As you age, seemingly simple tasks may become a little challenging. You might start to struggle with cooking, cleaning, or completing normal daily living tasks. If life is becoming more difficult, it may be time to consider an assisted living facility in Mansfield. But that raises the question of what to do with your home.
Know Your Options
Typically, by law, you don’t have to sell your home to pay for the cost of a senior living home, even if you’re on Medicaid (use Hornburg Real Estate Group’s online feature to estimate how much your home is worth). However, it could benefit you to sell your home to cover the costs. On the other hand, you have the option of renting the house to receive a continuous monthly income. A third choice is to ask a family member to care for your home while you’re in the assisted living facility.
Compare Your Options
Each option has its share of pros and cons. For instance, selling your home frees up cash to pay for assisted living expenses. Your family won’t have to sell it and repay the funds to Medicaid in the future. However, this means that everything you worked for is sold. And if you later decide assisted living isn’t for you and you’d rather live at home, you don’t have that option easily available.
Renting gives you a steady income, and you still get to keep your home. Keep in mind that you have certain responsibilities as a landlord, and if you don’t have a family member to help, you could find yourself spending a great deal to maintain the place by professionals.
Let’s say you designate the responsibility to a family member. You risk them not properly maintaining the house if they lack time. It could also be a burden on another person, especially if they have a family and/or career. You, however, get to retain ownership of your home and won’t have to worry about hiring someone for routine maintenance.
Comparison Shop for Assisted Living Facilities
If you’re paying out of pocket, compare the facilities based on price. As you weigh your options, look at the activities and other services they provide. While you need a place you can afford, you also want one that can provide the level of care you need and that you’ll enjoy.
Getting Your Home Ready To Sell
Before you can sell your home in Mansfield, you need to prepare it. You may potentially get more money from the sale, and it will sell faster.
Ideally, make any necessary repairs before listing it. For instance, if you have a cracked window or leaking pipe, get the problem fixed. While these may not have bothered you, they can be major turn-offs for prospective buyers.
It could also help to make a few minor upgrades to the home, such as new flooring or new countertops. These upgrades can increase your home’s value.
Make a Major Life Decision With Confidence
Your Mansfield home is probably your largest investment, so what to do with it when you enter an assisted living facility is a major decision. By thinking carefully and analyzing the pros and cons, you can make the decision confidently.
Source: Rhonda Underhill
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