Mom and Dad own a big house but never go outside to pool or even use half the house. Is it better to sell big house and buy a smaller condo and use the money for their caregivers which is draining the savings account?
Excellent option! Keeping a large house when you're older and having to pay for maintenance, insurance and taxes is kind of crazy! And it's a lot of work! They will enjoy the move to a smaller space, even if they fight it in the beginning. I wish more seniors had that option!
Lauras, the big $64,000 question, will your parents want to sell their house and downsize?
Both my parents were in their 90's and Mom refused to move from the house that was no longer elder friendly because of all the stairs, and she and Dad were both fall risks. Mom refused caregivers. Eventually a serious fall caused her to pass.
Dad was now alone, so he called back the caregivers that my Mom had refused, it was costing him $20k per month for 3-shifts. That was a big bite out of his wallet.
Dad later decided the house was too much responsibility at his age plus he was having major issues with the stairs, so he moved to Independent Living.
For my Dad, Independent Living at a senior facility was a great choice. He had a nice size 2 bedroom apartment, large living room, and full size kitchen. The extra bedroom he made it into his home office.
Dad was paying $5k per month and with the savings of $15k per month, he did bring over one of the caregivers for the first shift only. That worked out perfectly for him. He got to see the same smiling face and she was good at making my Dad be in a routine.
Now, about the "stuff" in your parent's house? How would your parents deal with that as they can't bring along everything. It was easy with my Dad, all he was interested in were all his books so many a bookcase found their way into Dad's new apartment. He and his caregiver picked out what he should take and he walked away from everything else. Oh boy, now I got to sort through everything :P
Both my parents were in their 90's and Mom refused to move from the house that was no longer elder friendly because of all the stairs, and she and Dad were both fall risks. Mom refused caregivers. Eventually a serious fall caused her to pass.
Dad was now alone, so he called back the caregivers that my Mom had refused, it was costing him $20k per month for 3-shifts. That was a big bite out of his wallet.
Dad later decided the house was too much responsibility at his age plus he was having major issues with the stairs, so he moved to Independent Living.
For my Dad, Independent Living at a senior facility was a great choice. He had a nice size 2 bedroom apartment, large living room, and full size kitchen. The extra bedroom he made it into his home office.
Dad was paying $5k per month and with the savings of $15k per month, he did bring over one of the caregivers for the first shift only. That worked out perfectly for him. He got to see the same smiling face and she was good at making my Dad be in a routine.
Now, about the "stuff" in your parent's house? How would your parents deal with that as they can't bring along everything. It was easy with my Dad, all he was interested in were all his books so many a bookcase found their way into Dad's new apartment. He and his caregiver picked out what he should take and he walked away from everything else. Oh boy, now I got to sort through everything :P