We are in the beginning of this journey, too. Here are a few things we’ve learned/decided would be prudent (so far):
- Make sure that whatever you do is sustainable within your own budget. Do not count on rent. We would collect rent to keep their self-sufficiency (if their finances are ok), recoup costs, and avoid hard feelings, but if someone could not pay, it wouldn’t cause disaster.
- If the seniors still are living independently, then privacy and simplicity of a 1 story smaller lane house are big pluses. And more social life of their own guests or visitors can be a positive.
- Making the move and downsizing (presumably) is easier the younger they are. More energy, more resilience, more time to learn the new layout and establish routines before dementia or poor vision (both concerns in our scenario). More help for you in terms of making decisions about what gets moved.
- Definitely brainstorm outcomes as a foursome. It’s ok if things change, where they want to move elsewhere, need more care, you relocate for work...disability or death...of any of you. No need to plan all the eventualities, but do have a talk. Likely, everyone will be relieved to air possible fears and concerns. Can you just live near to one another and hire help? Why or why not?
- I think you got the point earlier - no way on the joint ownership. That is for you and your spouse Only. Hence, the rent payment. [ in the US, if you charge below-market rent, there may be gift implications with the IRS, so be sure to file any forms you need to (to avoid).]
- Regarding the 2x price increase, be sure not to stretch yourselves too thin. As another said, purchase price isn’t the only expense so make sure your budget works for your own goals.
- If you haven’t already had The Talk, now might be a good time to find out if POA, living will, and estate plans are in order.
- There are agencies and independent help that can be hired, at varying levels of care, in their own residence. We stumbled onto one site (care.com I think it was), and found CNAs, RNs and everything in tbetween that my mom could pre-interview and meet now, while she’s healthy, and choose a few favorites for future use when she needs it (which is coming). Her wish is to stay in her own home, and these folks will enable it to happen without me sitting there 24/7 or her living with us. I just want to say that the live together scenario isn’t the only option get help.