Sell My House Before Moving to Assisted Living
Start writing a post
Lifestyles

Sell My House Before Moving to Assisted Living

If you're planning to move to a nursing home, assisted living, group home, or retirement community, the question of what to do with your current house is a big one. Between financial concerns and emotional attachments, moving on can be a burdensome task. And if you've already weighed the pros and cons with yourself and with your children, you may be reaching the point where you're just ready to sell and journey on to your new life in a new community.

5
Sell My House Before Moving to Assisted Living


If your primary goal is to sell fast with minimal expenses and fees, an instant cash buyer is a great option. With MAC Properties, you can close in as few as five days, take control of your moving schedule, avoid commission fees and closing costs, and unload your house as-is, no repairs necessary.

That said, there are a few options available to you as you prepare to move on to assisted living. Here's a quick guide through the decision process so you can make the best decision for yourself and for your family.

Keep or Sell?

It can be difficult to part with a home you've loved, especially when it's loaded with memories. You put a lot into making your house the home that it is, and only you can decide if it's time to part with your property.

That said, it's worth considering what it means for you financially to hang onto your home even after you move into assisted living or a nursing home. A new living situation comes with new expenses, and the profits from a home sale can ensure those expenses are covered for the long term.

Even if you don't need the extra funds, you should note that keeping your home means you'll still have to pay for property taxes, home insurance, and utilities for your current property. You may be able to manage these costs by taking on a renter or having one of your children take on your home themselves. However, it's a good idea to talk any of these plans over with a financial planner so you can be sure you fully understand what keeping your home means for you in the long run.

Can I Keep My House and Still Get Medicaid?

Medicaid is a very important consideration if you're hoping to hang on to your house while you move on to assisted living. If you're planning to apply for Medicaid to help cover your living expenses, you should know that Medicaid will withhold assistance until you've used up all assets relating to your home. In other words, Medicaid requires you to sell your home and use the profits to pay for your living expenses before you seek assistance from them. Another option is to sign ownership of your home over to Medicaid. They then sell the house and use the money to fund your living expenses.

There may be some exceptions to this rule. For example, Medicaid cannot require you to use your home to cover living expenses if:

  • There is a minor or disabled child living in your house.
  • An adult child has been living in your home and acting as your caretaker for a minimum of two years.
  • A child or sibling has been a co-owner of the house for more than five years and has lived in the house for the last year or longer.

Otherwise, you should expect to cover your living expenses through the sale of your home before you can apply for Medicaid.

What is the Process for Selling My House?

If you've decided to sell your home, you could be looking at a long and complicated process, depending on how you choose to proceed. If you want to make a tradition home sale, most likely selling to a financed buyer, you need to contact a real estate agent to help you create a listing for your home. The real estate agent works with you to determine what repairs will be necessary, how to update and stage your house to get the best price, and the current market value of your home.

If your goal is to sell your home before moving to assisted living, the traditional home selling process may create some roadblocks. Your real estate agent will have to arrange showings, which typically require you to be out of the house—easier said than done if you have mobility challenges or are on bed rest. The process can also take quite a while. Even once you find a buyer, you can expect at least a month for that buyer to secure financing and conduct their own appraisal, all of which could lead to renegotiations on price and repairs. Not to mention, a sale can always fall through, putting you back at square one.

If you don't have that kind of time, there is an easier option.

What is the Fastest Way to Sell My House?

When you work with a cash buyer, you have much better odds of closing quickly, getting your money faster, and unloading the burden of a complicated house sale so you can move on.

It's worth noting that when you sell for cash, you probably have to accept a lower offer than you would from a financed buyer. However, you're also likely to avoid the additional fees that come from a traditional home sale. This is especially true if you choose to work with an instant cash buyer like MAC Properties.

An instant cash buyer is almost guaranteed to make you an offer on your house as-is. You don't have to spend any money on repairs or updates. You don't have to worry about staging, commission fees, or closing costs. All you do is schedule a visit, get a cash offer, accept the offer, and get paid. You can start the process today, and with a buyer like MAC Properties, you can close in as little as five days.

You've built a life in your home, and the decision to sell can be difficult. A long, drawn-out process makes it even harder. We want to do all we can to help you move on with as little stress as possible. If you'd like to explore your options with MAC Properties, please don't hesitate to reach out. We're always here to help.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Featured

What Your Car's Color Says About Your Personality

Your color choice speaks volumes. It doesn't just emit an image for the car, it also says something about your style and personality! It's a form of self-expression. Are you confident? Are you sophisticated? Are you easy-going? Are you outgoing? Are you practical? As you're reviewing car sites for your next car purchase, what color will you opt for? Find out what certain color choices says about you!

120948

When it comes to car shopping you likely have certain preferences, including what color it should be. Your color choice speaks volumes. It doesn't just emit an image for the car, it also says something about your style and personality! It's a form of self-expression. Are you confident? Are you sophisticated? Are you easy-going? Are you outgoing? Are you practical? As you're reviewing car sites for your next car purchase, what color will you opt for? Find out what certain color choices says about you!

Keep Reading... Show less
Featured

30 Songs On My Back-To-School Playlist For Walks To And From Class

Headed back to in-person classes means you need a pretty banging playlist to power you through those walks to class.

100438
Photo by Zen Chung on Pexels

I don't know about you, but I start each day off with a one-mile walk to class. I have to have good tunes flowing through my ears during those 20 minutes, not to mention the walks between classes and the walks home. So, here is my 30 song playlist to get me through this almost unfamiliar concept we call walking to class.

Keep Reading... Show less
Featured

Be Kind to Yourself: 8 Mental Health Tips to Try

One way you can improve your quality of life is to take care of your mental health. As a result, you'll feel less depressed and be able to enjoy spending time with friends and family more often. These mental health tips might be just what you need to forget about your problems.

58045

One way you can improve your quality of life is to take care of your mental health. As a result, you'll feel less depressed and be able to enjoy spending time with friends and family more often. These mental health tips might be just what you need to forget about your problems.

Keep Reading... Show less
Featured

Should You Own An SUV If You Live In A Snowy state?

There are many reasons to own an SUV. If you live in a cold state or a rural area, you will see that owning an SUV is very important.

50609

The gas and oil prices are too high to run in a smaller vehicle. You are better off with an SUV for hauling cargo and driving larger loads around the town. In addition, owning an SUV is more comfortable and safe than driving a smaller vehicle.

Keep Reading... Show less
Featured

Understanding Why Dog's Lick You

It is a natural instinct for dogs to lick

59592

Why do dogs lick?

Keep Reading... Show less
Facebook Comments