Moving to Assisted Living? These Tips Can Help With Major Home Decisions
When you need to leave your home to move into an assisted living facility, it’s easy to let emotions get the best of you. After all, this is a huge transition that signifies the closing of one chapter and the beginning of another in your life. Before the emotions of this major move overwhelm you, though, you need to spend some time making more practical choices. One of those choices is how to handle your home before the move. It’s a major decision that can have a big impact on your move into assisted living, but these steps can make it a little easier:
Start By Figuring Out Your Assisted Living Needs
Your home is one of your most valuable financial assets. So before you decide what to do with it, you need to figure out how much your new life in assisted living will cost. Comparing and touring facilities is important because each community may offer different amenities that can create totally different living environments. As you finalize your new budget, you should also factor in other ways you plan on covering assisted living expenses.
Decide Whether You Should Rent, Sell, or Gift Your Home
Now that you know how much assisted living and long-term care will cost you in the future, you can make a better decision for how to handle your home. If you need to pay for assisted living with your home, selling it can be a smart choice so long as you have enough equity. If your mortgage is paid off or down, or if your home has gained a lot of value, you may have the needed equity to make your home profitable. To get a more accurate idea of the profits you can expect, you also need to factor in other fees like agent commissions and any taxes. Paying additional taxes can be a burden when you sell or gift your home, especially if your transaction is subject to capital gains tax. Avoiding capital gains tax, whether you sell or gift your home, can be tricky, but it can help you and your relatives save a small fortune. Another way you can use your home to earn extra money for assisted living costs is to turn it into a profitable rental home.
Find Professionals to Help Handle Your Property Transition
Whether you decide to sell, rent, or gift your home, it’s nearly impossible to handle any of these real estate transactions on your own. So if you want to sell your home, contact a realtor ASAP who will be able to help with the tiny details that can help your home sell faster? You may need to interview several agents before you find the right one to list your house, but that extra time and effort will be well worth any added profits or reduced stresses. Does renting your home make more sense? Then consider looking for a property management service to take the headache out of transitioning from homeowner to landlord. Property managers can take care of all of the details needed to ensure maximum profits on your new rental. Finally, if you want to gift your home to relatives, you may need a real estate attorney to help with the paperwork and to help you and your family members avoid penalties and unnecessary costs.
The move to assisted living can be an emotional one. What’s important, though, is to keep those emotions from clouding your judgment when making other important choices, like selling, renting, or gifting your home. That way, you can make decisions that will help you thrive after your move.
Article written by: Rhonda Underhill with Getwellderly.com
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