You realize that it is time to consider moving into an assisted living facility. You feel lonely, because most of your friends have already moved into such a place or passed away. The everyday chores are increasingly difficult to do. But what happens to your home after you move to a new community? Here is a thought to consider: selling your home to pay for assisted living.
At first, this appears inconceivable. This is your home, full of so many memories. You brought up a family in here. You have all the heirlooms in here. How can you say goodbye to it? But what happens if you give up the idea of selling your home? Who will look after it? Could you bear to imagine it falling into disrepair and looking like an abandoned place?
Why Selling Your Home Makes Sense If You Move Out of It Permanently
There are various reasons why selling your home is the best decision before moving into an assisted living facility. This is not just a cold, calculated decision, but one which is also beneficial for your family. Here is why:
1. Your Children Will Not Be Burdened to Pay for the Upkeep of Your Home
If you move out, your adult children will do their best to keep your home in a good condition. They will spend a lot of money on various things such as:
- Local taxes
- Utilities bills
- Home cleaning services.
Moreover, if your house is not fully paid, they will also have to keep paying the mortgage rates on your behalf. This means an extra financial burden for them, on top of their own costs and expenses. Thus, selling your home makes more sense for everyone in your family, including you.
2. Home Prices Are on the Rise
This year is a good moment if you consider selling your home. According to various data and forecasts compiled by NASDAQ, home prices are expected to increase by a percentage between 3% and 5.4% compared to last year. This means that your home will fetch a nice amount of money.
You can use this money to pay for assisted living for a long period of time. This gives both you and your children much needed peace of mind. You need stability in your golden years, and this is exactly why your home is the most valuable nest egg you have. All you need to do is have the courage to sever the ties and make the most of this asset.
4. Your Family Won’t Have to Worry About the Upfront Costs for Your Assisted Living
You may not know it, but your children and other close relatives are working hard to find the best assisted living facility for you. And once they find it and realize that you are also happy with what you see, they will do everything to make sure you settle in as quickly as possible
In some cases, they will take out loans to pay the first onboarding fees. That is an extra financial burden – one which you do not want to place on their shoulders. But they will do it anyway, because they love you and they want the best for you.
Selling your home would free them from this obligation and will ensure your smooth transition to a new life. Yes, you will miss your old home for a while. But you will soon appreciate the quiet, comfort, care and companionship you find in the assisted living facility. Soon, you will realize that this is also a home.
5. You Will Enjoy a Stress-Free Life in Your New Surroundings
Home ownership comes with a lot of responsibilities. You have to pay taxes, follow various planning regulations and keep your home in good condition. Imagine worrying about a burst pipe or the fact that the electrical panel is outdated after moving into an assisted living facility. That would definitely make your life less enjoyable.
After selling your home, you will experience a sense of freedom, among many other benefits. You do not have to stress about anything anymore. You can enjoy that splendid sunset. You can bake cookies with full focus on your task. And you can play board games without any worry except for getting ahead of the other players.
Talk to Your Loved Ones about Selling Your Home
You do not have to go through the process of selling your home on your own. Your children will be happy to take care of all the technical aspects. They will get the best deal for your home while you are planning your move into the assisted living facility.
Selling your home is not the end of anything. It is just a new page turned in the story of your life. A new chapter awaits you, in a place where you will be safe, happy and properly cared for.