4 Huge Benefits of Selling Your Home to Pay for Senior Living

Feb 22, 2022
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4 Huge Benefits of Selling Your Home to Pay for Senior Living

Home is where the heart is, and that makes the decision to sell your home not just a difficult—but also emotional—one. Homes are full of memories of laughing children, Thanksgiving dinners, late nights chatting on the porch…the list goes on. Yet, there comes a time when home is quieter and lonelier than before, particularly for older adults. Many seniors live by themselves after the loss of a loved one. Aging in place can also become expensive with upkeep costs for maintenance, taxes and utilities, not to mention the cost to renovate so your home is safe for your changing needs. After a while, what was once a place of joy can start to feel like a burden.

This is when selling your home to pay for senior living could help you combat loneliness and give you the freedom to live life to the fullest. Losing what’s familiar is never easy, but moving into a senior living community doesn’t mean you have to give up your hard-earned independence. In fact, it opens a whole world of stress-free living full of joy, purpose and companionship. And that’s just one of the huge advantages of selling your home to pay for senior living. Here are a few other big ways you can benefit from selling your home and moving to a senior living community.

Hot housing market = more money in your pocket for an active senior lifestyle

It’s no secret that the housing market is booming. According to the National Association of Realtors, home prices are up 15.8% on average year-over-year across the country as the demand for new homes continues to far outpace supply. Still, you might be wondering, should I hang onto my home as prices rise, or have they peaked? The important thing to remember is that it’s impossible to predict the top of the real estate market and playing the waiting game could backfire. With home prices already at record highs, selling now means you’ll likely come out ahead with a hefty sum that will make senior living far more affordable.

Lock in equity now to pay for future senior living needs

The future is hard to predict, especially when it comes to your home’s value and your health. Delaying a decision to sell leaves open the risk of both taking a turn for the worse. However, if you do your homework now, you can determine based on your current home value whether it can pay for some or all the costs of senior living. Consider the money like stock. Unless you’re selling, the increase in market value isn’t money in the bank. Only if you sell can you plan on how to leverage those dollars.

No more mortgage bills and home maintenance

You’ve worked hard to reach your retirement years and finally relax. There’s just one problem. Your home won’t let you. Cleaning, cooking, running errands…keeping up with it all your at-home to-do lists can feel like its own 9-5. If you don’t own your home outright, there’s also a pesky mortgage payment that keeps chipping away at your savings for that cruise you always dreamed of. By selling your home, you can knock out your to-do lists and mortgage payments all at once and never have to worry about them again. That means more time—and money—for doing the things you enjoy with the people you love.

Experience stress-free senior living

As attached as we get to the space we live in, it’s easy to forget that home isn’t a place, it’s a feeling. It’s the comfort of being part of a close-knit community, the joy of waking up with a sense of purpose each morning and the peace in knowing you’re right where you’re supposed to be. That’s why so many seniors refer to their senior living communities as “neighborhoods” where they’ve found their “home sweet home.” Without the burden of owning a home weighing them down, residents enjoy the freedom to live life on their own terms and explore an exciting new chapter full of rediscovered passions and companionship. The best part? The money you make selling your home doesn’t just cover your rent in a senior living community. It also includes other big home expenses like meals, housekeeping and utilities. It’s like having all the comforts of home—plus a whole lot more—without all the hassle.

Five Star Senior Living — welcome home

Everyone deserves a home where they feel cared for and treated like family. That sentiment is at the core of Five Star’s mission to help every senior find their new “home sweet home” in communities across 27 states. With living options that include independent living, assisted living and memory care, Five Star is able to deliver award-winning hospitality, innovative programming and signature health services that meet your specific needs and preferences. To learn more about how selling your current home can help cover the cost of senior living at Five Star, call one of our senior care experts at (757) 797-6866 or find a Five Star community near you.

Give us a call: (833) 457-8271