Whether you're getting your first home loan or are re-entering the housing market after a long time, choosing a mortgage product is definitely a tricky affair. There are many factors to consider
Keeping Vs Selling Your Home After Transitioning To Assisted Living
Dated: October 9 2019
Image via Pixabay
Should You Keep or Sell Your Home After Transitioning to Assisted Living?
Moving from the home you have lived in for many decades to an assisted living facility is not easy. It can trigger painful emotions for all people involved. Adult kids may feel guilty for leaving the care of their loved ones to strangers. Aging parents may feel bad for being a burden to their children or deny being ready to make the transition.
After the transition, your home is left vacant. It is not advisable to leave a house empty for long. Vacant homes are prime targets for theft and vandalism. Also, they are vulnerable to system failures and nuisance ordinances. Many seniors are unsure of what to do with a house after a transition to an assisted living facility. The main options are to either keep or sell the home. This article discusses the merits and demerits of both options.
Keeping the Home
You may have a huge emotional connection with your house. Or, maybe your loved ones do. If selling the house is a difficult emotional decision for you and your family, perhaps you should keep the house. Nevertheless, sentimental reasons alone are not enough to keep the home; they should be accompanied by other reasons such as;
Keep it as a real estate investment: Selling your home could losing you more money than if you decide to keep it. In such a situation, you may consider keeping the house for a while longer until rates go up. In the meantime, you can rent out the home to make additional revenue as you wait for a good time to sell it.
Someone wants to inherit it: Your children or grandchildren may want to inherit your house. This way, the house continues to be used, and there is someone to cater for maintenance and other costs associated with ownership.
Other purposes: You may want to keep your home to serve as a unifying factor for your family. Your children and grandchildren can use the home for celebrations and occasions. Depending on the location, your family can use it as a vacation destination.
Factors to Consider When Keeping a Home
Before you decide to keep your house, ensure you consider these crucial factors.
Ongoing costs: Who will cater for expenses such as maintenance and taxes?
Financial details: In case you agree to keep the house and rent it out instead, who will oversee the process? Where will the profits go?
Who will live there: If you want to rent the house, you must find good tenants. If a family member wants to stay there, are you okay with it? Is your family okay with this type of arrangement? If you leave the house empty, who will frequently visit to check on things and arrange for maintenance.
Selling the Home
Although your home may have sentimental value, you may consider selling it. Here are key reasons to sell a house after moving to a senior living facility.
It is more costly to keep the house: Keeping a house, especially a vacant one is expensive and requires much work. You have to pay for insurance, taxes, and maintenance. Also, someone has to check on the house occasionally.
Get money to pay for senior living: Staying in a senior care facility is costly. You can sell your house to meet the expenses of senior care.
You may consider selling the house if you don't want to be a landlord and handle any repairs and maintenance issues as they arise.
Essential Factors to Consider When Selling Your Home
Before deciding to sell your home, consider these factors.
Preparing the house for sale: Assess the condition of your home and make any improvements as needed. You can improve your exterior to enhance curb appeal by working on landscaping and the front of your house. You can improve your home's interior by adding a fresh coat of paint, decluttering, thorough cleaning, and making repairs. Do not forget to donate, sell, or throw away things — clothes, appliances, and furniture included — that are no longer used.
Market price: Research your home's market price currently and in the coming years.
Paperwork: A real estate agent can help you with much of the paperwork.
Deciding to move to an assisted living community is a big step for anyone. However, this is not the only decision to make. If you own a house, you must decide what to do with it after transitioning to a senior care community. So, will you hang on to the home or sell it?
Michelle is a native of Southwest Missouri and has twenty-five years of experience in selling real estate in the greater Springfield area! Michelle specializes in all price points, including new const....