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Tips on Handling a Move to Assisted Living When You Own a Home
When you own a home and find yourself facing a major change in your life, it can be overwhelming to figure out how to handle the situation in a way that will make the most sense for your current and future needs. For seniors who are looking at moving into an assisted living facility, the prospect of giving up their home can be devastating and stressful, so it’s important to start thinking about your plan as soon as possible.
Fortunately, you have many options where your home is concerned. If you choose to sell, you could potentially use some of that money to fund your next living situation. Renting out your home is another option, but it’s best if you have a close friend or family member who can help manage it and keep track of everything for you.
Here are a few tips on how to handle a move to an assisted living facility when you own a home.
Selling your home takes a lot of work, but it might be the best option, especially if you need to fund your move to an assisted living facility. If you’ve found it difficult in recent years to take care of your home or to remain mobile, now is a great time to sell. One of the benefits of selling your own home is that you can make quite a bit of money, but the downside is that you might have to shell out some cash beforehand. Fixing up a home, making repairs, and tackling the costs of moving requires some money, so figure out what the return on your investment will be first. Start by looking at the average sale price of homes in your area, and then use a sale proceeds calculator to get an estimate of how much you’ll make from the sale.
Turn It Into a Rental
With the popularity of Airbnb, many homeowners have discovered the benefits of turning their homes into rentals. Vacationers and travelers from all over the world are always on the lookout for inexpensive accommodations, and rental homes are generally preferable to hotels for many people when it comes to comfort and space. Your home may need some changes or updates before you can list it, which can be time-consuming, and you might also need permits and insurance, but the pros of turning your home into a rental include securing a better interest rate on a new mortgage. Research the terms of your loan before diving in.
Ask a Loved One to Take Over
Asking a loved one to take over your home while you’re getting settled into an assisted living facility has its benefits and drawbacks like every other option, but for many seniors, it’s the best choice because it allows them to have the security of knowing that their home is still there should they decide to move back. Some older adults only need temporary care — after an injury or illness, for instance — and having peace of mind that they can go back to the comfort of their own home is priceless. It might be difficult to find someone who can take over caring for your home for an undetermined amount of time, however, which will require some planning.
Downsizing can encompass many things, but it’s a great way for seniors to age in place safely. If you decide to make your stay in assisted living temporary, you may want to know that you have a safe and comfortable place to come home to, which means you’ll need to make arrangements for a downsize well before you leave. One of the many benefits of this option is that you can ensure that your future home is accommodating to your needs; one of the cons is that it takes a lot of work to declutter and get rid of all the belongings that won’t fit in the new place.
Moving to assisted living takes a lot of careful consideration, so think carefully about your needs and talk to your loved ones before you make a decision. Planning well will ensure that you are safe, healthy, and comfortable well into your retirement years and beyond.