first step is to talk to a local realtor. A realtor can tell you whether you are currently in a buyers market or a seller's market. If it's not a seller's market, you may want to put off the sale of your home.
Even if it is a seller's market, you will still need to make sure you do necessary repairs and upgrades before you put your home on the market. Not only will taking care of these tasks help sell your home faster, choosing the right upgrades can help you get more out of the sale. An experienced realtor can tell you which upgrades make sense for your home and the current real estate market. When it comes to repairs, a detailed to-do list can help you stay on track.
Deciding what to do with your home when you make the move to assisted living can be a difficult and emotional decision, which is why it's always best to consider your options carefully. Sit down, make a list, and consider discussing your options with family. When you take the time to think through your decision, you're more likely to be happy about it in the end.