Due to financial concerns, health issues, or a death of a spouse, the decision to move to an assisted living facility can sometimes happen very quickly. If you don’t have time to plan and prepare, this move can seem overwhelming. However, even if circumstances require you to make the transition with very little notice, you can still take steps to remove as much stress as possible from the otherwise hectic situation.
What to do with your home
One major consideration when moving to assisted living is to figure out what to do with your current home. If you want the home to stay in the family so your heirs can inherit the property, you have a couple options. Firstly, you can allow a family member to take residence in the home. This ensures that the home is being taken care of by a loved one. The added bonus is you may be able to visit in such an arrangement.
However, do this only if you’re on financially stable ground. If you’re lacking retirement savings or life would be easier with an added income stream, think twice before you let a family member move in, as your home will likely still be a drain on your bank account with property taxes, upkeep, and other costs.
If your goal is to keep ownership of the home, the second option is to rent it out. While rent prices can vary from location to location, you can generally estimate that you will need to be able to charge one percent of the value of your home per month in rent in order to create a dependable income stream. For example, if your home is valued at $325,000, your home needs to be able to command a rent of $3,250 per month. To find out your home’s value, you can use an online home-value estimate.
If you decide to rent out your home, it’s a wise idea to enlist the help of a property management firm. While fees can vary from firm to firm, expect to pay in the neighborhood of 10 percent of the rent.
On the other hand, it may make sense for you to sell your home. Work with a realtor to determine your home’s value and get it listed on the market. According to Clever, the typical home spends about 68 days on the market.
If you want to sell, moving to the assisted living facility could actually work in your favor, as you’ll be out of the home and be able to have it professionally staged for buyers. Generally, staged homes sell faster — and for more money — than homes that haven’t been staged.
Take with you only what you need
While you may be tempted to try to bring as much with you as possible when you move to an assisted living facility, use this opportunity to do some downsizing. Don’t ask how much you can take; instead, figure out exactly what it is that you need. Bring just enough stuff to make the space comfortable, functional, and enjoyable.
For the rest of your belongings, regardless of what you’re doing with the home, the easiest thing to do is to move everything into a self-storage unit. Down the line, you can figure out what you want to keep for yourself or hand over to family members, and which items you want to donate, recycle, or throw away. To reduce stress, hire professional movers to pack your items and take them to the storage facility, and bring the rest to your new home at the assisted living facility.
The advantages of assisted living are many. But moving to assisted living can be stressful, especially if you aren’t given much time to get everything ready. But with the right game plan, you can face this challenge head-on and make the transition as easy as possible.
Photo via Pixabay
How to Make the Move to Assisted Living Easier and Less Stressful
Due to financial concerns, health issues, or a death of a spouse, the decision to move to an assisted living facility can sometimes happen very quickly. If you don’t have time to plan and prepare, this move can seem overwhelming. However, even if circumstances require you to make the transition with very little notice, you can still take steps to remove as much stress as possible from the otherwise hectic situation.
What to do with your home
One major consideration when moving to assisted living is to figure out what to do with your current home. If you want the home to stay in the family so your heirs can inherit the property, you have a couple options. Firstly, you can allow a family member to take residence in the home. This ensures that the home is being taken care of by a loved one. The added bonus is you may be able to visit in such an arrangement.
However, do this only if you’re on financially stable ground. If you’re lacking retirement savings or life would be easier with an added income stream, think twice before you let a family member move in, as your home will likely still be a drain on your bank account with property taxes, upkeep, and other costs.
If your goal is to keep ownership of the home, the second option is to rent it out. While rent prices can vary from location to location, you can generally estimate that you will need to be able to charge one percent of the value of your home per month in rent in order to create a dependable income stream. For example, if your home is valued at $325,000, your home needs to be able to command a rent of $3,250 per month. To find out your home’s value, you can use an online home-value estimate.
If you decide to rent out your home, it’s a wise idea to enlist the help of a property management firm. While fees can vary from firm to firm, expect to pay in the neighborhood of 10 percent of the rent.
On the other hand, it may make sense for you to sell your home. Work with a realtor to determine your home’s value and get it listed on the market. According to Clever, the typical home spends about 68 days on the market.
If you want to sell, moving to the assisted living facility could actually work in your favor, as you’ll be out of the home and be able to have it professionally staged for buyers. Generally, staged homes sell faster — and for more money — than homes that haven’t been staged.
Take with you only what you need
While you may be tempted to try to bring as much with you as possible when you move to an assisted living facility, use this opportunity to do some downsizing. Don’t ask how much you can take; instead, figure out exactly what it is that you need. Bring just enough stuff to make the space comfortable, functional, and enjoyable.
For the rest of your belongings, regardless of what you’re doing with the home, the easiest thing to do is to move everything into a self-storage unit. Down the line, you can figure out what you want to keep for yourself or hand over to family members, and which items you want to donate, recycle, or throw away. To reduce stress, hire professional movers to pack your items and take them to the storage facility, and bring the rest to your new home at the assisted living facility.
The advantages of assisted living are many. But moving to assisted living can be stressful, especially if you aren’t given much time to get everything ready. But with the right game plan, you can face this challenge head-on and make the transition as easy as possible.
Photo via Pixabay