Time seems to move faster and faster as we go through life, and, for many of us, the fact that our aging parents might need a different living situation comes as a surprise. Too often, our parents don’t want to think about it, and we don’t, either. We don’t want things to change. However, failing to act on the realization that things aren’t working can lead to bad living situations. Don’t fall into that trap. Instead, keep your finger on the pulse of how your parents are doing, and be ready to ask questions without assuming asking them will change everything.
When is a good time to start the moving process?
How soon should the moving process start? Starting too early can make your loved one feel rushed. Starting too late can result in injuries and other negative consequences. When people ask us about timing, we always tell them that the mental change needs to happen first, and it can begin at pretty much any point. It’s never too early to start the psychological process of moving. The move may be years away, but whenever it arrives, there’s a better chance that everyone will be prepared if you start considering the options early.
The first phase is harmless exploration. During this time, there are helpful questions that will keep you and your loved one on-track.
- What is your loved one’s current home worth?
- Does the home need maintenance or repairs?
- What needs to be done to put the current home on the market?
- How much would the next home cost? What is an affordable price?
- Where may the next home be?
- When is the right time to move?
These are big questions that generally cannot be answered in one sitting. They become clear over weeks or months, so be patient and let the answers come from family, lawyers, financial advisors, realtors, and friends. You will find that you can make a carefully thought-out plan that will smooth out the transition. Rushing the process usually results in bad decisions and greater difficulty. Additionally, rushing things can make your loved one dig their heels in and resist, which doesn’t help anyone.
Should we sell or rent out my parents’ house after they move?
This is a very common question, but the answer depends on the situation. Before making a decision, there are several things to consider.
What are the long-term plans for the house? If you or other family members are thinking of using the property yourselves, it might be a good idea to rent it out until you define exactly what that will look like. Additionally, renting can be a nice way to ease the psychological burden of giving up the home, especially for your parents.
Are you ready to be a landlord? Renting out a property is a significant responsibility and demands a good deal of time and energy. Someone will need to be ready to really dedicate themselves to the work. We recommend you connect with a realtor who can give you a lease and help you understand what will be required to make renting work.
What is the market like? You may need money in order to move forward, in which case, selling the house might be a good idea. However, get a read on what the housing market is like to achieve a perspective that can make it easier to figure out which would be the easiest way to move forward.
What action can be taken? We included this question because the worst thing you can do is leave the property empty while trying to figure out what to do with it. Vacant homes and condos are problematic, so make decisions as quickly as you can while being careful and keep things moving.
At The Heritage, we fully understand the significance of the transition from living in a home or condo to living in an assisted living facility. That is why every member of our team is on a mission to make The Heritage everything it can be. We are here to help you with the transition, but most of all, to provide a welcoming, comfortable home that preserves independence while making life easier. Contact us in New Jersey today!