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How Do You Handle Your Home When Moving Into Assisted Living?
Date Updated: July 26, 2024
Written by:
Jackie Smart is an author and freelance content writer. For the past five years, she has written on numerous subjects, especially senior living, drawing on her own experiences of researching assisted living for an elderly relative. Jackie has since written extensively on the subject, focusing on how older adults can find help accessing services and the resources and programs in place to help them finance their long-term care.
Reviewed by:
Kristi Bickmann, a licensed Long-Term Care Specialist, represents top-rated "Traditional" & "Hybrid" LTC companies. Serving associations such as the American Nurses Association, she's a licensed insurance agent in 27 states. Specializing in insurance products for seniors, Kristi helps hundreds of families every year protect assets, retirement, and loved ones. She understands aging concerns firsthand, having assisted her own parents. Kristi ensures accuracy on topics about senior long-term care and its consequences.
When you move into assisted living, you can handle your home by selling it, renting it out or having a family member look after it. More than 75% of adults aged 65 and older own their own homes and must figure out what to do with the property when they move into long-term care. The decision largely depends on your personal situation.
Property is a valuable asset that you can sell or rent out to help cover the costs of long-term care. Assisted living costs an average of $54,000 per year in the United States, which most seniors pay for using personal funds.
Selling
Selling after you’ve moved into assisted living offers the opportunity for a professional or loved one to prepare and stage the home to make it as attractive as possible to potential buyers. By entrusting a family member or a realtor to market and sell the property on your behalf, you eliminate the stress and anxiety that may come with selling your home.
Renting
To receive a steady monthly income, you could consider renting your property. Bringing in a property manager can ease the burden of having to deal with tenants and any maintenance issues that arise.
Keeping your home
If you’re financially secure and already have the funds to pay for assisted living, you may want to hold onto your property. However, allowing the house to sit empty leaves it more vulnerable to break-ins and vandalism, and unexpected issues, such as leaks, mold or pests, may become larger and more expensive to fix.
One alternative is to allow a family member to move into your house. Whether it’s a child returning to the family home or a grandchild starting out in adult life, having someone you trust look after the property ensures any issues are dealt with quickly. If you’ve chosen an assisted living community close to home, keeping your home for a loved one to live in also means they are nearby to visit and provide support and companionship.