Assisted living can be a great alternative when it comes time to choose a new Idaho Falls home for our aging loved ones. It can offer them the necessary help and care while providing us with peace of mind. But you’ll need a strategy to pay for assisted living if your loved one doesn’t earn a living or have a sizable bank account. Although there are various kinds of facilities, the best ones can be quite pricey. Consider the family house or other properties that might be rented out to bring in some extra money. In more detail, let’s examine the advantages of paying for assisted living with rental property revenue.
Peace of Mind
Your peace of mind may be the main benefit 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. Another reason to think about renting a property is if your elderly loved one was not already residing in an assisted living facility. Consider hiring a Idaho Falls property manager to look after the property. You’ll have even more peace of mind in that situation as you will not have to think about things like housekeeping, leasing, and other property management duties.
Low-Risk
Using rental proceeds to pay for assisted living is also advantageous due to its relatively low-risk investing technique. If you opt to use Medicare or Medicaid funds to assist a family member, for instance, those benefits may be terminated or limited if your home is no longer occupied. You can continue to earn money to assist with the costs of your loved one’s assisted living by taking over ownership of the property and renting it out.
Tax Breaks
In addition, purchasing rental properties to support paying for assisted living might be a great tax planning move. Your loved one might be able to earn a sizable tax benefit by renting out their home if they own it outright or owe very little on it. You might also have fully paid-off properties on the side that could generate extra income for this need as well as future ones. Thus, even if your senior loved one continues into their 90s, you will have multiple rental property income-generating options.
Cash Incentives
Last but not least, your loved one can spend less for their care if you pay for assisted living using rental income. 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. In addition, the charge structure of assisted living facilities might vary greatly based on the resident’s income and financial situation; hence, this strategy could help lower overall expenditures.
As you’ll see, there are numerous advantages to using rental property revenue to cover the costs of assisted living. 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. Finding a comfortable place to live now and in the future is possible with the proper steps.
Leasing a family home is a pivotal step, which Real Property Management Southeast Idaho is mindful of. When choosing renters and caring for the property, we conduct ourselves with the utmost honesty so you can rest easy knowing a priceless asset is being looked after. 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.
