Helpful Advice for Downsizing Seniors Leaving Their Homes Behind
You Have Options
Whatever reasons may have led to your decision to move into a long-term senior care community, the one thing that’s certain is that you’re leaving your old home. Typically, that leaves you with three potential routes to take when deciding what to do with your house: You can transfer homeownership to a loved one, rent the property, or sell it. Of course, each of these options has pros and cons.
Rent Out Your Home
Renting your home might work if you’re looking for an income stream. However, there’s a process involved in becoming a landlord, and according to SmartMove, it starts with making a financial plan. To become a landlord, you’ll need to learn about landlord-tenant laws and renters’ rights. To ensure your income, you’ll need to set a decent rental price that covers expenses such as your mortgage, property taxes, landlord’s insurance, and property maintenance. When you’ve covered all your bases, you can market the property and set up tenant screening. Hiring a property manager is an added expense, but it can be worth it to have someone else handle rent collection, emergency repairs, and property maintenance activities.
What it Takes to Transfer Ownership
This is an attractive option if you plan to leave your house to a family member upon your passing. Transferral of homeownership can take the form of three types of deeds that have varying details corresponding to rights and legal coverage. While the quitclaim deed is the fastest, it doesn’t offer protection against legal claims. It’s possible to handle the process yourself, but you should hire an attorney to ensure that you’re aware of what each type of deed means. According to Investopedia, there are costs and taxes corresponding to a transfer that you should know. You can also gift your home to your loved one, but that comes with various tax and financial implications. Giving up ownership of your home may negatively impact your eligibility for Medicare benefits that assist with senior care and home living costs.
Sell Your House
Unlike renting, selling your home is a one-off project, but the process is more intricate. When it comes to getting the best price for your home, know your home’s value so you can price it accordingly. Even if you’ve sold a home before, a real estate agent can help you determine what updates your home may need as well as guide you through the marketing and negotiating steps. While prospective buyers will usually hire a home inspector, you could avoid nasty surprises by getting an inspection done and addressing major areas of concern before putting the house on the market. Before you start calculating how much profit you’ll make from the sale of your house, make sure to factor in other expenses, such as closing costs, attorney’s fees, real estate agent’s commission, and transfer taxes.
Figure Out Where You Want to Live
If you’ve yet to find a new home, the first step is to think about your needs. Seniors who want to remain independent or only need some help with daily chores can get the care they need in an independent or assisted living facility, while those who need round-the-clock care and services should look to a skilled nursing home. For the latter, there are plenty of options in the Dallas area, and choosing the right facility can be easier by looking at their pricing and average ratings. When you take the time to carefully research your options, you’ll likely find the right home for your budget and needs.
Plan for a Hassle-Free Move
Once you’ve decided on a senior care facility and what to do with your house, plan for a smooth move into your new home. According to Life Storage, you should first focus on decluttering your home. This will be an integral step when renting or selling as well. It can be hard to part with items that have sentimental value but you have to work with the smaller space of your new living area. You can donate items to family members, but be sure to bring a few special ones with you to help make your room at the senior living facility feel more like home. When moving, consider not only using professionals but ones that are specifically trained to aid seniors. They can help you with packing and making sure your items get delivered safely.
It’s never an easy decision to leave the home you’ve had for years, but maybe knowing the details of the way forward can help. You can leave your home in the hands of a loved one, gain a steady income from a rental or sell the home. What works for you may even be a combination of two of the three options. In any case, the best decision is usually a well-informed one.
Brought to You by OutFactors
This information is provided by OutFactors, a home cash buyer. At OutFactors, we buy houses as-is for the cash and close quickly—within just a few days. The process is extremely simple and convenient. To get the highest cash offer for your home all you have to do is fill out our simple 4 questions online form or call us at 800-420-7030. Offers are always fast and free!
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Advice for Downsizing Seniors | Senior Care | OutFactors – Dallas Fort Worth, Texas