Many seniors want to live with their families as they age. If your parent or other relative is moving in with you, you must consider the space in your home, their caregiving needs, and the financial aspects of the situation. Open the lines of communication and have a frank discussion with your loved one to make the right decisions for everyone involved. To help you along, here are some tips, courtesy of the Darwin Wall Team.
Create a Comfortable, Safe Space
If you have an extra bedroom available in your home, it will make things a lot easier. However, even if you don't, you could convert a den or garage into a bedroom for your loved one without spending much money. Also, a bathroom should be available on the floor where your relative will be sleeping. If your loved one is in a wheelchair or has mobility issues, you may need to make some renovations to your home to meet their short- and long-term health needs.
Work out the financial details
In addition to the logistics of where your relative will sleep, you also need to talk about the finances, too. Will you be charging rent? How will you be splitting utility costs and grocery bills? Will you be handling all their caregiving needs, or will they hire an outside caregiver? It's important to talk about all the financial details of your arrangement to avoid issues in the future.
Depending on how much money you can contribute to your loved one's care, you will need to discuss how those expenses will be paid. Do they have any savings or retirement funds? Are they receiving any benefits? Also consider what options you have for freeing up more income. While discussing finances, also talk about house rules, privacy issues, and other details to make the transition as smooth as possible.
Figure out what to do with their home
If your loved one currently owns a home, you need to help them figure out what to do with it. If you plan to keep it, there needs to be a plan for dealing with the mortgage. Renting it out can provide a stream of income, but becoming a landlord isn't something that many seniors want to take on, so it may be best to prepare the house for sale. Selling a house can be emotionally and physically taxing — though it’s a lot easier if you work with professionals like the Darwin Wall Team.
If the house is kept, even if it's paid off, there will be a number of ongoing expenses including property taxes, homeowners insurance, maintenance, and repairs. If it's going to be rented out, then your loved one may need to hire a property manager to handle all the details, especially if you (or another relative) does not live close to the home to oversee the situation.
Your relative may decide to sell the home if the upkeep is too much. Selling the house may be the practical solution if they have equity in the home and need an influx of money for their future. Before selling, consider the condition of the home. Is it in good enough shape to attract buyers or will renovations need to be done? Also consider the local real estate market, as well as your loved one's willingness to sell. If they want a family member to inherit the home, they may not want to sell at all. Before rushing to rent out or sell the home, talk about all these factors and any others that are important to your family in order to make a sound decision.
Allowing a relative to come live with you isn’t an easy decision, but it can be a rewarding situation for everyone involved. With some careful planning and honest communication, you can enjoy time with your loved one as they live out their golden years in your home.
The Darwin Wall Team has the experience and expertise to give you the BEST the East Valley has to offer. Our marketing strategy gives our home sellers the advantage in our extremely competitive real estate market. For more information, please visit our website or contact us today!