House sale £ - Investment

Scale_Rule

Hello, go easy this is a long way from my area of expertise.

My aunt has asked us to find her a care home. She owns her own house so will be forced to sell it to pay for her care. The capital raised is likely to be around £110K.

Best guess at the moment is this would pay for around 3.5 years of care.

So the question is where to put the money so that it stands a chance of making some extra money whilst it drips out to pay for the care?

Thoughts?

greenglide

£31.5k seems way over the top for care home fees? What part of the country is it? Do you know what the agreed rates between the local care homes and the local council are? If you know this you can start negotiating and these things are very much negotiatiable.

RickyC_IFSWP

Care fees, particularly in SE/London area, can easily exceed £36k pa.

OP, you should ensure that you have a Lasting Power of Attorney in place for your aunt so that you can manage her financial affairs in future if needed. To answer your question, the short time-frame and capital access required means that your options for savings are really limited to just the current account promotions and short-term savings (NS&I, Cash ISAs etc.).

You and your aunt ought to speak with an IFA with additional qualifications to provide long-term care advice IMO.