After our loved one moves to an assisted living facility or a nursing home, it often means that we have to decide what to do with their home. After the difficult decision of moving to a living facility has been made, it often leaves us with another difficult quandary that we have to deal with.
An Emotional Choice
Oftentimes these choices are both logistically and emotionally trying. Especially if you have other siblings or loved ones who have a say in the matter, it can be difficult to determine whether to sell the house or not. It is important to discuss these situations openly and let everyone
Whether you decide to sell, rent, or even live there yourself, there are several things that you have to think about before you are able to make the right choice. The following hints are going to help you in this difficult situation.
Option #1 – Selling The Home
It is important that you make the right decision from the start, because it might be difficult to come back from ill-informed decisions later on. The first thing that you should do is find the right real estate agent. You want to make sure that your real estate agent is available to you, the commission charge is reasonable, and that they have a wide presence when it comes to selling your home (access to websites, newspapers, etc.)
It is also important that you do not look at the highest valuation. You want to find the optimum valuation. If the property is overpriced, chances are that it will not end up selling for its fair value. There are several different factors that go into determining the right agent to market your home, including the information provided to you and the quality of service offered. You should always trust your instincts when making a choice.
Option #2 – Renting Out The Home
Alternatively, you can opt to rent out your parent’s home instead. It is important that you remember that tenants can be quite demanding. You also have to decide whether to rent out the property furnished or unfurnished. If you decide to rent out the property, you need to be aware of the accompanying risks as well.
The Problem With Property
Dealing with property can be extremely stressful. This is especially true when you are dealing with additional issues such as emotional ties to a property. It is important that you head into the challenge with your eyes open. Having someone who can assist you during this process can be rather invaluable.