Keeping Comfortable: What to Do With Your Property When Moving Into a Nursing Facility

If you find yourself needing to move into a nursing facility, you may be uncertain about what to do with your existing property, and because your choice has a massive impact on your financial future, it’s essential to understand the pros and cons of each option before settling on the one that best fits your personal circumstances. Today, The Compean Group is here to walk you through the process.

Selling Your Home

Selling your home may seem like the most stress-free solution. However, there are several factors at play when putting your house on the market. The lump sum received can be used to cover the high costs of long-term care, and with the right investment strategy, the money could last for the remainder of your lifetime. You’ll also no longer be responsible for the upkeep, property taxes, or insurance on the home, which can be especially costly as your income declines.

On the other hand, it can take months, or even years, to sell your home, and in the meantime, you’ll still be responsible for the associated costs. Depending on the housing market in your city, you also may not be able to sell your home for as much as you’d like.

Renting Out Your Home

Renting is often a good interim solution if you’re still in two minds about how to proceed with your property. However, there are a few responsibilities associated with being a landlord that you should be aware of before making this decision. 

When renting, you’ll continue to earn money from your property while you’re living in an assisted facility, which can help to offset the costs of your care. You’ll also have the option to sell your home down the line when the housing market is more favorable. 

Then again, you’ll be responsible for finding a qualified tenant, which can be a time-consuming and stressful process, plus the cost of maintaining the property will still be yours to bear, even if that means paying out of your own pocket. 

Leaving Your Home to a Family Member

Leaving your home to a family member is a generous gift that can help to ease their financial burden, but it’s important to have a conversation about your expectations for the property before making this decision.

The top advantage is that you’ll know that your home is in good hands and will be taken care of according to your wishes. Best of all, you won’t need to pack up and move all of your belongings in a hurry, giving you time to come to terms with the transition.

Family dynamics can be complicated, however, and you may not be able to predict how your relationships will change once you move out. Some family members may also feel offended about who you choose to leave the home to, and this tension may cause you emotional stress.

Preparing For the Change

It’s important to be mindful of the differences between the various types of facilities available to you before making a decision about where to live. An assisted living facility is a good option for those who need help with activities of daily living, such as bathing, dressing, and eating, but doesn’t require the around-the-clock care of a nursing home. You also have the option of a skilled nursing facility, which is a type of nursing home licensed to provide 24-hour skilled nursing care, as well as rehabilitation services. If you need constant care and supervision, be sure to find detailed facility reports, pricing information, payment options, and reviews from other families for nursing homes in your area before making your choice.

While this period of transition may be trying, the burden can be lightened with the right research. Spend time talking through your options with your loved ones so that you have the support you need throughout the process.

The Compean Group specialize in helping the informed consumer make an even more informed decision! Selling or Buying, our team dedicates itself to helping you have a smooth transaction. Call (832)777-3904.

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Article by: Katie Conroy