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Making the decision to move into an assisted living facility is never easy; there are so many details to think about, from getting your finances in order to figuring out how the actual move will go. Not only that, but it can also be stressful or overwhelming to think about the lifestyle change that will inevitably come with a downsize. With all the considerations you have to make, the last thing you want to do is worry about what will happen to your current home. Fortunately, there are some options available to you, which we’ll explore below.
Prepare Your Home for Sale
Selling a home is a big job, but if it’s the best option for your needs, it’s important to find a realtor who can look at your space and let you know which changes need to be made in order to make a quick sale. Even if your home is sparkling clean and well-kept, there may be some updates that would attract more buyers or small repairs that could affect the sale price. So, create a to-do list that will be easy for your loved ones or professionals to follow, and remember that a good realtor won’t tell you what you want to hear; instead, they’ll let you know the best moves to sell your home quickly and for the best price.
Rent It Out
Turning your home into a rental is a great way to earn extra income, which could help you pay for your stay in assisted living or build up your retirement nest egg. If you live in an area that is close to attractions, such as downtown nightlife, the beach, or a well-known spot such as an arena, you might think about renting out your home to vacationers. Otherwise, you could turn your house into a rental for long-term tenants. Keep in mind that these changes will require different insurance and that you’ll likely need help from a close friend or loved one who can assist you with bookings and collecting payments.
Keep It in the Family
If your home has been in the family for a long time, or if you want to start new traditions with your loved ones, consider leaving it to a responsible party. There are some legal issues to consider, so talk to your family to ensure the details are ironed out before you move. You might create a living trust, or if you want ownership to transfer after your passing, make a note of it in your will. This is especially important if you are leaving the property to more than one person.
Make Decisions About Your Belongings
No matter what you decide to do with your home, you’ll likely have many belongings that won’t fit in your new place, or there might be a few things that you simply don’t need anymore. To start decluttering, go through your items and think about which ones can be donated, trashed, or sold; those things with sentimental value that you’re just not ready to let go of can be taken to a storage unit for safekeeping. This way, you don’t have to make a decision right away, and if you decide later on that you want to keep them, they’ll be in good hands until. Keep in mind that the overall average price of a self-storage unit in Troy over the last 180 days was $84.52. Also, keep in mind that if you have any large items, you may need to hire movers to transport them to your storage facility, which could easily run you between $90 and $120 per hour.
Making decisions about your home can be emotional and difficult. Even if you feel ready to make a move, it can be overwhelming to think about making such a big life change. So, look for support from your family members and friends during this time, and start as early as possible so the transition won’t be so jarring.