Elderly Parent Moving In? How One Family Paid for an Extra Bedroom
Sell the house and add a bedroom. That was one family’s plan when an elderly parent was moving in. And it worked great.
Time reports on the financial aspects of having an elderly parent move in and profiles how one family dealt with them. Namely, they started talking early and came up with a plan.
“Victoria’s elderly mom moved in with her after her father’s death,” the article explains. But the house needed remodeling for the wheelchair-bound elder.
Victoria made the smart decision to do some advance planning together with her parents, talking about options and putting a plan in place, even before her father died. That made the financial aspects of remodeling her home and caring for her mother a lot easier. After Victoria’s father died, she and her mom sold her parents’ home as they had decided. They then used the proceeds to add a bedroom and a bathroom to the main floor of Victoria’s house.
It was a simple plan, but it helped. The article also lists four finance-related questions to consider when considering having your aging parents move in. These related posts from OurParents may help you think through things too.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.