Families faced with the declining health of a loved one with need for additional care can be some of life’s most difficult times. Whether due to health or age, sorting the disposition of a home can be a complicated matter. We want you to know that you have options. 

BrightWork Realty Advocates is here to help! Our team of professionals includes Realtors that are certified in working with estates, seniors, and those entering various stages of life. BrightWork Realty can help you explore the range of options, including approaches that would help you keep the home. Contact us to explore your options like:

• Buying a next home before selling the current one.
• Getting a bridge loan to make the move to more care.
• Improving the current home before sale to get the best price.
• Improving the home to rent, and strategically avoid taxes.

A lot of factors go into the decision about IF and WHEN a long-time homeowner might consider a sale. There are many reasons to stay, and leaving can be difficult. Here are a few things to consider:

When done early - moving together, and making new friends together, can be a joyous adventure. It is also liberating to downsize, and get rid of a lot of the cargo accumulated over the decades.  And taking an active part in the donation, sale and removal means that there will be less to go through later. 

Good to know: A married couple may claim a $500,000 tax exemption AND may move their low property tax basis forward to anywhere in California. And you can move it up to 3 times!

When done later - Typically, moving later is because of necessity. One partner has passed, or staying home is no longer possible because of advanced illness, or physical constraints.  It is common to see a move of necessity, to a single level, or more accessible home. Or to see a widowed spouse move closer to family.

Good to know: The passing of one partner or party effectively eliminates any taxes on the gain in value to the remaining partner, or to the estate. The remaining partner may still move the property tax basis forward if buying a home, townhome or condo. 

When forced to move - Some families find themselves not ready to sell (for tax reasons), but no longer able to stay in their home. Care is expensive, but there is a Catch 22 - the home is not in shape to be rented, or at least not in shape to be rented well.  And of course, renting means emptying the home of contents, and reducing the opportunity to come back.

Good to know:  While not easy, there is money available to clean out and improve a home for RENT. Modernizing and Improving the home to rent will mean that the rent goes up, the quality of tenant goes up, and the length of tenancy goes up. All of that means more money to pay for care. And it also means that the home will be more ready to sell when the time comes. 

Contact us for a confidential, no obligation consultation.  We will help you consider the options, and put together a personalized strategy that best meets your needs, not ours.