Do you want content like this delivered to your inbox?
Share
Share

What to Do with Your Home If You Plan to Move Into a Skilled Care Community

Mary Ellen Vanaken

Mary Ellen was born and raised in Long Island, New York. After graduating from college, she worked on Wall Street for JP Morgan in New York City...

Mary Ellen was born and raised in Long Island, New York. After graduating from college, she worked on Wall Street for JP Morgan in New York City...

Mar 26 5 minutes read

What to Do with Your Home If You Plan to Move Into a Skilled Care Community

When a senior prepares to move into a nursing home community, one of the first things that they need to decide is what to do with their house. Another crucial consideration is how the family will cover the cost of skilled care. These two questions are closely linked, and it’s useful to consider them alongside each other in order to come up with the best solution. If you’re trying to help your loved one decide on the best course of action, consider the following tips from the Mary Ellen Vanaken Team.


How to Find a Nursing Home Community

A nursing home community is a great option for seniors who need help with daily living as well as around-the-clock care. When selecting a facility, most families will consider factors like cost, amenities and quality of staff, which makes this an incredibly important decision for all involved. Fortunately for those living in Atlanta, Senior Care’s experts and advisors can help you decide between 19 different facilities that specialize in skilled care. This way, you’ll have help determining which community fits your loved one’s specific lifestyle.


Funding Skilled Care by Selling the House

According to Zillow, the average house in Atlanta is listed for $264,798. This is more than enough to fund the average stay in a nursing home facility. Of course, things can get more complicated if you’re eying a more expensive facility. Selling the house also means losing a family asset that could potentially increase in value over time. If selling your loved one’s home feels like the optimal choice, it’s wise to connect with a trusted real estate agent like Mary Ellen Vanaken. She can help you decide on the best listing price as well as guide you through the entire sales process.


Funding Nursing Home Care Through Monthly Rent

 

The average rent in Atlanta is $1,519. For the most part, this means it is unlikely that you would be able to directly use rental income to fund skilled care. However, you can use it to heavily subsidize the cost while keeping the asset.

 

It’s worth noting that the average rent went up more than 4 percent between March 2020 and January 2021, which is more than the national average. This is due to an increase in modern, quality accommodations in the city. In other words, you may make more money, but you’ll only do so if the home is up to scratch compared to the competition.


Funding Skilled Care Through Savings

 

Of course, there is always the possibility that you don’t need the current house to bring in more money. If your loved one has enough in savings, you could keep the house, waiting instead for it to increase in value or for someone in the family to need it. It’s important to bear in mind that the average 55- to 64-year-old only has $104,000 in savings for their entire retirement. By the time nursing home care is needed, a large portion of this may be gone. While relying on savings is feasible for some families, most people will need an alternative way to fund skilled care.



Funding Nursing Home Care Through Long-Term Care Insurance

 

According to US News, long-term care insurance can be a viable way to fund nursing home care, as long as you are able to pay for the premiums and your facility of choice is approved by the insurer. If your loved one has a good long-term care insurance policy, you have a lot more freedom when it comes choosing what to do with the house, as well as plenty of time to make a good decision.

 

Of course, the cost is not the only thing to consider when deciding what to do with a family home. Emotional ties and practical matters, such as who is going to manage the sale or rental, come into play. However, thinking about finances is useful. This approach allows you to make the most practical, sustainable decision, which will ensure the well-being of your loved one.

 

 

If a home sale is in your future, be sure to connect with experienced agent Mary Ellen Vanaken.

Article brought to you by Jim Vogel with eldersaction.org.

Selling Your Home? 

Get your home's value - our custom reports include accurate and up to date information.

Get Home Value
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info