{"id":5479,"date":"2022-04-26T08:25:27","date_gmt":"2022-04-26T15:25:27","guid":{"rendered":"https:\/\/www.realtyexecutives.com\/blog\/?p=5479"},"modified":"2022-04-22T15:51:49","modified_gmt":"2022-04-22T22:51:49","slug":"moving-to-an-assisted-living-community-in-phoenix-heres-how-to-decide-what-happens-to-your-current-home","status":"publish","type":"post","link":"https:\/\/www.realtyexecutives.com\/blog\/moving-to-an-assisted-living-community-in-phoenix-heres-how-to-decide-what-happens-to-your-current-home","title":{"rendered":"Moving to an Assisted Living Community in Phoenix? Here’s How to Decide What Happens to Your Current Home"},"content":{"rendered":"\n
\"A<\/figure><\/div>\n\n\n\n

Deciding that now is the right time to\nmove to an assisted living community in Phoenix, AZ, is a big deal. You\u2019ll be\naltering your life in a significant way. Plus, for homeowners, it also means\nyou\u2019ll need to determine what happens with your house.<\/p>\n\n\n\n

Examining the benefits and drawbacks\nof various strategies can make it easier to figure out what\u2019s best. Here\u2019s a\nlook at some available options that can help you decide what happens to your\ncurrent home as you move into an assisted living facility.<\/p>\n\n\n\n\n\n\n\n

Options for Your Phoenix Home<\/h2>\n\n\n\n

The Pros and Cons of Selling<\/h3>\n\n\n\n

One of the most straightforward\noptions on the table is to sell your home<\/a> before transitioning to an\nassisted living community. It\u2019ll give you an influx of cash that you can use to\ncover the cost of the new facility. Otherwise, you can use it to pay down debt\nor supplement retirement income.<\/p>\n\n\n\n

Generally speaking, the Phoenix market\nis strong. While some experts believe it will <\/a>slow compared to 2021<\/a>, the city is one of the <\/a>top ten hottest housing markets for 2022<\/a>. As a\nresult, if your home is in good condition and located in a desirable\nneighborhood, you can likely do quite well.<\/p>\n\n\n\n

When it comes to drawbacks, the\nbiggest is that a sale is usually permanent. You\u2019re giving up the home fully,\nso you won\u2019t have a property to return to if you decide assisted living isn\u2019t\nfor you, or if you would like to pass it down to any heirs.<\/p>\n\n\n\n

Additionally, there can be tax\nimplications. You could be subject to <\/a>capital gains taxes<\/a> if you don\u2019t meet specific\ncriteria for an exemption, so you\u2019ll want to look into that before making a\nchoice.<\/p>\n\n\n\n

The Pros and Cons of Renting<\/h3>\n\n\n\n

One option to keep the property\nwithout it sitting vacant is renting. It can provide a consistent source of\nincome, usually in the <\/a>$1,243 to $2,079<\/a> per month range, depending on\nthe size, location, features, and condition.<\/p>\n\n\n\n

If you go this route, you have two\nchoices. First, you can act as a landlord, handling all of the <\/a>tenant screenings<\/a>, rent collections, property\nmaintenance, and other concerns yourself. Otherwise, you can go with a <\/a>property management company<\/a>. There\u2019s far less\nwork with the latter, but you\u2019ll have to pay for the service, giving you less\nincome.<\/p>\n\n\n\n

Renting out the home does come with\nsome tax implications. <\/a>Rental income is taxable<\/a>. While you do get to\ndeduct certain property-related expenses, the rest is typically taxed as\nordinary income, so you\u2019ll want to keep that in mind.<\/p>\n\n\n\n

The Pros and Cons of Giving It to a Family Member<\/h3>\n\n\n\n

With this option, you get to keep the\nproperty in the family, which may be ideal. However, the situation can be\ncomplex on many levels. Hard feelings can develop if you and the family member\ndon\u2019t agree on something about the property. The same can occur if the house\nends up damaged or in disrepair.<\/p>\n\n\n\n

There can also be tax implications for\ntransferring a home to a family member. However, that depends on the\ncircumstances surrounding the transition, so you may want to speak with a tax\nprofessional to get insights into what may occur.<\/p>\n\n\n\n

Bonus Tip<\/h2>\n\n\n\n

Understanding the Difference Between Assisted Living and Nursing Homes<\/h3>\n\n\n\n

If you need additional support to\nsafely live, you need to research the right option for your needs. While\nassisted living facilities have things in common with nursing homes, the two\narrangements also have many differences.<\/p>\n\n\n\n

Typically, assisted living involves a\ncommunity that provides residents with assistance managing their daily routine,\nbut with a high level of independence. In this sense, it can be very similar to\nother retirement communities. There may be some planned recreational activities\nand supportive services and health-related support, though not always around\nthe clock. There can also be options to tier up support, starting from near independent\nliving to round-the-clock care.<\/p>\n\n\n\n

With nursing homes, the medical aspect\nis more comprehensive. Residents get support all day, every day, both with\ntheir healthcare needs and daily living. Meals are commonly part of the\narrangement, as well as housekeeping, planned leisure activities, and more.<\/p>\n\n\n\n

If you need to move to a skilled\nnursing facility to ensure you have access to 24\/7 care for a medical issue,\nyou\u2019ll want to choose the right place. When you search online, review detailed\nfacility reports, pricing information, and payment options for nursing homes in Phoenix<\/a>. That way, you can\nselect the option that works best for you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deciding that now is the right time to move to an assisted living community in Phoenix, AZ, is a big deal. You\u2019ll be altering your life in a significant way. Plus, for homeowners, it also means you\u2019ll need to determine what happens with your house. Examining the benefits and drawbacks of various strategies can make … Continue reading Moving to an Assisted Living Community in Phoenix? Here’s How to Decide What Happens to Your Current Home<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[4530,26,419],"tags":[1709,59,3803],"yst_prominent_words":[6032,6031,6034,6036,1139,6038,546,1790,5287,1329,6035,6042,6041,3433,4054,1933,1269,2770,3230,6039],"_links":{"self":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5479"}],"collection":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/comments?post=5479"}],"version-history":[{"count":1,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5479\/revisions"}],"predecessor-version":[{"id":5481,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5479\/revisions\/5481"}],"wp:attachment":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/media?parent=5479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/categories?post=5479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/tags?post=5479"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=5479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}