21 Jul 2021

Anthony Shields
19

Senior Living Decisions: Rent, Sell, or Keep Your Home?

If you’re entering your retirement years, you might have realized that you would be safer and more comfortable in an assisted living facility rather than your family home. Now, you need to determine what you should do with your current property. Navigating this process can be tough on your own, but working with Home Girls Properties can take away your stress! These guidelines will help you decide how to manage your family home if you need to move into assisted living.

Types of Accommodations

First, it’s important to gain a thorough understanding of the various housing options available for seniors. A retirement community is generally a place for active seniors who need minimal assistance, while an assisted living facility provides residents with more day-to-day support. Finally, skilled nursing facilities offer residents around-the-clock care for medical issues. To find the right local nursing home, you can check out databases like SeniorCare, where you can find comprehensive facility reports in your area of choice, as well as pricing information and a range of payment options. In Dallas, for instance, there are at least 39 facilities you can tour.

Working With a Realtor

If you will be selling your home and moving into a senior community or nursing facility, you’ll need the right realtor who understands seniors’ home and downsizing needs! To choose a great realtor, Million Acres recommends checking out their licensing and certifications, asking if they specialize in senior real estate, and considering how many years of experience they have.

Selling Your Home

If you plan to relocate to an assisted living facility, and neither you nor any of your relatives will be able to manage the responsibilities that would come along with renting out your home, you will need to prepare your home for sale. This might involve conducting minor home improvements, staging your home, and cleaning it up for viewings or open houses. Getting your home ready for the market and selling it with a realtor will incur some minor costs, but you can use the profits to cover the costs of assisted living.

Renting Your Property

Moving into an assisted living facility while renting out your previous property can be a smart fiscal choice – but being a landlord is also a lot of work, and either a relative or property manager will likely need to assist you with these tasks. Therefore, this is not a decision to be made lightly. LegalZoom states that if you want to rent out your home, you should read up on your local laws regarding tenants’ rights, get the appropriate insurance coverage, hire a reputable landlord attorney, and be prepared to thoroughly screen potential tenants. A rental property can provide a steady flow of income, but you will need to invest in your home to spruce it up for tenants.

Keeping Your Home in the Family

What if you don’t want to sell your home, but it’s not the right place for you to live anymore? And what if renting it out wouldn’t be feasible, either? You could think about keeping your property in the family as a vacation home. This could work well if your family is generally cooperative and can handle sharing the responsibilities and costs of maintaining the property. Remember, this is a big undertaking for everyone who would use the home, so do not make a decision like this without consulting every person who would be involved. You’ll need to distribute expenses fairly amongst your relatives.

Deciding what to do with your home in your golden years is as much of an emotional decision as it is a financial choice. You’ll need to consider your portfolio and whether or not your loved ones could help you manage the property. By following these tips, you’ll be capable of making an informed choice about selling or keeping your home in retirement!

Ready to start searching for a new home where you can enjoy retirement? Turn to Home Girls Properties for your search! Call us today at 214-676-1085 to get started.

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