Supportive Financial Planning

Long term care funding

Letting your property

One alternative to selling your home may be to rent it out to tenants and use the rental income to pay your care home fees. This would mean that you would retain ownership and your home would therefore become an asset of your estate and be dealt with in accordance with your will.

There are many things to consider, including how it is going to be managed, the costs involved and the legal and tax implications.

You will need to consider how your care home fees would be paid if the property was vacant for any period.

The income will vary due to the property's location, state of repair and overall appeal.

The rental yields may increase at a lower rate than the increasing costs of care.

We would recommend that you take professional advice before letting your home to pay for care.