By Jennifer Wong, Owner, Principal Broker
The decision to move into a senior living facility is a big one. It can come along with great excitement in knowing that you’re going to be moving to a place that allows you to retain your independence while receiving additional assistance. However, it can also come along with stress such as what to do with your home when you move, is renting or selling the better option for you?
There are both benefits and drawbacks when making the decision to rent or sell and no two people will have the same situation, making this a very personal choice that depends largely on you, your family, and your finances. Below we’ve detailed a few points to take into consideration while making this decision.
Renting your home:
There are a few reasons why rental may be the right choice for you. Perhaps you would like to use the rental income to help you pay for the costs maintaining life in a senior assisted living facility. Alternately you might find that you’re wanting to maintain the ownership of your home for sentimental reasons such as passing it down to family members. Should you choose to go the rental route however it’s beneficial to find a property management company to manage the rental of your home. This will decrease the burden of being a landlord off both yourself and your loved ones.
Selling your Home:
Selling your home is often found to be the best choice for many seniors as they move into their new stage of life. Selling your home relieves much of the stress of maintaining ownership of a home and saves you from ongoing maintenance fees and property management costs. Selling your home can also provide you with a nest egg to finance your new living situation. If selling is a route that you are considering, it’s imperative to get an appropriate appraisal of your property to understand its value and any renovations you may need to do. Working with a realtor that you trust during this period can ease the stress of selling your home and ensure the transition goes smoothly.
Whether you decide to rent out your home or sell it – speak to someone that you can trust about your options. Realtors have experience in property management and can guide you during the entire process.