A Vietnam vet, 84, was forced to sell her ‘dream’ home after new owners jacked up her monthly fees 365%

https://finance.yahoo.com/news/vietnam-vet-84-forced-sell-114700011.html

This is a scary situation. Before thinking of moving parents/grandparents out of their house that they own and selling it. Consider that the affordable looking retirement rental could turn into a nightmare. If your parents/grandparents are happy where they are and can stay there, with a little time investment or some in home care, it could be very worthwhile in the long run. You may find it much more affordable in the long run after all.

If it’s a big home, you might consider a smaller more manageable one that they would own as a another better long term option. It isn’t new that renting makes you vulnerable to who will eventually own the property. Sometimes I think it’s easy to get too comfortable with a false sense of security.

Dedicated rental house communities are on the way in case you haven’t heard so be careful with your future choices and know that rentals typically pass increased costs on to tenants. That could be increased costs or increased plan profits. When you look at something for a long term solution, you should think about these things. Options for 1-3 years can look very different if it becomes 5-10 years+. Think of how rents have changed in just the last 7-10 years.

** In addition to subscribing to this blog, take advantage of something on the Deals and Savings page or through the Shop. These pages are going to have more to offer in the future.