Making the transition to assisted living or nursing care comes with a lengthy to-do list. And one of the most important tasks is deciding what to do with your home. When it comes to choosing what to do with your house, there are various options to choose from. To help you make the right choice for your circumstances, real estate expert Michelle Thomas offers the following guidance.
Choosing an Assisted Living Facility
There are various advantages to living within an assisted living or skilled care community. Living in these communities may give you more opportunities to make friends and connections. These living options usually have a rich social community where people can mingle and get to know one another. In addition, you can count on having professional care when you need it. You do not have to worry about what the next day will bring when you have nurses and other professionals to help you throughout your days.
When scouting your options, keep in mind that assisted living is not the same as a nursing home. At a nursing home, you have 24/7 medical care for your issues. Whereas assisted living, you have assistance with some tasks but live a more independent life. To find out about local communities in Naples and the surrounding area, look into detailed facility reports, payment options, pricing info, and reviews from online directories.
Determining the Future of Your Home
What you plan to do with your home depends on your financial situation and what you want to leave to family and friends.
Leave to Family or Friends
If you have friends or family who want your home, consider selling it to them. When you sell to a family, you control the price and the stipulations. However, if you offer a house below market value, the price difference could be considered a gift for tax purposes.
Gifting
Gifting can be an essential part of a person’s estate plan instead of waiting to donate assets after a person dies. If married, you and your spouse can give up to $16,000 each.
Selling
Your home’s cost could help fund a long-term care facility if your insurance does not cover it. When you’re ready to sell, connect with local Realtor Michelle Thomas. as soon as possible to start the process. Use your first meeting to ask as many questions as possible to ensure that you understand how she can help you.
When determining the future of your home, calculate its value ahead of time. Knowing the value can help you figure out the most ideal move for your financial health and your family’s financial health.
Preparing for the Move
Moving into assisted living or skilled care can be a major adjustment, both emotionally and logistically. One of the biggest challenges is downsizing your belongings to fit into your new smaller space. It can be difficult to let go of sentimental items, but it’s important to remember that you’re not really losing them, you’re just giving them a new home. Start by making a list of everything you need to take with you, and then edit it down to the essentials. You may also want to consider donating or selling some of your things.
In addition to winnowing down your belongings, collect all of the documents related to your home before you put it on the market, including:
- Copies of the title report and deed
- The sale agreement
- Property tax information
Article provided by Suzie Wilson; suzie@happierhome.net