By Simone McFarlane
You realize you cannot take care of yourself anymore at a certain age. It would be best if you had assistance in moving around and performing tasks. This is the time you should consider transitioning to assisted living. Many people will feel intimidated and overwhelmed as moving may be tedious.
Having to say goodbyes to your family home can be very sad and emotional. But at the same time, you have to figure out what to do with it. To help you through this difficult transition, the real estate experts at Sensible Property Group share the following tips.
Sell your home
Selling your home is a great choice. You can tap into the equity to help you settle the bill for assisted living. It’s also the best option if you don’t intend to leave your property to someone.
While Sensible Property Group can walk you through every step of the sale process, the biggest difficulty is getting the home ready for market, particularly if it’s in need of considerable updates or repairs. Another challenge comes in decluttering the house and emptying it after it sells. That is a lot of work, and it can require a lot of labor to do it, hence more unnecessary spending.
Most importantly, ensure that you research the market prices before making any moves. If it’s a hot market, you may be able to sell as-is without having to spend a lot of time and money making repairs or updates. On the other hand, you could be up against some serious competition, particularly if comparable homes on the market offer amenities and upgrades you don’t. Again, your agent will be able to guide you here.
Rent it out
Many people typically consider selling their homes. However, one great option is to rent it out. This option can help you cope with the expenses associated with assisted living. But The Mortgage Reports suggests keeping in mind that being a landlord is a big responsibility. There’s finding tenants, vetting candidates, maintaining the property and tending to any repairs. It’s a lot to manage.
You can, however, hire a property manager to manage your property. They can handle the necessary paperwork associated with setting up leases, they can perform background checks, manage the property and ensure it stays rented.
Leave it unoccupied
Another option you might consider is leaving your house completely unoccupied. It’s a stress-free option, and you won’t have to worry about utility bills, tenants, or dealing with transfer paperwork.
However, it is not the best option as unoccupied homes are still taxed. And the bills still come as usual that need to be paid. A failure to pay these bills might affect your credit ratings and that of your estate. Plus, an unoccupied house is vulnerable to squatters, break-ins and even animal infestations.
Gather professional insights
In addition to talking to your realtor, consider discussing your situation with real estate attorneys. This may help ease the complexity of the problem. The authorities can enlighten you on dealing with your situation legally and protect your home, yourself, and family members from making poor decisions.
Give it to your children/family
Another possible option is letting your children or family inherit the house. Instead of going through all those hurdles of renting or selling the home, you can consider inheriting it out to your children.
Your family can protect the house well since they consider it a family house. This way, you ensure the family heritage is maintained. However, there are tax implications that you should keep in mind, particularly for your children, not to mention that you might need the money one day. Weigh the cons carefully before making this decision.
Give out to charity
Giving back to the community is a noble deed. If you have no relatives to inherit the house, and if you can comfortably afford it, Schwab Charitable says to consider donating your home to charity. Many charitable organizations look for donated properties, which can serve as a home for a nonprofit, provide shelter for homeless people or victims of domestic violence or function as a hospice site. Plus, you can benefit from the tax advantages.
Research Nursing Homes
After you form a solid plan for what to do with your home, all that’s left is to find a suitable assisted living home. First, you need to know the differences between assisted living and a nursing home. You may need to move to a skilled nursing facility if you require 24/7 care for a medical issue. Look online to find detailed facility reports, pricing info, payment options, and reviews from other families for nursing homes in your area.
Conclusion
It will be an emotional journey for sure, but once everything is done, you can relax and make the most of this next chapter. Follow the above-outlined solutions and find out what will work best for you.
Sensible Property Group assists homeowners with a wide variety of real estate problems, rejuvenating neighborhoods and increasing the standard of living by improving the overall quality of housing. Contact us today and see how we can work together! 727-219-1844
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