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The Benefits of Using a Owasso Rental Property to Fund Assisted Living

Elderly Resident of a Owasso Assisted Living Facility When the time comes for our senior loved ones to pick a new Owasso house, assisted living can be a nice option. It can give them the support and treatment they require and give us peace of mind. You will need a plan to afford assisted living though, especially if your loved one isn’t employed or doesn’t have a sizable savings account. While amenities vary significantly, the more desirable ones can be costly. To create rental revenue to cover the costs, think about renting out the family home or other properties. The perks of paying for assisted living with rental property revenue will be discussed in greater detail.

Peace of Mind

You may experience peace of mind, which is the main advantage of renting out a property, to pay for assisted living. You have peace of mind knowing that your loved one will receive the support they need and that you won’t have to be concerned about finding money to support them. A lot of people decide to move into an assisted living facility to ease their children of the financial hardship of paying for home care or other possibilities. This may be another factor to choose to rent out the property if your elderly loved one isn’t already residing in an assisted living facility. Suppose you employ a Owasso property manager to oversee the property. In such a case, you’ll experience even greater peace of mind because you will no longer be concerned about things like management, leasing, and other property management obligations.


Another benefit of using rental revenue to cover assisted living expenses is the strategy’s low-risk nature. For example, if you choose to use Medicaid or Medicare assistance to support a loved one, such benefits can end or be scaled back if your property is unoccupied. You’ll have a source of income that can aid with covering the costs of your loved one’s assisted living by taking over ownership of the property and renting it out.

Tax Breaks

Investing in rental properties to raise money for assisted living can also be a great way to save money on taxes. If your loved one owns their house free and clear or has a small mortgage balance, they may be eligible for a big tax credit by renting it out. Additionally, you may have other wholly paid-off properties that could produce extra income for this purpose and others in the future. You’ll have more than one choice of how to make money from rental houses in this method, even if your elderly loved one remains late into their 90s.

Cash Incentives

And at last, if you use money from rental properties to finance assisted living, your loved one could pay a reduced fee for their care. This is based on the fact that such facilities provide discounts or other incentives for paying in cash as opposed to using insurance or other payment methods. Additionally, the charge schedule at assisted living homes can differ wildly based on an individual’s income and financial situation, so employing this strategy may help lower overall costs.

As you can see, there are major advantages to using rental revenue to cover assisted living expenses. It’s a useful tactic to pay for the care of an older relative or friend, whether you rent out an existing house or buy new ones as part of an investment strategy. You and your loved one can find a pleasant home in the present and the future if you take the appropriate approach.

Real Property Management Abound acknowledges that the decision to lease a family home is a significant one. When it comes to selecting renters and maintaining the property, we conduct ourselves with the highest honesty, so you can rest assured that a valuable asset is in good hands. 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.

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