One of the most unpredictable factors that can change anyone’s life is an unexpected drop in health. Whether the change is due to an accident, sports injury, or terminal illness diagnosis, it’s usually an unwelcome shock.
The long term repercussions of ill health are even more difficult to accept initially and sometimes require permanent lifestyle changes. There are also financial implications to consider. Sometimes the degradation of your health requires you to sell your home.
This is a major sacrifice, and there are certain factors to take into consideration before taking this step. This article will discuss the five most important ones.
Suitability of the Home for Future Needs
A degradation of health status is usually accompanied by long term lifestyle changes. You need to assess if your current residence can accommodate these changes. An example of this is a person who lived in a two-story house who now requires a wheelchair.
The house does not accommodate the need, and expensive alterations will need to be made. In such a case, it would be practical to sell the home and look for a wheelchair-friendly residence. If the health problem is not expected to persist for more than a few months, temporary measures can be put in place, and there’ll be no need to sell the property.
Some illnesses end up needing private medical treatment. The cost of this can easily exceed even the most flexible budget. Sometimes these health problems are prolonged and require you to release the valuable cash assets.
There’s no price for the quality of life, and it becomes a literal matter of life and death. In such an instance, many people opt to sell their property to give themselves a fighting chance at overcoming health difficulties.
A stable income is necessary to maintain a mortgage. If the nature of your health degradation causes you to be unable to work, you won’t be able to keep your home. In this case, the stress of repossession may aggravate your condition.
It would then be best to sell your home and salvage what you can while focussing on your health. If your illness is of a nature that you only need some time off and that your unemployment status is temporary, there’s the option of speaking to your bank about the possibility of a payment holiday.
Do You Need Assistance?
If your illness is of such a nature that you’re no longer able to perform basic tasks independently, selling may be a wise choice. If you need constant care, it would be best to release the cash from your property and take residence in an assisted living facility.
The benefits of this are two-fold. Firstly, you won’t have to worry about being alone when you need support, and secondly, selling your property will provide you with extra cash. This money can be used to fund your medical expenses and give you an improved quality of life.
Nature of Your Condition
Deciding to sell your property or not will not be based solely on your health. Your ability to afford the property is also a factor. If your condition has no implications on your income, then making adjustments to your living quarters becomes an option.
If your illness is not permanent or terminal, you may consider options other than selling. Becoming less mobile, for example, may require a few affordable renovations. This aspect needs to be considered on an individual basis. The advice can be sought from your clinician.
The Bottom Line
Selling your house is not a decision to be taken lightly. It’s an emotional decision for most, and needing to sell after unforeseeable circumstances occurred makes it even harder. These five considerations can help you assess if it’s the right decision.
Each person’s needs are prioritized differently, and an informed decision can only be taken after analyzing all the available options.