As we get older, there are often things that become too hard for us to do on our own. For many seniors, this is the main factor that drives the decision to move into an assisted living facility. These communities allow older people to live their lives with a supportive staff, and provide assistance with housekeeping, cooking, medical care and more.

Assisted living can be the perfect option for the senior living alone that simply has more needs than they can manage by themselves. Make sure to tour several places to make sure you’ve found a facility that balances care and freedom. Getting help shouldn’t mean giving up your independence. You also need to consider the cost of the facility; contact several local centers to ask about buy-in and monthly fees. 

It’s often difficult for those moving into assisted living to decide what to do with their homes when it’s time to move out. Here’s a look at your options and the pros and cons of each so you can decide which is right for your situation:

Renting

Pros: Renting out the home is a great option for many seniors. By allowing someone to live in the house while you’re not there, you ensure that few problems like leaks get caught before they become big issues.

Moreover, you make income each month. This can be particularly useful for those whose income only just covers the costs of the assisted living facility. Bringing in a little extra cash each month protects you in the event of unexpected costs.

Cons: Being a landlord is a lot of work. Depending on why you need to move into assisted living, you may not have the time or energy to manage an investment property. If a family member can manage the property on your behalf, you may be able to mitigate this issue.

Another con of renting is the fact that you can never be sure tenants will treat your home respectfully. There’s no guarantee that renters will care for your space, pay rent each month, and stay to the end of the lease.

Selling

Pros: If you sell your home, you’ll have a nest egg available to cover any unexpected costs in the future and to put toward your estate. You also won’t have to worry about maintaining the house. This is a great option for seniors who would rather let the property go than deal with the taxes and upkeep. 

Cons: Selling a home can be a lengthy process, and it can require a lot of work on the seller’s part. You may need to hire someone to clean the home on your behalf as part of the staging process. You will also need to find storage for the things you had to remove from the house but are still unsure whether you wish to keep or toss. Keep an eye out for deals on storage units in the Kansas City area. 

Keeping It in the Family

Pros: If you or your loved ones can’t bear to see the house in another owner’s hands, you can have someone in the family take care of it on your behalf. This is a good call for those who would like the property itself to become part of their estate, as its value will likely continue to go up with time.

Cons: If you go this route, you or a family member will have to continue paying taxes and other upkeep costs. This can be a financial drain, so you must first ensure you have the funds to keep the home to begin with.

Ultimately, there is no right or wrong choice for your home. By examining the options thoroughly, you can figure out which option is best for you and your family. The transition to assisted living can be made much easier by planning ahead.

Photo Credit: Pixabay

by Andrea Needham | eldersday.org