The home is one of the largest investments that a person makes over their lifetime. Your parents as they age might want to consider a few options when it comes to the home they currently own. This could be a home where they raised their children with a multitude of nostalgia making it nearly impossible for them to make the decision to sell. The following are options to consider for your elderly parents and their current home.
Can They Afford The Home Currently?
Taxes on homes can be tough to pay for people who are on fixed income like social security. Even the utilities on larger homes can run in the thousands per month. Sit down with your parents and look at a realistic budget to see if they can continue to live in the home. If they are going to run out of money it is better to sell now than to have the family home repossessed. Consider a family member purchasing the home from your parents or living there and paying the expenses. The last thing that your aging parents want to do is to go back to work just to afford a home they have lived in for decades.
Do They Need The Space?
Your parents could have a 4 or 5 bedroom home just for the two of them. When the children were growing up all of these rooms were completely necessary. Now they are just a waste of space and more square footage to keep air conditioned and heated. A great option for parents that have an in-law suite is that of renting this out to help financially. Renting out to a grandchild or other family member is preferable as you do not want to take the chance that your parents end up finding the tenant from hell.
Getting Paid To Look After Your Parent
Taking care of elderly parents simply is not possible for some people that would have to quit their jobs to do so. Programs like CDPAP allows for a person to select their personal home healthcare assistant. This could be a family member and this family member will receive compensation simply for caring for their parent. For younger family members this can be a great way to spend time with your aging parents while making income consistently. This program is based in New York but other programs are starting to follow suit throughout the country.
How Is The Housing Market?
The housing market that your parents have their home in is important. A booming housing market can allow your parents to move into a much more affordable home while making a profit on the home selling. Do not sell a home if the market has taken a dip as holding on to the home can allow the price of the home to go up by thousands of dollars. If you are unsure how the market is, call a real estate agent to see what they say.
As you can see there are more than one option when it comes down to what you should do with your elderly parents and their home. What are other options you can think of?