Making the decision to enter yourself or a loved one into assisted living can be a difficult and emotional process. While health and safety are of utmost concern, financial burdens also weigh heavy during this time. It’s an unfortunate reality given the high price tag of senior care and lack of Medicare coverage for many nursing home options.
This is where realtors and attorneys can offer guidance to their clients. Professionals like these understand the realities of selling a home and can recognize when utilizing a reputable company like MarketPro Homebuyers for a no-hassle cash offer is the best option for their clients. While it’s never easy to say goodbye to a home, more and more elderly Americans are finding it necessary to cover the ongoing cost of long-term care. Leveraging a home’s equity in this manner comes with many benefits. Here’s what to take into consideration.
Ease Your Mind Early On
One early benefit of a home sale is the proceeds can be used to cover the initial fee of settling into the new facility, as well as moving costs. That primary windfall can set a client’s mind at ease, knowing they can focus on their new lifestyle.
Of course, this does require a quick sell – something that is happening more and more in the current high-demand market. However, older homeowners often have older, un-modernized houses that may take longer to move. The U.S. Census finds that half of homes sold by people 65 and older were built before 1975. In other words, some decluttering, small repairs, and a fresh coat of paint may be needed to speed up the process.
In many cases significant repairs, updates, and upgrades are required to get the home market ready. In the meantime, an eldercare loan can be used to help seniors fund residential care while waiting for their homes to sell.
Beyond the upfront costs, any proceeds of a home sale can be put away and used to pay for care for years to come. Depending on the person’s age and health, this can either provide great peace of mind that they are financially provided for, or it can highlight that an additional plan is needed. Either way, this early preparation is incredibly valuable.
Fewer Costs, Different Costs
Another benefit of selling a home for care coverage that seniors should consider is drastically reducing monthly and annual expenses.
Mortgage Costs: This is typically the most significant cost of holding onto a home. Eliminating thousands of dollars each month in payments on a home that no longer fits your or your loved one’s needs can be beneficial.
Property Taxes: Even if a home is paid for, the government will continue to collect property taxes.
Utilities: Living in a home means paying for utilities like electricity, gas, and water. Even uninhabited houses still have utility bills to keep pipes from freezing or lights and security systems running to prevent theft.
Maintenance Costs: Indoors and out, homes require maintenance. The systems that run a home need to be taken care of in order to prevent fire, flood or other damage. Maintaining the lawn and outdoor space may be required by homeowner associations or needed to keep from making the house appear abandoned and a target for unwanted visitors.
Time and Worry: In situations where family members (or attorneys) are managing homes for seniors, selling the home means that don’t have to worry about managing the home for them or renting it out.
Storage: One potential new cost to keep in mind is storage. If a senior’s home is being renovated for sale or rented out, some family heirlooms may not be able to make the move with them, and therefore need to find their own new home in a long-term storage facility. Take this into careful consideration when emptying the house and determining which items are truly worth the price of holding on to.
Let Us Lighten the Load
Leaving a home and moving into assisted living or a nursing home is one of the most difficult life transitions seniors will face. MarketPro Homebuyers can help during this challenging time with experience and understanding. Our team of experts will make a fair cash offer for the home and make the process fast and painless.
In some situations, we can even help with packing, moving, and other expenses. If you or someone you know if looking to make new arrangements for an elderly family member, please contact us today!