How to Get Ready for a Move to Assisted Living in Dallas – 3 Considerations
The decision to move into an assisted living facility may not be easy. Many older adults prefer to remain at home through their golden years. But it’s not always safe to age in place, and you may find that an assisted living community is just what you need. Deciding what to do with your existing home can pose a challenge, though. Here are three options for how to handle your property if you no longer live there.
Option 1: Sell Your Home
Selling your home in Dallas is a viable option when moving to assisted living. You may prefer to make a clean break from home ownership, and selling can be a timely solution, especially since your living costs in a community will not fall under insurance or other coverage. Insurance coverage for assisted living varies by state, U.S. News explains, and yours may not be on the list. In that event, selling your home can provide the funds you need to afford assisted living. Because many assisted living services are all-inclusive, you can predict your monthly expenses and feel more prepared.
Before listing your home, however, you should check out home pricing trends in your area, and you can also use a home-value estimate to determine the value of your home. Depending on market activity, you may want to make repairs or updates to your property to get the best price. Or, you may choose to sell as-is to avoid paying to fix problems or make upgrades. A cash sale may also be a possibility, and selling to a professional home buyer in Dallas often means a quicker sale and no remodeling or repairs necessary.
Option 2: Rent the House
Entering the rental market is another option that works for many seniors. You can choose to manage the rental yourself or hire a company to do so. Renting means you still own the property but no longer live in it. Deciding to rent the home preserves your investment, especially if the home is paid off, and enables you to make monthly income. One clear financial benefit with renting your house is that the income does not change your social security benefits, AARP confirms.
Becoming a landlord can involve a significant time investment, however. Alternatively, hiring a company can mean your rental income is lower because of management fees. Most management companies require fees ranging from seven to 10 percent of the rental amount. Of course, for many homeowners, the trade off is worth it when it comes to handling repairs and emergencies.
Option 3: Leave Family Members to Decide
Although you can rent or sell your home on your own, leaving it to the family is a third viable option. You can transfer or sell the house to a loved one or choose to name someone as the rental agent on your behalf. Putting the house in a trust is another legal option that protects your finances but leaves the home to your family when you pass away.
For many older adults, giving the home they love to a family member provides the best comfort. If you can no longer care for the home, knowing that someone close to you is enjoying and maintaining it makes your move less stressful. Especially if you raised children there, the knowledge that another generation is moving in may bring you peace of mind.
There are financial and emotional pros and cons with every decision regarding your house. But once you settle on a choice, you can make your move with confidence. Not every decision is right for each senior, so taking the time to deliberate is essential. In the end, the right decision helps you feel good about the next step in your life.
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