Housing cost is often a significant part of a senior’s monthly budget. Whether you’re living in your own home or in Orlando assisted living, you need to plan for housing expenses. One big decision that seniors often face is whether they should sell their homes to pay for assisted living.
Selling a family home is a big decision that should not be taken lightly. If you’re thinking about selling your home to pay for assisted living, here are a few considerations that may help you decide.
How Urgent Is the Need?
If you’re experiencing sudden health problems or have reached a point where it’s no longer safe to live on your own, you may need to transition to assisted living sooner rather than later.
If you haven’t planned on transitioning to assisted living, selling your home can be a good option to fund the transition and make the move as soon as possible.
What Are the Other Options?
If you haven’t saved for costs associated with assisted living, selling your home isn’t necessarily the only way to pay for it. You can consider renting your home as a source of income or explore government programs that may be able to assist in covering the costs.
While selling your home can provide a large sum of cash upfront, that doesn’t always mean it will be enough to pay for assisted living in the long term.
Before you sell your home, consider whether it will yield enough profit to cover your long-term assisted living expenses. If it won’t, then selling your home will only be a short-term solution.
Some seniors put off selling their homes because of emotional attachment, despite the fact that they will be safer and more comfortable in assisted living. Assisted living facilities in Orlando, Florida, can provide a lifestyle that includes convenient dining, help with everyday chores, and social events that can improve your quality of life.
Cost of Orlando Assisted Living
Orlando is a wonderful place to enjoy retirement in assisted living. Some seniors think that the cost of assisted living is out of reach. However, with flexible pricing options and government assistance programs, the cost of high-quality assisted living may be more affordable than you think.
Whether to sell your home to pay for assisted living can be a difficult decision. Lean on friends, family, and your trusted financial advisor to make the best long-term decision for you.