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Considerations for Your Condo When Moving into Senior Care
Deciding to move to a senior care community is a significant change in your life. But the best plan for managing the transition is to give yourself time. Start thinking about where you want to live and what to do with your condo well in advance of any planned move.
Honolulu condo expert Duc Ong shares several important things to think about before you prepare to pack up and move.
Knowing It’s Time for a Additional Care
If you’re recovering from an illness or age-related health issues are limiting your ability to care for yourself with ease, Verywell Health points out that moving to an assisted living community could be the best choice. This is especially true if in-home care costs have surpassed what you can comfortably afford. Choosing to move into a care facility can feel scary, but if you carefully consider the right community and lean on family members, this can be a less rocky transition, and actually be an opportunity to improve your health, make friends, and live more comfortably.
Deciding on the right community may be daunting, but not if you have a checklist and know exactly what you want and can afford in a senior care community. Start by researching places near you, then tour a handful of communities that look appealing. Take a family member too so you can both get a sense of what life would be like. Once you find the right place, it’s time to think about what to do with your family home.
Is Selling Your Condo a Good Idea?
If you own your condo, selling could be an excellent way to fund your skilled care expenses. Assisted living and nursing home communities can cost anywhere from $7,756 to $8,821 per month, according to The Balance.
For seniors who do not have a high monthly income or an alternate way to pay for expenses, selling their property can be a smart choice. If you do decide to sell, be sure to check local pricing trends first. You don’t want to list your condo at the wrong price and lose out on profits. Conversely, you should also price your condo competitively if you want it to sell fast. When you work with a dedicated agent like Duc Ong, you can have confidence that he will help you sell your condo for the best possible price.
Deciding Whether to Rent
For older adults who are living in a condo mortgage-free, renting the property could earn much-needed monthly income. Renting may not be a good idea if you owe money on your mortgage, however.
There’s also the matter of deciding how to manage a rental property. You can hire a property manager to deal with tenants and any maintenance issues. Property management agencies charge a monthly fee, however, of about 10 percent of the rental amount, Roofstock notes. You may encounter other fees for placing tenants, maintenance of the property, and even an initial setup fee.
Another way to generate income is to set up your condo as a vacation rental. However, like long-term renting, this will also require property management. However, with the popularity of vacation rentals surging, and if your condo is in a prime location, this could be a great choice. Just be sure to carefully survey vacation rental agencies to find one with top marks that ensures high levels of customer service, cleanliness and care, both for your property and for guests.
Leaving Your Condo to Family Members
Leaving your condo to family is an option you may want to consider. You could rent to a loved one, but you must charge market value. Taxes become complicated, too, as the IRS considers the use “personal” if the renter doesn’t pay fair rental price.
Choosing to leave your condo to a family member in your will or in a trust is another option. However, you cannot transfer the property to them while you are still alive without tax implications. Giving the condo to a family member in your will is an alternative, but in the meantime, someone still needs to care for the property.
Moving into a senior care community is a big decision. But deciding what to do with your condo is also crucial, as what you choose can affect your finances, emotional state, and your family’s inheritance. With proper planning, you can make your transition with peace of mind.
Guest blogger: Leslie Campos