Are you considering a higher level of care for a loved one? For many elderly people, there comes a time when special attention is needed that can be difficult to provide safely from home.
If grandma's gonna get the best care, rest assured prices for accommodations are available well into tens of thousands of dollars per month. The national median cost for assisted living per month comes in around $4,000. At any price, your peace of mind is worth it.
While we recognize there are many factors that will affect your choices, if price is weighing heavily on your mind be sure to check out the following resources:
Financial Resources
Ashar Group provides additional financial support for adults and their families through the sale of in-force life insurance policies. There is no age minimum or policy size minimum. All forms of life insurance can qualify. For more information, visit https://ashargroup.com/.
ElderLife Financial Services provides loans to adults and their families needing to finance retirement living while waiting for a home to sell or long-term care insurance or other benefits to begin. For more information, visit www.elderlifefinancial.com.
Deciding What to do with Vacant Home
At the end of the day, most of us would agree that receiving a high level of care for loved ones is a top priority.
One of the last things on our mind when moving a relative into assisted living is figuring out what to do with their home. The property is often dated and may come with a flood of cherished memories that add to the challenge of parting with the space.
Another variable to surface when meeting families moving grandparents into a higher level of care is urgency. Usually, the move is precipitated by some change in the person's health which doesn't always pencil into a convenient timeline.
If you find yourself with a property to dispose of, a great first step is getting a professional property inspector to come take a look at the major structural and mechanical issues that may be lurking below the surface.
Professional Property Inspection
A professional property inspection will help assess the condition of the property. While inspectors may not be licensed contractors, they usually have a good understanding of repair costs and can offer a great starting point when trying to put together a renovation budget.
We choose the team at National Property Inspections as the trusted provider of third party inspection for every property we purchase. For more information, visit https://npiweb.com.
It's pretty typical for our company to come into contact with sellers around this stage in their progress. Moving their relative into an assisted living community is at the front of their mind and it's not uncommon for emotions to be running high while trying to manage the shifting needs of their loved one, without much time to spare.
Considering All the Options
Multiple Listing Service (MLS)
A traditional sale on the Multiple Listing Service (MLS), especially with a property that may look like a time capsule from a previous era, can take some time and effort. If choosing to go this route, sellers contend with having interested buyers and real estate agents come for showings.
Most agents will likely inform you that taking care of necessary renovations prior to listing the property will yield the greatest profitability. If there doesn't seem to be time or space in your life to manage the renovation process, offering pricing concessions to the buyer will likely be your best bet. This reduction in price will allow the buyer to allocate funds towards the repairs that may have been brewing for the past 20-30 years.
iBuyers
Listing on the MLS, is not for everyone. A popular option for sellers looking for a convenient sale is an iBuyer. iBuyers typically charge a fee at closing and there's a limit to their appetite for renovation. iBuyers will buy a property that needs attention, however, the scope of work they're willing to take on varies by company. It's a good idea to request information from each iBuyer to fully understand what value they may deliver.
Read more about iBuyers in our post What is an iBuyer.
Cash Buyers
More often than not, off-market buyers like CoreMark Homes® become a viable and attractive option for sellers dealing with seniors entering assisted living arrangements. Selling to CoreMark® offers a simple, quick sale. While CoreMark® does cover all closing costs, sellers are often prepared to receive a slightly lower amount than they could expect if they listed the property on the market.
If you're reading this article, it may be the perfect time to reach out and discover why a growing number of sellers choose to work with CoreMark Homes®. Our support team is available Monday - Saturday from 9:00am - 9:00pm to share information about our no-hassle sales process.
Our seamless sales process is designed to ensure each seller receives the highest quality of service possible. Get started today and learn how CoreMark® can get you a competitive cash offer for your home.
