Making the decision to move to an assisted living facility is never an easy one; many seniors find that it comes at an emotional price, especially if they are faced with selling the home they have lived in for many years. However, when there are signs that you need help with daily care — such as cognitive or memory issues, home safety problems, or wandering — it may be time to seriously consider making a move. You do have several options as far as your home is concerned, so keep that in mind when you’re ready to make a decision. Here are five ways you can handle the issue of what to do with your house when assisted living is imminent.
Rent It Out
One popular option for keeping the family home is to rent it out. While this requires a bit more work on your part, it will allow you to hold on to your home and make some extra income at the same time. Keep in mind, however, that in order to make your home safe and secure for a tenant, you will more than likely need to make a few changes, so it’s important to create a budget at the very beginning. To make the tenant-finding process easier, utilize an online background check that will give you information on their income, employment and rental history, and credit. This will help you find the most desirable candidate so you won’t have to worry about any problems with your tenant as you make the transition to assisted living.
Selling your home can be a difficult decision, but it’s also an opportunity to make a lump sum of money that will help you fund your move. Of course, you’ll need to think about what kinds of changes your home will need and how much they’ll cost. Even if the house is in good shape, you might want to give it a few upgrades to make it more appealing to buyers. Giving the floors a boost and adding curb appeal are two great ways to add a return on your initial investment. If you have hardwood floors, consider refinishing or recoating them to add warmth to the space; most homeowners spend an average of $1,074 to $2,400 for this sort of project. However, determining whether you need to refinish or recoat the floor will ultimately determine how much money you’ll spend on this particular project.
Keep It in the Family
One option is to leave the home in the hands of a family member. You can either ask a trusted loved one to take care of it until you’re ready to sell, or you can leave the property to them and transfer it via a trust or will that guarantees them ownership rights in the event of your death. Whatever you decide to do, make sure you put it in writing and make it legal so there will be no disputes about your wishes down the road.
Turn It Into a Destination
If you live in an area that sees a lot of tourists, a beach, or another spot that will attract some visitors, consider turning your home into a bed and breakfast. This option comes with a lot of pros and cons; it will allow you to continue to make money and can possibly even provide for your family in the future, but it comes with a lot of responsibilities that will require a responsible business partner who can run things for you, plus several upfront costs. There will be permits and licenses to acquire, but if you feel your home would be a great fit for a bed and breakfast, talk to someone who has been in the business before and get their expertise.
Making such big changes always comes with a lot to think about, and it can take an emotional and mental toll, so it’s important to keep your needs and well-being in mind during the process. Ask for help from loved ones who can make the transition a little easier, and think about the best way to make sure your home is taken care of after your move.
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