Many seniors move from a house into an assisted living facility for ease and socialization in addition to getting help with their everyday needs. When your loved one decides to move into an assisted living facility, the question of selling his or her home may come into question. Should the house be sold before or after your loved one moves to the facility? Here are some things to consider:
Are Finances an Issue?
If your loved one's home is their most valuable asset, he or she may need the money from the house sale to move into the new facility. If he or she decides to sell prior to the move, it can ease the burden of paying for assisted living while also releasing your loved one from the responsibility and continual expense of the home.
What About Showings?
If your loved one decides to sell the house before the move, there can be some logistical issues to deal with. First, the home has to remain show-ready. The realtor needs to be able to show the house to interested buyers at any point. If your loved one has a lot of possessions to pack or to downsize, it may be hard to keep the home completely show-ready before the move. If he or she moves out and then places the house for sale, it is ready to go, which eases the stress of the process.
Another consideration is the timing of the showings. Many home buyers work during daytime hours, meaning they shop for a home on the weekends or at night. The timing of the showings can be disruptive if your loved one is still living there.
What About the Timing of the Sale?
If your loved one's sale does not happen quickly, he or she may have to deal with the additional expenses of the home as well as the assisted living facility expenses if they move prior to the sale. If he or she waits until the sale goes through, it can lessen the burden of housing expenses. Keep in mind that there will be additional expenses for the home aside from the mortgage payment. The utilities will need to remain connected, and the insurance payments will still need to be made.
There are many considerations when it comes to selling a home and moving into an assisted living facility. Be sure to help your loved one understand all the pros and cons that go along with the decision, whatever that may be.
Share6 December 2019
My husband and I recently moved his mother to an assisted living facility. My name is Audrey Martin, and I am going to share our experience with you. My mother-in-law is eighty-two years old. She has been living on her own for twelve years since her husband passed away. My husband, David, is her only child. That left us in charge of making this decision for her since she has declined to the point of not being able to make sound decisions on her own. I’m not going to tell you that it’s been easy, but I will say that it can be done. I hope that what I’m about to share proves to be helpful to you should the time come that you are the one moving a loved one to an assisted living facility. Thanks for stopping by!