Should You Sell Your Manchester Home To Pay For Care Costs?

Posted on: 13 July 2022

Should You Sell Your Manchester Home to Pay for Care Costs?

Should You Sell Your Manchester Home to Pay for Care Costs? 

 

If you or a loved one need to move into a care home or require home care, you might be considering selling your property to pay for the costs. This is a difficult decision, and there’s a lot to consider.

 

It’s important to go through all the proper steps when considering long-term costs, and this article is not a definitive guide on what you should do.

 

Instead, in this three-minute read, we offer some helpful advice about the process and what to do.

 

Understanding assessments 

In the first instance, you need to contact your local authority to see how they can help. You (or a loved one) may have already had a care assessment which sets out what sort of care is required.

 

The next step is a means test. This is a detailed financial assessment which decides whether the council will pay for all or some of the care required. It examines your income from benefits and pensions and your capital (investments and savings). If you’re a homeowner, the value of your property may also be included.

 

If you or a loved one live with a partner, their financial situation is not assessed.

 

If you have the funds to pay for care, then a shorter assessment will take place.

 

Selling your assets 

You may decide to sell valuable items or assets (such as your property) to reduce the cost of care. However, the council’s financial assessment can include your past income and capital. So, this may not be a helpful route to take. The council may still require you to pay fees, as selling assets before an assessment could be deemed as a ‘deliberate deprivation of assets’.

 

Things to avoid

Even if the need for care is urgent, avoid turning to ‘quick sale’ companies who promise to buy your property for cash. Often, you’ll be left with far less than if you went through the normal sales process. Instead, sign up to a local estate agency so you can meet with an experienced and reputable agent. They will have helped many people in your situation and are best placed to get you a good market price.

 

The need for care is a sign of change, and you may want to delay the process for as long as possible. However, by facing up to the situation and getting things moving with an estate agent, you can start a new chapter without the need for panic or undue stress.

 

Get the property ready for sale

A lifetime of memories can be hard to pack away, but it will also allow you to give value to what’s important now and in the future.

 

Start by packing away your most precious items, such as family photos or antiques. Ask your agent if any glaring repairs need to be made and use a trusted tradesperson to help get issues sorted.

 

For more assistance, contact Age UK Advice Line or Money Helper.

 

If you’re ready to sell your home, contact us, Normie Estate Agent, on 0161 773 7715.



Share:


Recent Articles

11 August 2023

How To Protect Your Pet From The Hot Weather

British summers are hit and miss. On the days you want sun, you get cloudy skies and showers; on the days you’re rushing around doing a million things, you get a mini heatwave. But while we humans can (and should) protect ourselves from the sun, what about our loyal pets?   ...

8 August 2023

Buying A Property In 2023: What You Need To Know

Buying a new home is a big step that comes with lots of considerations. Finding the right property in a good location at a price you’re willing to pay isn’t always easy and can take time.   But when you finally move into your new place to start the next chapter of...

7 August 2023

The Dangers Of A Diy Tenancy Agreement

Type ‘tenancy agreement’ into Google and you’ll get thousands of results offering free online templates and guides to writing your own rental contract.   So why bother using a letting agent to sort out the tenancy agreement if you can do it yourself? What could...

Get a free detailed report on your property

Find out how much your property is worth