Top Tips for Homeowners Who Are Transitioning to Assisted Living
Oftentimes, the move to assisted living is a weighty one. Homeowners have a great deal to think about, not the least of which is what will become of their abode. If you’re trying to sort that out, we gathered the best tips to help you make an informed decision.
Are you intersted in buying a new home or selling your home? Call the local real estate experts at Balboa Realty: (855) 211-1489
Up for Sale
When moving to an assisted living community, one of the primary options for many seniors is to sell the house. If you have an empty nest and need to cover the cost of your new living arrangement, this decision can bring obvious financial relief.
However, there is a lot of work involved in preparing a property for the market. Because of this, HomeAdvisor suggests touching base with a trusted real estate agent team like Balboa Realty to develop an action plan. They can assist you in determining which specific details should be tended to get the best price for your home, like making minor repairs, decluttering, updating the kitchen or bath, and so forth.
Contact Balboa Realty today: (855) 211-1489
While you might think it sounds more expensive and complicated all the time, oftentimes a simple cosmetic change can help sell your home. As an example, a popular update is simply painting rooms in neutral shades so the buyer isn’t influenced by color, or tidying up landscaping for better curb appeal. With the input from a professional who knows what’s selling and what isn’t, you can move forward with your decision with confidence.
New Role: Landlord
Sometimes, seniors would like to see their homes provide funds in another manner. The idea of renting the house out can be very tempting since a house that is vacant can tempt vandals and thieves. What’s more, State Farm notes that if the house sits empty for long, it also can become an issue with your homeowner’s policy.
Being a landlord can be an ideal solution in the right circumstances. It’s important to keep in mind that you'll still have financial responsibilities, such as maintenance, property taxes, utilities, and insurance. What’s more, being a landlord brings other responsibilities, like advertising the rental, screening potential applicants, collecting rent, and dealing with the occasional bad tenant. There are apps available to help, or you might have a family member nearby who can lend a hand with all or part of the duties involved.
To avoid the extra workload, hiring a property manager like Balboa Property Management is a better solution for some seniors. These professionals can tackle the day-in, day-out responsibilities for you. Just be sure to budget accordingly so you come out ahead in your venture — or that you at least break even if you intend to leave the house to a loved one later on.
Passing It to Family
When you have a house that is filled with memories, it’s often a priority to pass that home on to someone you love. Maybe you have someone you care about who needs a roof overhead right now, or maybe you hope to see the same walls that raised your children raising future generations in years to come. People often think they can simply allow someone to live in the house, especially if it’s a family member. Forbes explains there are regulations in place requiring homeowners to charge a reasonable rent to tenants — even if those tenants are family.
Similarly, sometimes people think they can give the house away with no financial implications. However, there are a number of potential tax and legal consequences relating to gifting large assets like houses to family members. If you’re contemplating going this route, be sure to touch base with an attorney to iron everything out beforehand.
When you’re moving into an assisted living community, you have a great deal to sort out. So, be sure to take your time and think through your decision carefully. In the end, you’re sure to choose what’s best for you and your family.
Written by James Vogel
Image via Rawpixel
Published on Friday, February 21, 2020