We are a local southern California property management firm in located in La Verne, CA specializing in single family homes and condominiums.
We have found that as the population ages we are getting an increasing number of new accounts from families where the senior family member needs to move to an assisted living environment. The family is contacting us to rent and manage the home to help cover the cost of the assisted living facility.
If this is your situation, we are here and have been here for over 35 years, to help.
This situation has hit home for me, the owner of Cornerstone Property Management, as well. My father passed away a few years ago. My mother continued to stay in the family home. In time, her health deteriorated to the point where she could no longer live on her own.
We had concerns about her general safety and security, medication control, housekeeping was too much and her social life was minimal.
The choice was to sell her home or rent it. In her case, my mom has some savings, social security income and the family can offer some financial support.
Choice one - Sell
We chose to rent. Our logic was that she had enough savings, social security income and family support to cover the $1300 per month negative for quite some time.
In the end, her savings would stretch much longer and, in the long run, the house was appreciating at a rate of more that $1300 per
month* (see below). As a result, when the house is someday sold, the monthly negative cost would be recouped in full and the equity value of the house would remain intact versus an ever dwindling savings account from “sale” proceeds.
* The home value is approximately $600,000. At an annual appreciated rate of 5% that translates into an equity increase average of $2500 per month. An amount that greatly exceeds the $1300 per month negative.
Of course, check with your accountant/tax adviser to see what option is best for you. Be sure to ask about possible tax benefits of putting the property in a living trust.
Again, we are here and have been here for over 35 years, to help. We take on the full management responsibilities of the property so you have one less thing to worry about. We keep you in the loop but you don't have to deal with the day to day landlord duties. - Renting out the property - repairs - rent collection - emergencies - and more.
Please visit our website at CornerstonePropertyMgmt.com to see if your property is in our operation area. Thank you.
We have found that as the population ages we are getting an increasing number of new accounts from families where the senior family member needs to move to an assisted living environment. The family is contacting us to rent and manage the home to help cover the cost of the assisted living facility.
If this is your situation, we are here and have been here for over 35 years, to help.
This situation has hit home for me, the owner of Cornerstone Property Management, as well. My father passed away a few years ago. My mother continued to stay in the family home. In time, her health deteriorated to the point where she could no longer live on her own.
We had concerns about her general safety and security, medication control, housekeeping was too much and her social life was minimal.
The choice was to sell her home or rent it. In her case, my mom has some savings, social security income and the family can offer some financial support.
Choice one - Sell
- We would sell the house and receive the proceeds. Those proceeds would go toward the assisted living cost. Her total monies would decline every month, but hopefully there would be enough to last for the rest of her life.
- The facility she moved to cost $4000 per month. The house, as a rental, produces a net income of $2700 per month. That’s a $1300 negative per month.
We chose to rent. Our logic was that she had enough savings, social security income and family support to cover the $1300 per month negative for quite some time.
In the end, her savings would stretch much longer and, in the long run, the house was appreciating at a rate of more that $1300 per
month* (see below). As a result, when the house is someday sold, the monthly negative cost would be recouped in full and the equity value of the house would remain intact versus an ever dwindling savings account from “sale” proceeds.
* The home value is approximately $600,000. At an annual appreciated rate of 5% that translates into an equity increase average of $2500 per month. An amount that greatly exceeds the $1300 per month negative.
Of course, check with your accountant/tax adviser to see what option is best for you. Be sure to ask about possible tax benefits of putting the property in a living trust.
Again, we are here and have been here for over 35 years, to help. We take on the full management responsibilities of the property so you have one less thing to worry about. We keep you in the loop but you don't have to deal with the day to day landlord duties. - Renting out the property - repairs - rent collection - emergencies - and more.
Please visit our website at CornerstonePropertyMgmt.com to see if your property is in our operation area. Thank you.