This can be a really hard stage of life. Transferring your elderly loved one into full-time assisted care is not an easy choice to make. You also are going to need to decide what to do with the valuable and tricky asset of your loved one’s old property.
Selling it is one obvious answer. If you don’t have any kind of personal connection to the property, if you need the cash, or if you simply cannot handle the logistics of another house right now, it might be best to sell. The advantages are numerous – you would get an abundance of wealth that you could use to help support your seniors in their facility. You could also reinvest that money into your own current property. On the other hand, you would be giving up a valuable asset that could be used as an investment or as a future financial safety net.
Rent it Out
Renting out a second property is always one of the safer ways to make money from your larger assets. It’s not always a sure thing – you can’t make money without tenants – but it’s a lot safer than some other gambles that you could take. As long as you have people paying rent, you should be able to cover both mortgage payments (if necessary) and house maintenance. You also should be making some profit on top of it all. You should always choose long-term tenants when possible because you won’t have to worry constantly about finding replacements for the tenants who move in and out of the property.
Live In It
This is a good option for those who do have a sentimental connection to their elderly loved one’s home. It’s also a great option for those who haven’t yet been able to buy a home, or for those who are not satisfied with their current residence. The key here is to make sure that you jump through all of the correct legal loopholes to transfer ownership of the property to yourself. If you’re not careful, you might have the house taken from you. Selling your other property (if you have one) is also a process you should pay attention to.
Whatever you decide, it would be a good idea to carefully plan out the process. Talk with a local agent or real estate consultant if you want details on your local real estate market. Carefully consider which choice would be best for both you and your elderly or disabled loved one.
Did you enjoy reading this article? Here’s more to read: Care Options to Consider for Your Senior Loved One
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