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  • FIRST POST
    • edy500
    • By edy500 16th Apr 17, 6:23 PM
    • 4Posts
    • 0Thanks
    edy500
    To sell or to buy? that is the question!
    • #1
    • 16th Apr 17, 6:23 PM
    To sell or to buy? that is the question! 16th Apr 17 at 6:23 PM
    Hello,
    Im looking for some advice for my parents really, and im not up to speed on the housing game...
    so if anyone can advise we would be very appreciative.
    Thank you in advance.

    Basically my parents currently have their 4 bedroom house on the market it has been on the market for just over a year and is obviously over priced.

    As my mum has been diagnosed with MS in the last few years, she is struggling to not be confined to one or too rooms as her mobility doesnt allow her to move around their current house freely.
    Getting her in and out of the house is also very trying. We have put ramps etc in place but it fairness without spending a fortune on their current house it just wont be the best idea to stay. plus its quite a large house and needs painting every few years and theres other jobs to do so it will cost thousands for them to keep living there and also its too big for them going forward...
    So as the need to downsize and move into a bungalow is very pressing. The issue is that if they dropped the price of their house and brought a bungalow, most probably the bungalow will need reconfiguring and updating to accomodate my mum.

    So we are trying to think of a way that they can buy a bungalow spend the money to get it ready for my mum so that they can move in without having work going on around them...

    My Dad is self employed and my mum no longer works... they own their house so no mortgage to carry over etc...

    what are the options, and financially what makes the most sense?

    can they borrow say a figure off the back of their owned property that will be less than the very minimum their current house is worth? so they can buy a bungalow do what needs doing etc then sell their property for a price that will basically cover the loan?

    obviously if it wasnt for my mums condition it would be easier to just sell their current house then look for a bungalow... but it just doesnt seem like that will be stress free for either of them..

    hope that make sense...
Page 1
    • Cheeky_Monkey
    • By Cheeky_Monkey 16th Apr 17, 6:26 PM
    • 1,174 Posts
    • 2,201 Thanks
    Cheeky_Monkey
    • #2
    • 16th Apr 17, 6:26 PM
    • #2
    • 16th Apr 17, 6:26 PM
    What makes you think that it's inevitable that a bungalow will require reconfiguring and updating to meet your mum's needs if they haven't even found one yet?
    • marliepanda
    • By marliepanda 16th Apr 17, 6:27 PM
    • 4,552 Posts
    • 9,165 Thanks
    marliepanda
    • #3
    • 16th Apr 17, 6:27 PM
    • #3
    • 16th Apr 17, 6:27 PM
    If they buy another whilst still owning the house, they're going to be hit with extra stamp duty. Providing they sell within 3 years they'll get it back, but it will still be payable.

    You seem to be suggesting remortgaging to release equity to buy another property, but with only one person working, will his income cover two mortgages (you'll be paying mortgage on both house and bungalow whilst renovating can he afford to run two houses?)
    Survey Earnings 2017 - £163
    • Cakeguts
    • By Cakeguts 16th Apr 17, 6:28 PM
    • 2,569 Posts
    • 3,530 Thanks
    Cakeguts
    • #4
    • 16th Apr 17, 6:28 PM
    • #4
    • 16th Apr 17, 6:28 PM
    Find a nursing home for your mum for a couple of weeks while the work is done on the bungalow. Many of them do respite care so you should be able to find one that she can stay in for a couple of weeks while the work is done on the bungalow.
    • edy500
    • By edy500 16th Apr 17, 7:52 PM
    • 4 Posts
    • 0 Thanks
    edy500
    • #5
    • 16th Apr 17, 7:52 PM
    • #5
    • 16th Apr 17, 7:52 PM
    Were yet to find a suitable bungalow that wouldn't need things doing to make it friendly to my mums condition im afraid.
    we are aware that old people's bungalows are usually wheel chair friendly but they arent looking in that direction at this time.


    So i guess we cant borrow for a short period a sum less than the value the property that my parents own to secure an easier life and forced move for someone with a degenerating health condition?

    And tbh Its not about money in this instance its about quality of life for my parents and were just trying to find the best possible way with the least stress.. if they loose a few thousand in the transaction they wouldn't be worried.

    And Ty that may well be the best option Cakeguts, sell the house find a bungalow and see if theres somewhere that will take my mum for a while.
    I will look into that see whats available.

