Financial Pros and Cons of Living with a Senior
When deciding to move your elderly mother or father into your home, finances probably aren’t your primary reason for doing it, but they will play a role once the move has taken place. Understanding both the pros and cons before hand will alleviate any unpleasant surprises on all sides, and make the experience a much more enjoyable one where no decisions are regretted!
Pros:
• Living expenses (utilities, mortgage etc) don’t increase significantly when just one person is added to the home, but having another person to contribute to these bills can reduce the home owner’s costs!
• With taxes, families might be able to receive a deduction for having an additional dependant in their home
• Household items, like food, might be bought in bulk to save more money
• Any assets from the sales of the seniors home can be invested
Cons:
• Depending upon future care needs, one or more members of the household might need to take time off work, or hire additional senior care assistance
• Seniors may lose tax deductions once they’re no longer a home owner and other factors regarding capital gain may apply
Home Instead Senior Care serving elders and seniors in San Jose, Los Gatos, Santa Clara and Saratoga home care - 408-370-6360.





