Assisted Living?

Making the Move to Assisted Living:

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What Should You Do With Your Current Home?

Are you ready to make the transition to assisted living? No doubt one of the questions swirling around your mind is about what to do with your home -- should you sell it or leave it in the care of a family member? There are a few things you should consider before making such an important decision. Let’s take a look:

Sell?

A 2016 study found that 52 percent of adults aged 65 or older today will need long-term health care at an average cost of $138,000 -- and 50 percent of those costs will be paid by the person’s family. This means you’re going to need at least some capital when moving into assisted living, and selling your home can give you that option. It will allow you to put a lump sum of cash toward those extra expenses, without the added headache of dealing with your primary residence once it’s out of your hands. One thing you have to remember, though: You will need to front the cost of fixing it up so it’s ready for sale.

Rent?

Another option you should consider when looking into options for dealing with your homestead would be to rent it out to willing tenants. There are plenty of opportunities for senior citizens to rent spaces, even, and your home might be a perfect match for that.

Keep in the family?

The other option for moving ownership of your home when you move into assisted living is to leave the management of the space to a close family member or child. Several financial issues should be at the front of your mind if you decide to go down this path. First, you need to determine if this home will confer a tax burden on your child. If you give the home to them via your will, versus while you are still living, they may pay less in inheritance taxes. You can also consider giving the property to your child as an outright gift. 

Do your research first.

If you are ready to take the leap and sell your home, you need to be aware of several defining factors as you make your decisions. For instance, take note of the average cost homes sell for in your area in the current market. Homes in Borrego Springs, for instance, usually sell for around $231,000 at a median rate of 53 days on the market. If this is an agreeable number for you, you may want to take advantage of the current market -- but make sure you consult the expertise of a realtor first. Ask if selling your home would cover the cost of assisted living expenses.

When you make your decision about whether or not you’re ready to sell your home or give it to a family member to watch after, the experts at Borrego Springs Senior Center can help take some of the worry away from where you’re going to get your next meal. Contact the Center today at 1-760-767-3116 to talk about getting a meal or about volunteering to deliver nutritional packages to your neighbors.