    My parents are quite particular with what they are looking for, so its fair to say the bungalow will need renovation... ie a wet room, permanent ramps put in etc etc
    as well as the usual improvements alot of people do when they move into a new place...
    i would like an easy access for my mum so she can actually go out into a garden with out it taking a team of people to help her..
    • warby68
    • By warby68 16th Apr 17, 8:18 PM
    • 764 Posts
    • 8,570 Thanks
    warby68
    • #6
    • 16th Apr 17, 8:18 PM
    • #6
    • 16th Apr 17, 8:18 PM
    I'm not sure how much special provision your mum needs at the moment but would some other form of short term accommodation work if they are willing to spend a bit - eg a hotel with a disabled friendly room/access?
    • edy500
    • By edy500 18th Apr 17, 9:58 PM
    • 4 Posts
    • 0 Thanks
    edy500
    • #7
    • 18th Apr 17, 9:58 PM
    • #7
    • 18th Apr 17, 9:58 PM
    Well lets just say she will need at the very least permanent ramps for wheel chair/electric scooter access in and out of bungalow, a wet room, door ways widened, work surfaces lowered etc,etc and the usual stuff you do when move into a new place, if it hasnt been done.

    bungalows around here are pretty rare so if one comes up thats vaguely suitable in price and location they will need to act quickly.

    obviously if its suitable and they want to buy they still need to sell asap, but if the buy using a loan of some sort they can get the bungalow sorted then sell the house for a reduced price to get the loan paid off. and off they go... least amount of pressure or stress for someone that shouldnt be stressed.

    but yes your right about paying for a hotel or something similar but it all comes down to logistics,

    its wether they can tie in selling buying and getting the work done quickly...
    as obviously if your talking few days or up to a week or so before moving into the bungalow jobs a goodun.
    But if you hit a problem or delays then it turns into a nightmare.. for someone that should be taking it as easy as possible.

    It really will take only very few issues to turn it into a nightmare for someone thats disabled like mum.

    i dont understand why if you own your house of say £340,000
    why you can borrow a sum of say £270,000 + 15,000 max to make a bungalow suitable...
    so a grand total of say 285,000
    so even after selling and buying fees etc the value in their exsiting property out weighs the cost of the loan (new bungalow)... theres no risk and its much easier and fairer for someone in my mums condition.
    • Cakeguts
    • By Cakeguts 18th Apr 17, 10:17 PM
    • 2,569 Posts
    • 3,530 Thanks
    Cakeguts
    • #8
    • 18th Apr 17, 10:17 PM
    • #8
    • 18th Apr 17, 10:17 PM
    I would suggest that you also look at retirement flats. There will probably be a lift if it is modern development and somewhere to sit out in the garden that is wheelchair friendly. If it is a modern retirement development there is also the possibility that there is already wheelchair access with the doors being wider etc. You need wider doors especially if people are using electric wheelchairs which they are more likely to do if the are older and disabled.
    • edy500
    • By edy500 5th May 17, 3:49 PM
    • 4 Posts
    • 0 Thanks
    edy500
    • #9
    • 5th May 17, 3:49 PM
    • #9
    • 5th May 17, 3:49 PM
    it sounds a good idea and would solve alot of problems in one fell swoop!
    but i dont think my mum is ready for the knackers yard quite yet.. she was used to a detached property and being quite independent until 4 years or so ago.
    • xylophone
    • By xylophone 5th May 17, 7:51 PM
    • 21,955 Posts
    • 12,657 Thanks
    xylophone
    It might be easier if your parents were to sell up and move into rented accommodation for up to twelve months?

    It would not appear that they are short of money so that they should be able to afford a property that your mother could tolerate while a bungalow is found and renovated?

    A modern ground floor flat might well answer the purpose - when I lived in a flat (with lovely gardens), one of my neighbours was a wheelchair user and managed very well.
    • Crashy Time
    • By Crashy Time 6th May 17, 7:26 PM
    • 4,388 Posts
    • 2,020 Thanks
    Crashy Time
    Well lets just say she will need at the very least permanent ramps for wheel chair/electric scooter access in and out of bungalow, a wet room, door ways widened, work surfaces lowered etc,etc and the usual stuff you do when move into a new place, if it hasnt been done.

    bungalows around here are pretty rare so if one comes up thats vaguely suitable in price and location they will need to act quickly.

    obviously if its suitable and they want to buy they still need to sell asap, but if the buy using a loan of some sort they can get the bungalow sorted then sell the house for a reduced price to get the loan paid off. and off they go... least amount of pressure or stress for someone that shouldnt be stressed.

    but yes your right about paying for a hotel or something similar but it all comes down to logistics,

    its wether they can tie in selling buying and getting the work done quickly...
    as obviously if your talking few days or up to a week or so before moving into the bungalow jobs a goodun.
    But if you hit a problem or delays then it turns into a nightmare.. for someone that should be taking it as easy as possible.

    It really will take only very few issues to turn it into a nightmare for someone thats disabled like mum.

    i dont understand why if you own your house of say £340,000
    why you can borrow a sum of say £270,000 + 15,000 max to make a bungalow suitable...
    so a grand total of say 285,000
    so even after selling and buying fees etc the value in their exsiting property out weighs the cost of the loan (new bungalow)... theres no risk and its much easier and fairer for someone in my mums condition.
    Originally posted by edy500


    Because you can`t find a buyer for the property, how would the bank get their loan back?
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