The decision to sell your home in Naples, FL, and move into assisted living is important and can help make your life and golden years easier. Consider many things consider when you think about selling your home, renting it out, or gifting your home to family.
Pros and Cons
Taking the time to understand the pros and cons of your options will help you to make a decision that’s best for you now and well into the future.
1. Home Pricing Trends and the Market
If you’re considering a move, starting your transition is important by looking into home price trends in your area. If you’re living in an area with a seller’s market, now might be a great time to sell, whereas the opposite could be true in a buyer’s market. Consider equity and location, too.
The average Naples home sells for $699,000. You’ll want to think about the equity you have in your home and whether the timing is right to sell based on the fact that Florida homes sell best in winter months, particularly December.
When considering the market in your area, ask yourself if selling your home and its equity will be needed for your stay in an assisted living facility. This could help you decide what to do regardless of current pricing trends. In a buyer’s market, there are options to consider that could help you make back the most out of your home in the long run.
2. Selling, Renting, or Gifting
If it’s not the right time to sell, you’ll want to look at ways to maintain your property while moving to assisted living. In some cases, gifting a home to a relative can be helpful. Your home will remain in the family but won’t be used to determine your long-term assets.
Some seniors rent out their homes instead of selling them during a buyer’s market. This can be a great way to earn a passive income while waiting for the market to turn around and could help pay your assisted living costs. However, if you rent your property, you’ll still need to deal with home maintenance headaches.
3. Types of Facilities
As you consider selling your home to move to assisted living, you need to know the costs and payment options of the facilities you’re considering. Look at online reviews and talk to friends and family in your area to learn about other people’s experiences.
Not all facilities are the same. An assisted living facility is different from a nursing home in that a nursing home provides 24/7 skilled nursing care for medical issues, whereas assisted living facilities are less hands-on. Talk to your healthcare provider and family members to help take an honest look at your current and future senior housing needs.
4. Golden Years and Peace of Mind
Your decision to downsize and sell your home in Naples, FL, as you move toward assisted living will help take the stress away. To begin preparing your home for sale, visit Junk Removal Advice, and you’ll be well on your way to peace of mind.