If you’re finding that you need more personal and medical help than you’re able to receive in a home environment, it may be time to consider moving into assisted living. While this can be a prudent move that allows you to have the degree of care that you need, as well as access to socialization opportunities, you’ll need to think about what to do with your existing home when you make the move. That’s why Assisted Living Movers have put together the following guide to help you.
Selling Your Property
Selling the family home is a way to get a lump sum of money that you can then use to finance your move into assisted living. For some people, this is a necessity. You’ll want to find a reputable real estate agent who can help ensure you get top dollar for your property, as well as help you time the move in such a way that you’re able to transition from your existing home into the assisted living facility without a need for temporary housing in-between. As part of the process, if you need to downsize, Business Insider recommends selling, gifting, or donating household items you no longer want or need. While this is a one-and-done move, it can be a difficult thing for some homeowners to do as it represents a permanent loss of independence.
Renting the Home
According to The Real Estate Solutions Guy, renting out your home could be a way to keep the property in the family while simultaneously generating an income in the form of rent. This could help pay for some, if not all, of your assisted-living costs or other financial needs. If you decide you want to manage the property yourself, this guide can help you reduce stress while maximizing profits as a landlord.
Alternatively, it may be worthwhile to utilize a property management company to handle all of the rental negotiations and management on your behalf. This includes preparing the house for renters, advertising and screening prospects, signing lease agreements, collecting rent, and taking care of service and repair needs as necessary. The downside here is that rental income is unlikely to fully cover assisted living fees.
Creating a Vacation Rental
If your home is situated in a popular or heavily traveled tourist area, like Long Beach, CA, it could make for a profitable vacation rental. A vacation rental property manager can be incredibly helpful in this scenario, particularly as there will be numerous short term contracts, upkeep, and cleaning needed on a regular basis. However, if you’re in a desirable neighborhood, close to Signal Hill, Junipero Beach, or the Long Beach Convention Center, the fees for the vacation rental management should far outweigh any downsides. This approach represents the best of all worlds – you don’t have to part with the family home, you can earn enough money to keep you well-homed in your new environment, and the home will continue to appreciate in value.
Entrusting the Home
Perhaps you have a family member who is looking for a place to live short or long term, in which case leaving your home in their care is a way to both be helpful, and let your home continue appreciating in value so it becomes a valuable part of your estate. You may or may not charge rent in this instance, depending on your financial circumstances, but sometimes entrusting a home to a family member can be a mentally and emotionally more satisfying option than selling the property to strangers. The downside is that you are unlikely to be able to fully monetize the property and allow it to support your move to your new residence.
Making a move into assisted living can be a smart and prudent decision for many older individuals, but the disposition of the family home can be emotionally trying. Sit down and review the options with your loved ones to make a determination about the best approach based on your unique circumstances.
Assisted Living Movers is a moving company in Los Angeles, California that has been providing trusted Assistance in Moving for seniors that have surpassed most expectations. Contact us to get started!
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