When an aging parent needs to transition into an assisted living facility, family caregivers are often left making some tough decisions. One of those choices is helping seniors decide what to do with their current home before moving to assisted living. If you are struggling with the same process now, the tips below can help you assist your loved one in making the right choice.
Should Seniors Sell Their Homes?
If your senior parent is thinking about moving to assisted living, your first thought may be to sell his/her home. Before you and your loved one make this decision, you should really think it through. That means researching local home prices to see if selling right now is the best choice for your senior loved one’s finances. Homes in Hollywood have sold for an average of $292,000 in the last month, and most homes sit on the market for about two months before they are sold.
Having these stats handy can help you and your loved one make an informed decision about selling a home, but the best step for ensuring a smart home sale is to hire an experienced real estate agent. Local real estate pros who know the area will also have extensive knowledge about whether now is the right time to sell your senior loved one’s home, as well as what sort of price will help it sell quickly. If you do decide to sell the home, your agent may also suggest taking certain steps to boost the home’s value and attract more potential buyers. One of these steps is bound to be decluttering and cleaning the home. So, it may be a good idea to start the decluttering process now, so that will have enough time to help your senior relative.
Should Seniors Rent Out Their Homes?
Another option to consider when a senior loved one needs to move into an assisted living facility is renting the home. If your senior’s rental listing will be profitable, this can be an especially savvy financial move to help offset the costs of assisted living. A home that is in the right location, with the right school districts and amenities, will be more profitable, but you may need to make updates to the property itself to attract renters, like adding outdoor amenities.
Once you have determined whether your loved one’s home could be a profitable and popular listing, you may also want to connect with a property management company. That’s because managing an investment property can feel like a full-time job. Your senior loved one may not be able to manage these tasks alone, and you may not be able to take them on if you already have a full-time job or other responsibilities. Before you select a property management company, however, be sure to ask about any fees that could impact your loved one’s profits. Assisted living costs can be fairly expensive, so finding ways to save is important.
Should Seniors Give Their Homes Away?
The last and often least popular option for dealing with a senior loved one’s home is to simply give it away for no cost. There are two ways that seniors may give their homes away, and family caregivers need to be aware of the pros, cons, and steps involved with each. If your loved one would like the home to stay with your family, he/she may be able to gift the home to you or another relative. Gifting a home without incurring hefty tax penalties or other risks can be pretty tricky, so you may want to consult a financial advisor, attorney, or real estate expert before helping your loved one with this process. Another option to get rid of your loved one’s home is to make a charitable real estate donation, which can also be a complicated process.
Moving a senior parent into assisted living can be stressful, so don’t make deciding how to handle your loved one’s home more stressful than it needs to be. Use the information above to make this decision easier so you can focus on helping your senior with this big transition.
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Contributing Author: Andrea Needham; [email protected]
