has has anyone decided to sell their house even though they own it free and clear to live in an assisted living facility
How much is assisted living? How much could you rent out the house? Do you have other savings? What is your estate planning? Do you plan to pass down anything or let the last check bounce?
I have not (yet), but makes sense if you’re fairly certain you’re not going to go back to the house. Also would make it easier for your kids when you’re gone.
Some may depend on the assisted living place. Some are better than others. Some are like little apartments and you can be pretty independent, but gradually get more assistance as you get older and your needs change.
I like that.
Have you checked to compare the cost of assisted living in your residence or opposed to selling the house and moving into an assisted living facility?
I know someone who did it. Best choice they ever made. Emotionally it was hard for them but now that they’ve been in the assisted living for two years, they have no regrets.
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It depends on how much assist you require.
It could be as simple as a senior community ($2k to $5k/mo) to being wheelchair bound and require daily help with bathing etc. ($15k-$20k/mo.)
Generally speaking home healthcare is cheaper.
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We’re in our home and will be until we have to crawl out. if we moved into another mode of living we would definitely put the house up for sale. Investing the proceeds would pay the cost for some time.
Two of our neighbors sold their home moved into independent living. The place they went was quite nice. I checked their current apartment prices or near them, studio $2,600/mo, i bdrm $3,200/mo, 2 bdrm, $4,400/mo. That included all meals, use of their gym and game room. Our friends rented a 1,400 sq ft 2bdrm house with attached one car garage, and I think they were paying about $7,500/mo. They have since died. If assistance is needed, the price will be higher.
my husband died four years ago and I stayed in our house until this past December. However, when my kids came to visit me, I had some balance issues and they thought it was not safe for me to live in the house alone, especially since I lived in an area that had 1 acre zoning and nothing was in walking distance to me. I thought my balance an issues. were due to the aging process and they felt it was more than that so even though I preferred to live on my own, I agreed to look at possibilities so I moved to a very nice assisted living facility near where they live. It turned out that my children saved my life by forcing me to be to be checked out to find out why I had balance issues issues and it turned out that I had some very serious medical conditions, including brain cancer. I am so grateful that they put this pressure on me or I would’ve been living on my own with serious medical conditions that I didn’t know I had
It was an adjustment to live in a community instead of my single-family house on a large one Acre lot, but I’ve adapted very well and have the bonus of being near my children and grandchildren which at this stage of life is very important. My only complaint is that it is a lot more expensive to live in an assisted living facility so I subsequently decide to sell my house and it is is a relief to no longer own my house in Connecticut while I am living in Atlanta
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BM…It’s great to see you back. It sounds like things are going so well for you. And I’m glad you are near your children and grandkids…And I’m glad you followed their advice on the balance issues…and while we might disagree and argue on an anonymous message board - I’m glad you are my friend on that other social media site. Welcome Back.
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Welcome back and glad everything worked out for you.
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This sounds so similar to what my mom went through. Similar symptoms as you, I took my mom to the doctor and she was diagnosed with a astroblastomo tumor in the brain. She past away several days later after the diagnoses. I’m glad your condition was caught sooner!
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Smitty Sorry to hear about your mother
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