As our loved ones age, they often need additional support. For some, this may mean transitioning to a retirement or nursing home, but for others, it may mean moving in with a family member who’s able to provide a space for them to live and receive necessary care.
If you find yourself in the position to welcome an aging loved one, such as an elderly parent, into your home, you’ll need to make sure your home is comfortable and safe. We’ve put together some considerations below and provided information on our Home Equity Line of Credit, or HELOC, which can be a flexible way to finance any changes you need to make to your space to welcome your loved one.
The first thing you’ll need to determine is what living space you’ll dedicate to your parent. Depending on your home’s layout, the personal preferences and needs of both you and your parent, and your finances, it could be as simple as clearing out a spare bedroom or as involved as finishing a basement or adding an in-law suite.
Once you’ve determined what space will serve as your parent’s main living quarters, you’ll want to check to make sure any work you do is in line with local regulations or codes.
If you’re considering an addition, work with a reputable builder to ensure everything is in order.
If you’re looking to finish a basement and convert it into living space, you’ll want to check with your local township to determine what regulations or codes you’ll need to follow. For instance, some localities require a second, specific means of egress (other than the main door to the basement) if you’re planning on adding a bedroom to your basement.
If you’re planning to have your parent live with you for several years, you’ll want to make sure the living space you choose is going to meet their needs and be accessible for them both now and in the long term.
Factors to consider include:
If your parent is moving in with you, they’ll likely have more belongings than can fit in their new space, especially if they’re moving out of a long-term family home. You’ll want to determine what items are moving in with them and whether you’ll need to include storage space as a component in the modifications you’re making to your home.
Additionally, you’ll need to inventory what furniture you have available and what furniture your parent is able to bring along to determine if there’s anything you need to purchase before the move. You’ll want to make sure they’ll have pieces that will meet their needs and fit in their designated space.
You may be wondering how you’ll pay for the necessary modifications to make your home a comfortable and safe place for your parent. One popular product to consider is a Home Equity Line of Credit (HELOC).
A HELOC allows you to put the value of your home to work for you. The loan is secured by the equity you’ve built in your home through your down payment, mortgage payments, or work that has increased your home’s value.
One big perk of a HELOC is that it’s a flexible loan that allows you to only borrow what you need, when you need it, rather than taking out a large lump sum loan that may cause you to borrow (and pay back) more than is necessary.
Whether it’s something as small as painting and redecorating an existing bedroom and bathroom or as complex as adding on a handicap-accessible in-law suite, moving an elderly parent into your home can come with a hefty price tag. Cross worrying about financing these changes off your to-do list and tap into your home’s value with a HELOC from PSECU. To get started, visit our HELOC page.