Paying for Assisted Living by Selling Your Home
It is a fact that the market for homes has been booming, which makes paying for assisted living by selling your home, a smart financial move. The average home price up to now this year, according to the National Association of Realtors, is 15.8%, and demand continues at an excessive rate while supply can’t keep up, which means more money in your spending budget, so you can enjoy life as an active senior with higher expectations.
Paying for Assisted Living
Because home is where the heart is, selling your home is not just a difficult but also an emotional decision. Memories of laughing children, Thanksgiving meals, late evenings chatting on the porch, the list goes on and on. However, for elderly individuals, there comes a period when a home is quieter and more lonely than before. Upkeep fees for maintenance, taxes, and utilities, not to mention the cost of renovating so your house is safe for your changing needs, can add up quickly while you’re aging in place. What was once a comfortable and familiar place could start to feel like a burden after a while.
Feelings of Loneliness
The feeling of loneliness can be difficult to overcome when you’re aging, but if you sell your home and use the money to fund a senior living community, it could help. It’s not easy letting go of what we know in this phase in life, but moving into a senior living center doesn’t mean giving up on your hard-earned independence. In fact, it opens up an exciting world that is free from stress and filled with joy instead! Senior housing provides many benefits like reducing stress levels by providing safety for your loved ones as well as yourself and keeping children nearby while also maintaining close ties among friends.
Now is the time to benefit from the equity in your home to pay for your senior living needs in the future.
It’s difficult to foresee the future, especially when it comes to the worth of your property and your health. Delaying a sale decision exposes both parties to the possibility of a downward spiral. If you do your investigation now, you can figure out whether your present home worth will cover some or all of the expenditures of senior housing. Consider the money in the same way as you would a stock. The gain in market value isn’t money in the bank until you’re selling. You can only plan how to leverage those dollars if you sell.
No More Mortgage Payments or Property Upkeep
You’ve worked hard to get to the point where you can finally relax in your retirement years. There’s only one issue. You won’t be able to leave your house. Cleaning, cooking, running errands, keeping up with all of your at-home to-do lists can feel like a full-time job in and of itself. If you don’t own your home entirely, you’ll also have to pay a mortgage payment, which eats into your savings for that vacation you’ve always wanted to take. You may cross off your to-do lists and mortgage payments all at once by selling your property, and you won’t have to worry about them again. That means you’ll have more time—and money—to do the things you love with the people you care about.
Living as a Senior Shouldn’t Be Stressful
It’s easy to forget that home is an emotion, not a place, as attached as we are to our living quarters. It’s the security of knowing you’re part of a close-knit community, the satisfaction of getting up each morning with a feeling of purpose, and the peace of mind that comes with knowing you’re exactly where you’re supposed to be. That’s why so many seniors call their senior living homes “neighborhoods” where they’ve discovered their “home sweet home.” Residents enjoy the flexibility to live life on their own terms without the responsibility of homeownership weighing them down, allowing them to embark on an exciting new chapter full of rediscovered joys and companionship. What’s the best part? The proceeds from the sale of your home aren’t merely enough to cover your senior living community’s rent. It also includes large-ticket items like meals, housekeeping, and utilities. It’s like having all of the conveniences of home—plus a lot more—without all of the work.
Welcome to Silverbell Homestead Assisted Living
Everyone needs a home where they are loved and treated as members of the family. Silverbell Homestead’s objective is to help every senior discover their new “home sweet home” in our community. Silverbell Homestead is able to provide award-winning hospitality, innovative programs, and trademark health services to match your specific needs and preferences.
If you or your loved one is considering assisted living, we’d love to CONNECT with you.
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