Help needed re investing in property to cover nursing home fees

chewmylegoff

I don't make any comment on what the best option to invest MIL's assets in is, but I don't understand why you would sell one property in order to buy another. You will pay estate agent fees, stamp duty, and two lots of legal fees. If property is the asset class you decide is appropriate, why not just rent out the property she already owns? Does it require extensive refurbishment?

G_M

Many good and relevant points and warnings raised already. Just to add, if you do decide on the rental route, read these posts:

[FONT=&quot]New Landlords[/FONT][FONT=&quot] (information for new or prospective landlords)[/FONT]

[FONT=&quot]Letting Agents [/FONT][FONT=&quot](Tips for selecting, and tips for sacking them)

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Mojisola

liamb wrote: »

My mother in law is in a nursing home, and we have an offer on her house. We need to raise a certain amount per month to cover the nursing home fees, as obviously she doesn't want all the income from the house sale to be eaten up over the next five years by her costs at the nursing home.

As she is self-funding, make sure she is also claiming any benefits that she's entitled to such Attendance Allowance and Pension Credit.

jackyann

As you say, this is a fairly common problem. Both http://www.ageuk.org.uk & http://www.saga.co.uk have information about options, the kind of advice to seek from IFAs etc. I would begin there before you make any firm decisions.