Home equity…Everybody wants it, but what exactly is it, and how do you get it?Equity represents the degree of ownership an individual or entity has in an asset after subtracting any debts against
Transitioning To Assisted Living What To Do With Your Home
Dated: October 7 2019
Transitioning your entire life into an assisted living facility is one of the hardest things for anyone to do, both emotionally and physically.
There are a number of different things to take into consideration when you make such a big decision, but worrying about what will happen to your home shouldn't be one of them.
Here are some tips to help you decide what is right for youwhen it comes to what to do with your home when you move into assisted living.
If You Choose to Sell It
There are many things to consider in selling your home when you move into assisted living.
First and foremost, look into the local real estate market and decide if it makes financial sense to sell your home right now.
With that in mind, connect with a real estate agent to get a feel for how house hunters will view your home.
HomeAdvisor explains there might be some decluttering and cosmetic changes that will boost the appeal, without breaking your budget.
For example, give the walls a fresh coat of paint, especially if it's been years since that's been done.
Store or sell extra pieces of furniture, and pare down to just the essentials so buyers can envision living in the space.
Address the outside of your home in the same way.
Is it lacking in curb appeal?
Wash and paint your front door, touch up your flower beds, and trim any overgrown trees and shrubs.
Add a new welcome mat and set planters with colorful blooms next to the entryway - you'll be glad you did!
If You Choose to Keep It
Choosing to keep ownership of your home sounds like the simplest route to go but it may, in fact, be the opposite.
In keeping your home, you need to ultimately decide what will come of it in the future.
Is there a relative nearby who can maintain the property for you?
Consider letting a family member move in to do just that.
Give them a place to stay while keeping your home in your name - but check with an attorney, because depending on the particulars, there could be gift tax and estate implications if you do this.
Maybe your home is in a desirable location - Mr. Handyman notes that may be a good reason to keep it.
It will give your extended family a place to gather for holidays, birthdays, etc. and you'll come and go for the occasions being held there.
And you might be able to rent it out to vacationers, in which case you might want to hire a property manager to oversee things on your behalf.
If You Choose to Rent It
You may decide to not quite keep it, but not quite sell it - that's right, you could always rent it out.
Renting gives you the opportunity to earn extra income in retirement.
You'll want to hire some maintenance staff to perform general upkeep and answer emergency calls.
Renting can be a great source of revenue as long as you thoroughly vet the tenants you allow to live in your home.
It's always important to perform background checks on prospective tenants.
Again, finding a property manager might be your best bet, if all that is more responsibility than you want right now.
Transitioning into a lifestyle in assisted living doesn't need to be as overwhelming as you might initially think.
No matter what decision you make concerning what happens to your home, rest easy knowing that it was the best decision for you.
Your home served you well over the years and, whether you maintain ownership of it or not, you're in the place you need to be in for the next stage of your life. That's worth celebrating!
Robert started in the Real Estate Industry as a licensed Real Estate Agent at the age of 20. Throughout Robert's consistent commitment to his clients he quickly excelled in his career and obtained his....
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