When we get older there are many choices that will face each of us. We can choose to just procrastinate and deal with it when it comes. We would suggest that I good plan made when those issues are well ahead and work the plan and execute the plan as you move forward will make it a smooth transition to that stage of life and not near as traumatic.
Most of us prefer to maintain our independence and quality of life as we grow older. Therefore, many seniors hope to achieve this by aging in place in the comfort of home. However, since health needs can change over time, sometimes moving into assisted living is the best option.
As function and mobility tend to decrease with age, the AARP says 7 million seniors age 65 and older need long-term assistance with daily activities. Given these statistics, there’s a chance that you or a loved one might eventually require care.
The senior population is growing, according to Athena Insight. And statistics show an increased likelihood of property ownership as people age. Because of this, it’s crucial to plan for what you’ll do with your home if you eventually require assisted living.
Have questions about assisted living and what to do with your home? Here’s some advice:
Considering Assisted Care?
If aging in place isn’t an option, many seniors choose to live with loved ones or move into a nursing home. However, assisted living is another choice that allows independence while providing many benefits.
Assisted living facilities are communities designed for individuals requiring long-term help with daily tasks, like bathing, cooking, or cleaning. Each facility is slightly different, but residents typically have private apartments to maintain independence. Because less care is required, Care.com says assisted living is generally cheaper than a traditional nursing home.
The community setting is beneficial for maintaining social connections, learning new skills, and making new friends. Services might include cleaning, cooking, administering medications, and social activities like dance classes, games, or movie nights.
Rates also vary. According to A Place for Mom, facility prices in Las Vegas range from $1,500 to $8,395 per month. To ensure your needs will be met, tour several local facilities. Atmosphere, amenities, and cost should all factor into your decision.
Weighing Your Options
When faced with the difficult decision of what to do with your current home, don’t worry. You have several options, including:
- Sell – When moving into a long-term care facility, selling your existing home is a reliable option. Morningstar recommends selling your house to eliminate mortgage payments and “self-fund” long-term care costs. To get the best price for your home, save room in your budget for a realtor.
- Rent – Renting your home can help pay off a mortgage or fund your care. Consider hiring a property manager to help you research your local market, set rental rates, conduct background checks, and handle repairs. Due to tax laws regarding rental properties, consult with an accountant before making a decision.
- Find a housesitter – If you have a trusted loved one or if you won’t permanently require assisted care, consider leaving your home to a sitter. You’ll avoid the hassle of selling your home. Plus, you’ll feel reassured that your current home is in good hands. If you’re still paying a mortgage, the downsides include monthly payments and repairs.
According to the Chicago Tribune, most of today’s retired adults doubt they’ll ever completely pay off their mortgage. This sobering statistic doesn’t mean you’re out of options. For instance, you might refinance or sell your home to free up money for long-term care costs. Before making a decision, speak to a financial advisor to determine what’s best for your unique situation.
Additionally, your local area should have senior centers, Social Security offices, or an Area Agency on Aging. These resources provide advice and beneficial information.
Even if you don’t currently need help with daily tasks, you might in the future. Although assisted living and end-of life-care are difficult topics to think about, it’s crucial to plan. Whether you age in place or in assisted care, proactivity increases your likelihood of maintaining your independence and quality of life.
Selling, renting, or leaving your property in the care of a relative all bring unique pros and cons. Weigh your options ahead of time, so you’ll have confidence that you’ve made the best decision.
Written by Andrea Needham
A lifelong writer, Andrea Needham created Elders Day to share information and resources with other seniors who love living it up as they age since she believes our golden years don’t have to be a time to slow down. She continues to look forward to sharing the many health-boosting, fulfilling activities and experiences that are perfect for aging adults.