The Transition From Home Ownership to Senior Living

In their retirement days, many seniors shift to senior living to enjoy all the benefits of a maintenance-free lifestyle. If you are also one of those individuals, then one of the most important decisions you need to make is whether to sell your house now or not. Is selling your house before moving the best option to have peace of mind regarding your finances, or should you wait until you have settled into your new lifestyle and then
decide to sell your house.

When Should You Sell Your Home?

There is no straightforward answer to this question, so we have prepared a series of questions to help you move forward and come to a conclusion.

1. Will you need the returns from your house sale to bear the cost of senior living?

More often than not, for seniors, their home is their most valuable financial asset. And it’s not rare for older citizens to use their homes as equity to fund their senior living costs. If you need the finances to fund your senior living costs without selling the house, there are specific ways you can do that. You can get a bridge loan using your house as equity. When the house sells, the loan can be repaid. Banks provide this unique loan to give the borrower a way to pay for their senior living costs using their house as equity.

2. Can you support two homes simultaneously?

Finding a suitable senior living community that fits your needs might make you anxious to move. Deciding to wait until you are settled into your new community will cost more as you would have to simultaneously support your house and the finances of senior living. You need to ask yourself whether your budget allows you to do this. The real estate market has been on a roller coaster, so it might be challenging to sell your house and take more time than you initially thought.

3. Can you keep your house show-ready while you pack for the move?

Living in a home while you are also planning to move might negatively affect you when we talk about showing your house to potential buyers. Buyers usually keep their expectations high when planning to buy a house. A well-maintained and tidy house is sure to give the impression that the house has been maintained well under ideal conditions, which leaves off a good impression. In contrast, a house cluttered and filled with chaos might leave the impression that the previous owner did take proper care of the house they are considering buying, which might hamper the deal.

The Takeaway

Above mentioned are the questions you must ask yourselves if you are planning to move to senior living. The answers to these questions will decide your next move, and it might be wise to consult with your family members about the entire ordeal. In the end, whatever you end up choosing if senior living is something that you need or want, considering every option is the best way to go.

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