Assisted living can be an ideal choice when it’s time to search for a new Cambridge home for our aging loved ones. In addition to giving us peace of mind, it can give them the help and care they seek. 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 amenities vary significantly, the more desirable ones can be costly. Consider renting the family home or any other properties to earn rental revenue to cover expenses. Let’s discuss in greater detail the benefits of paying for assisted living with rental property revenue.
Peace of Mind
The greatest advantage of renting a house to pay for assisted living is the peace of mind it can offer. You are confident that your loved one will receive the support they need, and you will not be concerned about making ends meet when providing for their care. 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. Let’s say you appoint a Cambridge property manager to care for the house. 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
Another benefit of using rental revenue to cover assisted living expenses is the strategy’s low-risk nature. For example, if you choose to use Medicaid or Medicare assistance to support a loved one, such benefits can end or be scaled back if your property is unoccupied. You can continue to have an income stream that can aid with covering the costs of your loved one’s assisted living by taking over ownership of the property and renting it out.
Tax Breaks
Also, buying rental properties to help pay for assisted living can be a great way to save on taxes. Renting out a home may be a great way for your loved one to save a lot of money on taxes if they own it outright or barely owe anything on it. Furthermore, you may have other fully paid-off properties that could yield extra income for this reason as well as others in the long run. Thus, you will have multiple options for generating revenue from rental homes, even if your senior loved one thrives into their 90s.
Cash Incentives
And finally, your loved one might spend less for care if you pay for assisted living with rental property revenue. This is due to the fact that certain facilities provide discounts or other incentives for payments made in cash rather than through insurance or other means. Moreover, the charge schedule at assisted living facilities might vary widely based on one’s income and financial situation, thus employing this strategy may help lower expenditures overall.
As you can see, using rental property income to cover assisted living expenses has several advantages. It’s a great method to pay for care for an older relative, whether you rent out an existing property or buy new ones as part of an investment strategy. You and your loved one can live in a cozy home today and in the future with the appropriate strategy.
Real Property Management Commonwealth knows how crucial a decision to rent out a family home is. When appointing tenants and managing the property, we operate with the utmost integrity, so you can rest assured that a valuable asset is being cared for. 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.
