Moving into aged care before selling my house

[tisgazz]

Hi everyone, new here . I'm currently living in South Gippsland and due to age and health I think I need to move to aged care, back to Melbourne to be closer to my family.
It may take a while to sell my home, some places can take a year around here.
Can I move into an aged care facility before the house is sold? I have a small nest egg in the bank, the house is most of my assets along with an old ute and even older furniture.
Any advice or information would be greatly appreciated

 

[Ted01]

 

[That Lady in PA]

Can I move into an aged care facility before the house is sold? I have a small nest egg in the bank, the house is most of my assets along with an old ute and even older furniture.
Any advice or information would be greatly appreciated

I am sure the facility can answer that question better than anyone here can.

Welcome.

 

[MACKTEXAS]

 

[Warrigal]

Hi everyone, new here . I'm currently living in South Gippsland and due to age and health I think I need to move to aged care, back to Melbourne to be closer to my family.
It may take a while to sell my home, some places can take a year around here.
Can I move into an aged care facility before the house is sold? I have a small nest egg in the bank, the house is most of my assets along with an old ute and even older furniture.
Any advice or information would be greatly appreciated

I think you can avoid selling your home for a couple of years before this asset is taken into account for your residential fees. Can your family take care of the property by taking care of the rates and other expenses on your behalf? You might need to contract a local real estate agent to manage the property for you. In that case why not rent it out to cover costs?

 

[MACKTEXAS]

I think you can avoid selling your home for a couple of years before this asset is taken into account for your residential fees.

I was hoping you might weigh in here. Selling the home is not required in the States, but I didn't know how things work in Australia.

 

[Warrigal]

I was hoping you might weigh in here. Selling the home is not required in the States, but I didn't know how things work in Australia.

I'm not sure what the current situation is but time is allowed for a new resident to have to sell the home.

Most people who enter care do not survive very long. My husband died less than 2 years after needing care. I assume that is why the period of grace is given before selling. However, after 2 years the family home does become an assessable asset if there are no other family members living in it.

In my case, I am currently living in my home with my daughter and one of my granddaughters. If tomorrow my circumstances changed and I needed care, my fees and accommodation bond would be assessed based on my financial assets in the bank and in my superannuation account. After 2 years the decision my family would have to make would be do they move out and sell the house or rent it because the house in now worth about $1.5 million. My accommodation fees would go up based on an assets test that includes the market value of the property. The rent could help pay for the increased fees.

If the choice were to be to rent the house out for as long as I live the value of the home would continue to appreciate. Then my heirs would be better off if it is sold some time down the track.