Expert Advice About Selling Your Home To Cover Care Costs
If you are considering selling your home to cover the costs of going into care, this could be a huge worry for you and your family. With residential care costing almost £50,000 a year on average when the additional expense of nursing is taken into account, it isn’t too surprising that selling up seems the only way to afford the cost.
At Alan Cooper, we often find that we are consulted by clients who want to list their properties for sale in Nuneaton for exactly this reason.
We know that this can be an upsetting and sensitive time, so if you are considering putting your home on the market to raise proceeds for funding your care, here is our expert advice.
Why Sell Your Home To Fund Your Care?
If you’re going to move into a care home, putting your home on the market is an effective way of raising enough money to pay for your care. As long as nobody else lives in your home, this approach may benefit you by releasing a significant amount of funds that may cover the entire cost of your ongoing care.
It’s important to note that selling a property is often a long and drawn-out process, so if you require residential care quickly, it’s worth approaching the local authority to see if any help is available. The costs of your care may be covered until your sale completes under a Deferred Payment Agreement.
It’s also important to be aware that if you’re in receipt of means-tested benefits, you may find they’re affected if you sell your home, since having lots of savings often means you can no longer receive certain benefits.
Selling To Downsize Or Rent
If you don’t need residential care, but you require some additional support, home care may be an option for you. If you have to fund this care yourself, selling your existing property and downsizing could be the right choice for you, releasing enough money to cover your carer’s fees while still allowing you to own a more manageable, smaller property of your own. Alternatively, you may consider selling the home you own and renting a property instead. You may want to live in the rental property, or you may wish to rent it out and live in a care home facility.
Should I Sell My Home?
There are some advantages associated with selling your home if you require more care, including:
- You’ll be making more capital available to cover your care fees.
- You’ll find it more cost-effective in most cases than equity release since no interest will accrue or be charged.
- You can relocate to another property that caters better to your needs, either today or at some future time, such as a bungalow, sheltered housing unit, or retirement village serviced apartment.
- You can move to a home that is easier to care for and maintain, and that is more accessible.
- You may be able to ensure an inheritance is left for your loved ones.
Where Can I Get More Help With Selling My Home?
Here at Alan Cooper, we’re experts in property sales. If you’re considering selling your family home to fund your care, make us your first call. Contact us at sales@alan-cooper.co.uk or call us on 02476 349336 to discuss your options.
