Most seniors experience a dramatic turn of events soon after retirement. Apart from not working, their bodies get progressively weaker and more susceptible to illness. At some point, an older person might need somebody to look after them. Your children may come to your rescue when you get older, but they may not be able to give you their full attention. For your best interests, consider an assisted living home. The facility will offer you the physical, mental, and psychological support needed for a dignified life.
However, transitioning to assisted living can be a bewildering decision. It can be more confusing when you own assets like real estate. Whether you’re ailing, disabled, or an older person, here is what to do with your home before moving to an assisted living facility.
Choose a Senior Living Facility
Before you figure out what to do with your current home, make sure you’ve decided where your new home will be. If you haven’t done so already, go online and research nearby senior living facilities. There are many facilities in Brooklyn, so to help you narrow down your options, check the facilities’ reviews and pricing. That way, you’ll know which homes you can afford to live in and what kinds of services they provide. Exploring your options is an important first step when transitioning to assisted living, because you want to make sure you’re getting the right kind of care for your needs.
Sell Your Home
Selling your home can be a difficult decision for some people; after all, it usually involves doing away with all the memories you’ve created over the years. However, selling your property can be the best decision when you don’t intend to return it.
Advantages of Home Sale
Selling a home frees up a significant amount of capital which you can invest elsewhere. You can also spend the money on your financial obligations, such as paying debts or supporting a charity. If you have lived in the house for at least two years within the past half-decade, you won’t pay capital gains tax on the sale. This provision stands for up to $250,000 in gains, which is an ideal opportunity to maximize revenues.
Challenges of Home Sale
Selling a home is not a walk in the park. Homebuyers can offer far below what you think the property is worth. Depending on its condition and your selling price, it can take weeks before finding a prospective buyer. For this reason, you might need to update your home or lower the price to make it attractive in the real estate market. Some repairs and upgrades are costly, and you might have to set an unrealistically high price to recoup the expenses; otherwise, you may have to sell the home at a loss. For a smoother home sale, let an experienced realtor walk you through the process. They will recommend the areas to repair or upgrade to increase the value of your home while retaining its competitiveness. They also have a wealth of knowledge in local listings and market trends, which they can utilize when marketing your home.
Rent Out Your Home
Renting your home is the best option when you want to generate some income without losing the property. A qualified property manager can evaluate your home and recommend a reasonable monthly rate for your tenants.
Advantages of Renting
As long as someone rents the house, you’ll have a guaranteed income while holding your equity in the home. This strategy is great if you want the value of the home to appreciate so you can sell it later. Another perk of renting your home is the simplicity of the process. If you’re after revenue, it’s easier to find a tenant than a buyer. Even if you have listed an inheritor in your will, you can be generating some income in the meantime.
Challenges of Renting
Becoming a landlord comes with myriad predicaments. From collecting rent to problematic tenants and maintenance issues, you have to stay engaged round the clock. Fortunately, a property management company can do the administrative work for you.
Leave Your Home in Someone’s Care
If you don’t want to rent or sell your house, you can always find a trusted family member to look after it. It will be a win-win for both of you. The occupant will have somewhere to live, and you will rest assured the house remains in safe hands.
Instead of leaving your home unattended, rent or sell for some income or give it to a trusted friend or loved one in need. Your choice will depend on your interests. Whatever you decide to do, don’t leave the asset to deteriorate in abandonment.
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