Renting the home
Clients who own their property and need residential care might consider renting their home to help fund care costs.
Who might this be suitable for?
- Someone who wishes to keep their property rather than sell it.
- Someone who can find someone else to manage the property while they are in care. This can be done by a lettings agent, but someone will still need to liaise with the lettings company.
- Someone who has other income and/or savings to cover the remaining care costs as it's likely the rental income alone won't be enough. Other expenses such as letting agent fees and maintenance and repair costs should also be considered.
Information researched and accurate as of February 2020. Not to be relied upon by advisers or their clients.