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.

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.

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.

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.