sell your house before you get old

prosaver · 28 January 2015 at 6:58PM

would it be wise to sell and spend everything b4 you get old and knacked and end up in a care home :beer:http://www.bbc.co.uk/news/health-30990913
this is the calculator to work it out

rosyw · 28 January 2015 at 7:41PM

No it would NOT!!!
Bearing in mind that 75% of us won't end up needing to go into a care home we would be giving up the security and comfort of our own homes at a time in our lives that they are most needed.
If we all sold up & spent our money how do you propose our care, if needed later, would be paid for? Add to that the fact that having nothing left, if we didn't need to be in a care home we would have to rely on being able to find a suitable rental property, the cost of which would no doubt need to be covered by housing benefit.

I think I'll hang on to my house.

cosycanfan · 29 January 2015 at 4:49PM

Have thought about this subject for quite a while. We may sell up and travel. ( grey nomads gap year ). Then we will decide whether to buy again something smaller or rent. Agree with your comment on who pays for care if needed later when all money spent. That's my thoughts on the next generation who seem to be renting because they can't afford deposits etc to buy. Who will be paying for a full generation needing care and no property to sell ??