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Source: usnews.com

By 2040, Americans 65 and over are expected to comprise 21.6% of the country's total population, according to the Administration for Community Living, a part of the U.S. Department of Health and Human Services.

In the coming years, it's likely that a growing number of adults will face the question of how to best care for their aging loved ones. In many cases, families might opt to have their loved ones age in place due to the multiple benefits involved – familiarity with their surroundings and community support being just a couple.

If you have an aging family member, you may be contemplating a move to their area so you can be available at a time when they may be vulnerable and in need of aid. But is that the right choice? Here are some questions to ask yourself:

Can I afford a home where my loved one lives?

Does this new real estate market work for me professionally?

Am I planning to stay long term?

Does it make more sense to move my loved one closer to me?

1. Can I Afford a Home Where My Loved One Lives?

It's not easy to uproot your life (and perhaps the lives of your spouse and children) to move closer to someone you care about who needs help in their old age. Jeff House is the strategic real estate advisor at real estate platform Real Estate Bees, and he says it's important to assess your loved one's real estate market when making your decision.

"Any time you're thinking of relocating, you're going to have to judge and evaluate the market," he says. It may be that your aging family member bought their home long ago when properties were affordable, but now, home prices in the area are sky-high. If that's the case, moving closer could upend your own finances and create a scenario where you're not comfortable with what you have to spend on a home.

2. Does This New Real Estate Market Work for Me Professionally?

Maybe you can afford a home in the area where your loved one lives. But will you be able to continue to earn an income there? That, says House, is something important to think about.

The good news, he says, is that today's job market is different than the market three or four years ago. Now, it may be possible to keep your job and do it remotely rather than have to look for work from scratch, so it's worth having that conversation with your employer if you're considering a move.

Even if you get the green light to work remotely, your salary might change based on your location. So even if you can keep your job, you'll need to make sure your income will let you afford to live in your new area.

3. Am I Planning to Stay Long Term?

Depending on the age and health of the loved one you're looking to move closer to, you may not end up staying in your new area for more than a few years. And that's something to consider carefully because if you buy a home you're only going to live in for a few years, it could backfire on you financially.

There are costs associated with moving and closing on a home that you may not recoup if you only stay at your new address for a few years – though House says that in that situation, you could always explore other opportunities with that home, like keeping it as a long-term income property.

And if you leave your current area, you may struggle to find a home you can afford once you return.

In fact, House says, a big question to ask yourself is whether you should give up your current home completely. What you may want to consider, he says, is renting a home closer to your loved one and renting your current home to tenants if you don't expect your move to be permanent.

"You can move and not give up your current home if it's in a good location, affordable and you might want to go back to it," he says.

4. Does It Make More Sense to Move My Loved One Closer to Me?

If your loved one resides in an area with a low cost of living and other great amenities, then it could make sense for you to move to where they are. On the other hand, if your area is less expensive and homes are more affordable in your neck of the woods, then it could make more financial sense to bring your loved one closer to you.

Of course, if you go this route, your loved one will lose out on some of the benefits of aging in place, like being in familiar surroundings. But they may prefer to age in a home of their own in an area where they have support than in an assisted living facility.

 

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Source: usnews.com