My parents downsizing dilemma..

GDB2222

Unless you have good DIY skills and a lot of time to spend, you are going to need to get builders in to do the renovation. If you are paying them, there's no profit to be made out. Don't believe the programmes on the telly. There's no money in it, at least not for an amateur. It's maybe different if you are a builder.

Years ago, we sold my aunt's house for her. It was in dreadful condition - untouched for well over 50 years. It needed at least £60k spent on it. At least, that was the quote we got, and you can bet there would be a lot of extras on that bill. We sold it for only £30k less than the next door house, which was in immaculate condition. In other words, the buyers underestimated the work needed by at least £30k, or they were prepared to pay over the odds to be able to 'put their stamp on it'. Two competing buyers, too, so it wasn't a fluke.

Just sell the house as it is, and let someone else deal with it. 

elsien

Also to add, they would be expected to use the equity from the house to pay rent, council tax etc until their capital dropped to a specific amount. 

GDB2222

Your parents are going to have to buy themselves something with the sale proceeds of the house. If they sell the house to you and your sister for a ridiculously low sum, the council will rumble that and regard them as having made themselves intentionally homeless, so not the council's problem to house.

Your parents may find that retirement properties for the over 55s are reasonably priced, or maybe they need a flat. Why not have a look around at what they can afford. What they can't do is effectively give you their house, then expect the council to house them.

 

thegreenone

If you haven't the money to buy outright, forget it.  You will just be putting yourselves in more debt.

Your Mum and Dad are still relatively young and could be enjoying life with an easy to maintain flat (either ground floor or with a lift) or a bungalow.  A scooter for your Dad, if he doesn't currently have one, and money in the bank.  I realise it may take some persuading your Mum.  I don't think there is anyway of the council housing your parents.  My disabled niece was on the council list for 10 years before she got a ground floor place.

Please, please, please DO NOT under ANY circumstances buy a designated Retirement Flat.  Expensive service charges and hideous to try and sell.  As above, look at sheltered housing.

GDB2222

I'm a bit confused on one point. How come the roof leaks? Surely, you and sis are not leaving your parents to live in a house with a leaky roof? Even if your mum doesn't want workmen to see inside, surely the roof is 'outside', and you can just dig in your pocket and get someone in?

Besides that, there are equity release loans your parents can get, so they have money to spend on the place. That reduces your inheritance, but they'll have the money to make themselves fairly comfortable. 

diystarter7

Check with the coucil about shelter type property and your parent's situation. Then ask for an appointment with a benefits advisor.
Once you have those bits of real-time info you can then decide your next steps

Btw, free valuations fro an EA id you need one.

So you live in Manchester - not familiar with it but just looked this up re council property w/l

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/wigan-council-housing-waiting-list-19724809

Robin9

Selling the house to you and/or sister is only adding complication to the situation your parents are in. It will add  time if nothing else.

Say you do spend £30/40k on doing it up.  Probably 6 months of hassle which may be too much for your mum. Then what  - given a couple of more years they may well have to move as their health and mobility deteriorates. Grasp the bullet - get some valuations of the house as it stands, research the market of private accommodation, retirement complexes etc , rule nothing out.  Let you and your sister support your parents but it has to be their choice.

Murphybear

There are quite a lot of over 55s/60s Housing Association properties around and many dont go through the council.  They don’t have any t & cs other than being in the right age range. 

elsien

GDB2222 said:

I'm a bit confused on one point. How come the roof leaks? Surely, you and sis are not leaving your parents to live in a house with a leaky roof? Even if your mum doesn't want workmen to see inside, surely the roof is 'outside', and you can just dig in your pocket and get someone in?

Besides that, there are equity release loans your parents can get, so they have money to spend on the place. That reduces your inheritance, but they'll have the money to make themselves fairly comfortable. 

Not everyone has a few grand to hand for a new roof on someone else’s property. And having an equity release loan on a property which isn’t going to be suitable due to mobility issues isn’t going to solve the basic problems around how they are able to use it. 

GDB2222

elsien said:

GDB2222 said:

I'm a bit confused on one point. How come the roof leaks? Surely, you and sis are not leaving your parents to live in a house with a leaky roof? Even if your mum doesn't want workmen to see inside, surely the roof is 'outside', and you can just dig in your pocket and get someone in?

Besides that, there are equity release loans your parents can get, so they have money to spend on the place. That reduces your inheritance, but they'll have the money to make themselves fairly comfortable. 

Not everyone has a few grand to hand for a new roof on someone else’s property. And having an equity release loan on a property which isn’t going to be suitable due to mobility issues isn’t going to solve the basic problems around how they are able to use it. 

This isn't just someone else's property. It's mum and dad living there. But, I agree that sentiment doesn't suddenly mean there's money available.