Marshall Cohen, Realtor®, Seniors Real Estate Specialist® with Exit Real Estate Results, a One Senior Place Resident Business Answers Our Ask the Expert Question

Marshall CohenQuestion:

When moving into assisted living should we sell or rent the house?

Answer:

An excellent questions that is often asked by concerned families. And occasionally asked in a crises situation when a disabling illness such as a stroke forces one into a facility never to return home again. There are many considerations that need to be made and it generally depends on each individual situation.

Sometimes there is hesitation in giving up their home and renting the property can be a temporary solution. However the biggest consideration is an economic one. Assisted Living Facilities require a significant financial contribution and the home may have to be sold immediately to obtain funds for those arrangements. In this situation, it is important to consult a Realtor® to determine the value of the property, the marketability of the house, and explore current market conditions.

Renting a property involves many factors. If the decision is made to rent the home there is much to consider. Careful analysis should be made to determine if the profitability of the rental income is enough to cover the existing mortgage costs, real estate taxes, association dues, maintenance fees, and operating expenses. Property management can become a burdensome task. The reality of being a landlord such as the aggravation of renters who do not pay and high costs of emergency repairs must be considered.

The worst decision that can be made is to keep the property empty for a long period of time while decisions are being made. Long term, a vacant home can become problematic and costly, especially if repairs are needed. Determine what to do with the property simultaneously with the entire transition process to assisted living.

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Marshall Cohen is a Realtor® and Seniors Real Estate Specialist® designee specialized in meeting the needs of home buyers and sellers age 50+. He has received extensive education on topics such as tax law, probate, estate planning, equity conversion strategies, and can offer relevant information on current market trends as well as valuable resources regarding real estate transactions. As a transition counselor, Marshall, has developed a team of valuable resources and strategies to assist his clients with the preparation and sale of the home and working with them throughout the entire moving process. With personal experience resulting from his mother’s paralyzing stroke, Marshall shares his first hand knowledge and experience of the journey through rehabilitation hospitals, assisted living facilitates, and the daunting task of packing lifelong memories, moving, and selling her home. Marshall is a member of the National Realtors Association, Florida Realtors, and the Orlando Regional Realtors Association. Marshall can be reached by calling 407-949-2211, or emailing him directly at Marshall@OrlandoFloridaAgent.com.

Marshall Cohen, Realtor®,
Seniors Real Estate Specialist®
EXIT Real Estate Results
407-949-2211
marshall@orlandofloridaagent.com
www.orlandofloridaagent.com

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