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Sell, Rent, Hold: What to Do With Your Home After Transitioning to Assisted Living
Assisted living facilities offer a myriad benefits to seniors and many vulnerable people. They provide different caregiving services to give seniors comfortable, fulfilling lives, yet still promote as much independence as one desires. When the time to join an assisted living community comes, you may have to leave most of your possessions behind. What happens to high-value property such as your home? Also, it’s important to understand what, if anything, Medigap covers when it comes to long-term care. Let’s look at a few of your options.
1. Sell the Home
If you don’t think you’ll ever need the house again, consider selling it. You won’t ever have to worry about the property again — it’s the key to freedom from the expense and maintenance that goes hand-in-hand with homeownership.
Preparing a home for sale can be a cumbersome and time-consuming process. You might need to hire a realtor, make upgrades, stage the property, and put the house on display for weeks. However, it eliminates the financial burden of owning a home, and the funds might be necessary to cover the expense of the assisted living facility.
Attracting Potential Home Buyers
Everybody wants their property to sell fast and for the best price. It takes careful planning to present your home professionally and entice potential buyers. Here are some tips.
- Improve your landscaping to make an excellent first impression
- Clean the outside to enhance curb appeal
- Revamp the entrance with a fresh coat of paint
- Repair any broken installations
- Remove personal items inside and clean everything
- Replace the welcome mat and carpet
- Organize storage cabinets and closets
- Get rid of bad odors
You might elect to do a major home renovation to maximize the resale value of your home. Some makeovers with significant impact on resale value include kitchen and bathroom remodeling, floor upgrades, roof replacement, bedroom updates, and adding a deck. Before doing anything, have The Inspection Boys take a closer look at your property.
2. Rent the House Out
There are times when renting out your house makes more sense. When you have to leave before selling the property, finding a tenant can give you peace of mind. Their presence will reduce the chances of vandalism and unauthorized occupancy. You may also want an income stream that you can get through renting out your home. The revenues can help cover your financial obligations, and might even spare you a profit.
However, Landlordology explains being a landlord comes with many obligations, like providing proper maintenance – which can involve things like phone calls during the wee hours of the night. You also have to report your rental income on your tax return, something that you might forget since the home has been your residence. And of course, you may also encounter problematic tenants from time to time.
How to Attract Renters
If you want to attract tenants, your house must be in perfect condition. Ensure the building is clean and appliances are working. It’s most effective to market the home via various channels, like websites, brochures, and realtor networks.
You are going to an assisted living facility to seek a better life. The last thing you want is to give up your good moments to deal with administrative and financial matters. With that in mind, Bricks & Agent points out that hiring a property management company can free up your time and reduce stress. However, you should remember the expense when configuring your budget.
3. Leave It with a Family Member
Leaving your house under the care of a trusted house-sitter can be a smooth way to transition to an assisted living community. You might even have a family member in need of a home. The individual can maintain the home and look after your pets and property.
This is a tempting solution in many ways, however, it’s advisable to discuss the option with an attorney, since there are a number of complicated estate and tax implications involved.
You can do many things with your home as you transition to assisted living services. If you need some income, sell or rent out the property. You may also invite a relative to take care of your possessions while you’re away. Weigh all your options thoughtfully, and the right solution will reveal itself.