The decision to move a loved one into assisted living is never an easy one. There are so many factors on your mind, including where a parent may be most comfortable, how close they may live to other family members, how to pay for their care, and, ultimately, how to make the whole process as stress-free as possible for everyone involved.
One thing to consider is what to do with your parents’ home when they can no longer live there. Some people move into their parents’ old home, while others choose to rent it out. Many choose to sell the home after their parents have been moved into assisted living. This generally comes after a great deal of thought and discussion with the parent(s), but the reasoning is often the same.
The FOUR Main Reasons to Sell a House Quickly After a Parent Transitions to Assisted Living:
- It doesn’t make sense to keep the home as a real estate investment.
Not every home is a good real estate investment. If your parents lived in a house that was losing value over time due to the neighborhood, community, or city in which they lived, or if they were upside-down in their mortgage, then keeping the house might mean losing more money than you could ever gain. If it’s been a while since the house was properly kept up, it might also cost a lot to get it ready to put on the market. In that case, selling the home fast to a professional home buyer in Kansas City might be a solid bet. - No one in the family wants to live there.
Even if it’s the house where you grew up, that doesn’t necessarily mean that you want to move back in. It may be far from your job or from where your family is now. Older houses may need more repairs and costlier maintenance than newer dwellings, which can be particularly hard on the next generation of home buyers. If it isn’t going to stay in the family anyway, there’s no reason to keep it just because it’s yours. - You want to avoid the costs of second home ownership.
Not everyone can afford the cost of a second home, and you may not want to sell your current house to move into your parents’ old one. Even if there isn’t a mortgage on your parents’ home, there are taxes,
insurance, and, of course, maintenance costs to take into consideration, not to mention the strain that a second home will put on your time.
Although no one really wants to think about it, keeping a family home in the family can be tricky, especially if your family doesn’t always get along. Making decisions as a group may cause friction and trouble, and some may feel that they’re being left out of the process. Selling to a qualified home buyer in Kansas City might be easier on everyone. - You may need the financial gain to help pay for assisted living.
You want the best possible care for your aging parents, but assisted living isn’t cheap. Selling your parents’ home may be what it takes to help pay for a senior care community where they’ll be happy, comfortable, and well-cared-for.
If that feels too hypothetical, here’s a quick breakdown according to Genworth Financial. Assisted living in the U.S. costs around $4,000 per month, give or take, with Kansas coming in almost right at that amount, with a median cost of $3,863. Missouri can be a little cheaper, with a median cost of around $2,500 per month. Chances are, you won’t make that much money by renting your parents’ home out, especially when you factor in expenses, maintenance, and so on. You may be better off selling the home and putting that money toward their continuing care.
Making the choice of whether to sell or keep your parents’ home after they move to assisted living is a big decision, and it’s one that will be different for every family. If you do decide to sell and need money fast, or if you have a distressed property on your hands and can’t afford the time or money needed to fix it up, you may want to seek out a professional house buyer in Kansas City.
Selling to HouseMax isn’t like selling on the market. We buy houses in all kinds of conditions, and we buy with cash. That means quick closing times with no waiting around for banks or loans. More than anything else, it means less stress and worry for you during what is already a difficult time.
When you decide to sell, whether it’s an inherited property or your own home, come to HouseMax. We’ve been buying homes in Kansas City for years, and we specialize in making generous cash offers to KC- area homeowners fast. If you need to sell your home fast, contact HouseMax today!
