Big Decision. Big Move.
Making the decision to move into an assisted living facility comes with a lot of details, from whether you’ll get to keep your own car to how you’ll pay for your care. One of the biggest things you’ll need to think about, however, is what to do with your home while you’re away. If you’re looking for a facility that you can comfortably stay in for the long term, you may want to sell your home and use those funds to help pay for your care. However, if you’ll be staying there for a short time to recuperate from an illness or injury, it might be best to ask a friend or family member to stay in the home and help take care of the upkeep while you’re gone.
There are many different options, and there are just as many factors to consider before making a decision. Take a look at your funds to get an idea of how much you’ll need to finance your stay, and evaluate the home itself. If it needs a lot of repairs or updates to get it into selling shape, it might be best to think about renting it out instead. Here are a few tips to get you headed in the right direction when it’s time to make a decision about your home.
Turn your home into a vacation rental
Turning your home into a vacation spot takes some work, but if you’re in the Naples area, you already know its beautiful beaches and upscale restaurants are hot attractions for vacationers. Not only that, Turnkey notes there’s also nearby Marco Island and the Everglades National Park for visitors to check out. Having income from a vacation rental can provide funding for your stay in an assisted living facility, but there are some cons, including the fact that the income may not be steady. You’ll want to find a property management company that can meet your needs, since running a rental takes a lot of time and effort, and they can help with everything from booking to emergency maintenance.
Selling your home takes some work, too, but once it’s sold, it’s in someone else’s hands and out of your hair. The proceeds can give you quite a nice nest egg for retirement, but if the market is in a slump, it might not be the best time to list a home. The last thing you want is to have it sit untouched for months, so do some research to make sure of the optimal time to list–including the month and even the day of the week–and find a real estate agent who can help you make the most of your sale.
Have a family member take over
Asking a close family member to take over your home while you’re away can have its pros and cons. The benefits include having someone to handle daily upkeep and repairs so the home doesn’t lose value, but it’s not always easy to get family involved when it comes to matters like these. They may have their own home to take care of, or they might live far away. Think carefully about whether this is the right option for you before making a decision.
Rent to a tenant
This option is similar to turning your home into a vacation rental, but rather than having many different renters to take care of, you’ll only have a single tenant or family to handle. Turning your home into a rental means making some changes to your insurance and possibly making repairs or updates, but it can also provide you with steady income for as long as you make the lease. Make sure you’ll have help from a family member or close friend who can help out with screening tenants and accepting payments while you’re away.
Moving to an assisted living facility can be a huge benefit to your physical and mental health, but it can also mean making big changes to your lifestyle and livelihood. Think about what makes the most sense for you as you move into this next chapter, and ask for help from loved ones so you can make the most of it.
Should you have any questions, or need help in making this transition, reach out to us at any time. We can help.
By Kent Elliot