Should I Sell My Parent’s House to Pay for Assisted Living?
Assisted Living is Costly
It’s a sobering moment when an adult child first realizes their parent can’t take care of themselves anymore. Because when that realization does finally arrive, a lot of hard decisions quickly follow. Chief among them: “Where will my parent live now?”
Some adult children choose to take an elderly parent in and provide the needed care themselves. But this can be an huge burden for adult children with careers and family responsibilities of their own. So instead, many look to assisted living to provide that much-needed care.
Unfortunately the staggering cost of assisted living doesn’t make that easy. By some estimates, the national median cost of a one-bedroom unit in an assisted living facility is $3,500 per month or nearly $42,000 per year. That leaves many adult children scrambling to find ways to pay for assisted living. So where should you start looking?
Audit Your Parent’s Assets First
Most people aren’t able to pay for their parent’s assisted living costs out of their own pocket. So naturally, you should start by auditing your parent’s existing assets. First, look at their income and calculate how much they have coming in every month from Social Security, pension payments, or other distributions. If that’s not enough to cover their monthly assisted living bill, you should then look for savings and retirement accounts that could be liquidated to make up the difference. If that’s still not enough to pay for assisted living, look for investment assets you could sell for quick cash. For many older Americans, this will likely be their house.
While the thought of selling a parent’s house to pay for assisted living might be difficult for some people to swallow, this decision is really about securing their future health and safety. So with that in mind, you should feel free to act in their best interest.
Selling Your Parents House to Pay for Assisted Living
In reality, most older Americans live on a fixed income and have little in the way of cash savings they can draw on to pay the high cost of assisted living. So in many instances, a parent’s home will be the one major asset they can leverage for that much-needed cash. But selling a home in the traditional fashion can be a time-consuming and expensive process, which you might not be able to afford if you’re expecting your first big assisted living bill. So is there another option if you need to sell your parents home to pay for assisted living?
Vancouver Redevelopment Will Pay Cash for Your Vancouver or Portland House
Vancouver Redevelopment is currently paying cash for houses in the Vancouver or Portland area. We’re not real estate brokers. Instead, we’re investors buying directly from sellers just like you. Because we pay cash, we have the ability to move much more quickly without the appraisals, inspections, and approval processes banks require. That means we can give you our cash offer fast, usually within a day of receiving all the property information. If you accept our offer, you can collect your cash within as little as seven days. And if you don’t like our offer, you can simply say, “no thank you” because you’re under no obligation to accept.
If you’re interested in receiving a cash offer on your property, give us a call at (360) 558-3338 or fill out our contact page and we’ll get back to you ASAP! It’s hard making financial decisions for a parent that can no longer help themselves. But Vancouver Redevelopment aims to make this decision as fast and as easy as possible.
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Jesse & Anna at Vancouver Redevelopment are great people. Honest, knowledgeable, helpful and very easy to work with. I'd recommend them to anyone.
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