Retirement means something different to everyone, and your plans can even change at some point during your retirement. When you’re considering moving to an assisted living community like CrownPointe Communities for the extra help and company of other seniors, there’s always the question of what to do with your home. Whether you’re living in the home where you raised your children or downsized years ago into a smaller place, the home will need to be passed to a new set of hands when you transition to your assisted living lifestyle.
But what to do? In today’s housing market, you have five equally interesting options. Each person will feel their own way about each option. You can invite family to stay in the home, sell it, or rent it in one of three different ways. Let’s dive right into your real estate options.
Offer the Home to Family
If you have children, grandchildren, or nieces and nephews, there’s a good chance that someone in the family will be interested in taking up residence in the home you’re leaving behind. From a grown child returning to their childhood home to a recent college graduate grandchild building their new life, it can be very rewarding to see family staying in your home and keeping it in good repair after you’ve moved out.
Sell the Home
You can also choose to sell the home, a task that will require some effort but will also leave you with a nest egg for discretionary spending throughout your retirement. Get a ballpark idea of what the home is worth, organize any documents related to your home, and connect with a trustworthy real estate agent. The right agent will be able to shepherd you through the process.
Keep in mind that selling the home could require repairs and upgrades as well as enhanced curb appeal. If a family member is unable to assist you with these tasks, you’ll need to hire out services for everything from landscaping to painting to electrical work to minor renovations.
You can take heart knowing these little updates will help your home sell quickly and at a good price.
Rent the Home to a Local Family
If you want to rent instead, the same updates are a good idea to both improve the home for your future tenants and to draw more eager applicants. Renting your home can become a lovely source of nearly-passive income, especially if you hire a property manager to take care of the tenants while you enjoy the fun and good company in your assisted living community.
Rent the Home to Students
An interesting variant on renting to a local family is to rent to students instead. If your home is close to a college campus, or close enough, then you will likely see a fair number of students applying alone or in groups. A few extra locks on the bedroom doors (for roommate privacy) and an upgrade to very durable interior paint and materials can make the home welcoming to an endless supply of interesting student renters.
Turn the Home Into a Vacation Rental
If your city is attractive to seasonal or year-round tourists, you might even find a more profitable option in a vacation rental. For this option, you’ll want to fully spruce up the home from curb appeal to beautiful new furniture to transform your once-personal home into a quiet little hotel-like suite for guests who pay by the night.
Retiring to an assisted living community means having to figure out what to do with your home. Fortunately, you have an array of choices to consider. Whether you choose to lend, sell, or rent, choose whatever will make you happiest and leave you in a financially satisfying situation as you prepare to enjoy your new life at CrownPointe Communities.