What to Do with Your Home When Moving to an Assisting Living Facility
By Bob Shannon
Although we would like to stay in our homes forever, there can come a time for many seniors where there is no other option but to transition to an assisted living facility for the extra care necessary to enjoy our golden years. When that time comes, you need to decide what to do with your existing house once you move out. In this guide presented, we’ll look at the pros and cons of each option.
Selling Your Home
Completely letting go of your beloved house can be the hardest thing you ever do, but if you aren’t living in it and you don’t have anyone nearby who can live there in your place, then selling may be your only choice. Selling may also be your only option because living in a senior care facility can be incredibly expensive so you will need a lot of cash on hand if you plan to live there long term.
When it comes time to sell, you will want to do your research so you can get the absolute best price possible. Go online or consult real estate professionals and research the local housing market and look at prices that similar homes you have in mind have sold for so you can compete and make maximum profit. Start with the median home price that you see for other properties and list yours accordingly. If your house has special features that the others don’t, then you can price it a bit higher.
Renting the Home
If you are not quite ready to completely let your house go and just want to keep your options open, then you may choose to rent out your existing house. The good part about this option is that you can earn rent on a monthly basis, and it can be quite a source of profit. If you still owe money on your house, then you can use the rent towards your mortgage. However, if you already own your home outright, then you can use that rent money towards your assisted living facility costs.
However, there is work that goes into turning your home into a rental. First, you will likely need to keep the home well-maintained and clean, so you don’t have any issues. RentPrep notes that you may also need to keep tabs on your tenants to make sure that they are paying rent on time. This may be more work than you are equipped to do, so if you move forward, you may need to hire a property manager, which, as the American Apartment Owners Association points out, has its own pros and cons. Do you have the extra funds to do that?
Having a Loved One Move in
A third option is to have a loved one move in or at least put the house into their care. In this case, they may live there rent-free, but they will also be responsible for ensuring that the house stays in good shape and well-maintained.
In this case, you may not be earning any extra money, but you can sleep well at night knowing that your home is in good shape, and down the line, you can choose to rent or sell. The other great benefit is that your family member can give you regular updates about the condition of the home and you can give them guidance as necessary.
Finding the Right Senior Living Community
Moving into an assisted living facility can be a big decision. It's important to do your research to find the right fit for you or your loved one. Start by considering what kind of assistance is needed. Do you need help with activities of daily living, such as bathing, dressing, and eating? Or are you looking for more general assistance, such as transportation and housekeeping? Keep in mind that if you have a serious medical issue that requires 24-hour care, then a skilled nursing facility will be a better fit for your needs.
Once you've determined the level of care needed, you can start looking at different facilities. Ask friends and family for recommendations on Tampa-area facilities or search online for reviews. Make sure to visit several options in person to get a feel for the environment and the staff.
In the end, choosing what to do with your home while you are in assisted living won’t always be an easy decision, but one of these options is sure to meet your needs. If you’re planning on selling or renting out your home, trust Photos by AG for expert real estate photography that will show your home in its best light!