This year 2022, I am encouraging informative articles for applicable issues/concerns for all of us. Please allow me to welcome Andrea for our first guest blogger on Sipping Cups of Inspiration.
Andrea Needham is the creator and editor at Elders Day. A lifelong writer, she created her website to share information and resources with other seniors who love living it up as they age. Andrea believes our golden years don’t have to be a time to slow down, and she looks forward to sharing the many health-boosting, fulfilling activities and experiences that are perfect for aging adults.Please welcome Andrea to my blog as our first guest blogger of 2022.
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How to Manage Your Home When Moving Into Assisted Living
Are you an older adult making the move to assisted living? Congratulations! Assisted living is a great way to get the care you need and deserve. However, there is a big question to deal with – what do you do with your house? There are several factors to consider, and finances may be resting heavily on your mind. Here, Sipping Cups of Inspiration shares the main options available to you and the financial considerations that come with each.
Ask For Help
If you’re unsure how long you’ll be away from home or just want a safety net to fall back on, you could ask loved ones to help take care of your property. While you’re in assisted living, ask a close friend or family member to come check on your property every once in a while and keep it functioning. This option is ideal for those who want to retain their home for future generations or other usages. However, you will still need to pay for the associated homeownership expenses, which can be significant.
Sell Your Home
The logic of selling your home is truly compelling. It is an easy way to get a lump sum for your property, which can help fund the costs associated with assisted living. Not to mention, you’re not going to have to spend time, effort, and money managing the property and getting it maintained. According to Edgewood Health, many seniors also find themselves in need of major decluttering, so selling your home outright is a great way to get started on your organizing efforts. Before you sell your home, be sure to do your due diligence on the latest home prices and trends in your area. You can also use this sales proceeds calculator to get an overall estimate. This will ensure you get the best price for your property!
Rent Your Home
According to the U.S. Census, American landlords make over $97,000 a year in rent. Thus, getting into the renting business can be a significant money minter. Choosing to rent is a great way to gain consistent monthly income, which can help offset the costs of homeownership and your living expenses. However, renting your home does require sustained effort. You’ll need to advertise your listing, screen potential tenants, perform rent collection and manage your property. That’s a lot to do, especially if you have mobility concerns. Hiring a property management company can help reduce some of the work, so that is a route to consider as well.
Leave It Be
If none of the options above work out for you, leaving your home empty may be your best bet. Leaving it unoccupied in the state it is in may make the most sense for your situation; however, it is typically the least desirable option. Why? Well, you’ll have steady bills coming in that you’ll need to pay. Moreover, an unoccupied home runs the risk of vandalism or theft more than occupied homes. Lastly, you’re not making any financial profit by following this course of action! Thus, if you find yourself seriously considering this option, gather insight and advice from a realtor or trusted family members for the best course of action ahead.
Moving homes is stressful enough, but moving into assisted living can be a significant life change to boot. The last thing you want is trouble with your home during an already challenging time. The good news is, you have lots of options available to you when it comes to your home. So take your time, consider your decision carefully, and your big to-do will be checked off in no time.
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Andrea Needham, Thanks for this vital and informative article and for all of my followers and readers, please comment if you found this blog interesting and let’s show support for Elders Day. I want to invite other bloggers to message me with your ideas for a blog you would like to be a guest blogger. I encourage positive blogs with no profanity and Sipping Cups of Inspiration allows only quality content from verified sources…..Arline L Miller, blogger and author.
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