When the time comes for our senior loved ones to pick a new Newport News house, assisted living can be a nice option. This will provide them with the aid and treatment they require while giving us peace of mind You will need a plan to afford assisted living though, especially if your loved one isn’t employed or doesn’t have a sizable savings account. While there is a wide range of amenities, the best ones can be quite pricey. Consider renting the family home or any other properties to earn rental revenue to cover expenses. In more detail, let’s examine the advantages of paying for assisted living with rental property revenue.
Peace of Mind
The ability to enjoy peace of mind is the biggest advantage of renting out a home to pay for assisted living. Knowing that your loved one will receive the support they need relieves your stress about finding money to support them while paying for their needs. Many people decide to move into an assisted living facility to relieve their children of the financial burden of paying for home care or other possibilities. If your older loved one is not currently residing in an assisted living facility, this may be an additional reason to explore renting out a property. Consider hiring a Newport News property manager to look after the property. In such a case, you’ll experience even greater peace of mind because you will no longer be concerned about things like management, leasing, and other property management obligations.
Low-Risk
Using rental revenue to pay for assisted living has the extra advantage of a reasonably risk-free investing plan. For instance, if you choose to help your loved one with Medicare or Medicaid funding, such benefits can end or be scaled back if your property is no longer occupied. You can keep your source of income going by taking over the property’s ownership and renting it out to help with your loved one’s assisted living expenses.
Tax Breaks
In addition, purchasing rental properties to support paying for assisted living might be a great tax planning move. Renting out a home may be able to help a loved one save lots of money on their taxes if they own it outright or have little to no debt on it. Additionally, you may have other wholly paid-off properties that could produce extra income for this purpose and others in the future. Thus, even if your senior loved one continues into their 90s, you will have multiple rental property income-generating options.
Cash Incentives
Lastly, your loved one can spend less for their care if you use rental revenue to pay for assisted living. This happens because some facilities give discounts or other incentives when the payments are made in cash as opposed to through insurance or other means. Additionally, the charge schedule at assisted living homes can differ wildly based on an individual’s income and financial situation, so employing this strategy may help lower overall costs.
As you’ll see, there are numerous advantages to using rental property revenue to cover the costs of assisted living. Whether you rent out a property you already own or buy additional ones as part of an investment strategy, this is a wonderful way to afford care for an aging family member. Finding a comfortable place to live now and in the future is possible with the proper steps.
Real Property Management Dominion acknowledges that the decision to lease a family home is a significant one. When it comes to selecting renters and maintaining the property, we conduct ourselves with the highest honesty, so you can rest assured that a valuable asset is in good hands. To learn more about what we offer, contact us online today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
