Hello all,
Some advice please.
My mother is in care and is self funding. Her property will be taken into account next month and so after her pensions are taken there will be a shortfall of about £200 per week, about £9000 per annum. I know we can put a charge on her house as we don't want to sell it yet. It's a low value house and my mother has a brain injury - sometimes I think she is getting better and would hate to sell her house yet.
So options are - rent the property out to tenants or rent out on a holiday let basis. We live in a coastal town and there is demand. It's estimated a holiday let could generate about £5000 per annum so would help towards the shortfall. The remainder will be paid via the charge n the property ( I thnk what happens is the shortfall accrues every month but this can be reduced by the rental income).
Has anyone done this and has anyone got any advice, I realise there will be tax implications plus we would have to get liability insurance.. If we proceed we would go through a letting agent who charges commission obviously. It's not a money making exercise just a way of generating some income and reducing the debt that will accrue on the charge.
Sorry for long post. All on my shoulders and I'm not in good health . My mother hates the home and begs to come home constantly. It's a living nightmare.
Thank you.
Some advice please.
My mother is in care and is self funding. Her property will be taken into account next month and so after her pensions are taken there will be a shortfall of about £200 per week, about £9000 per annum. I know we can put a charge on her house as we don't want to sell it yet. It's a low value house and my mother has a brain injury - sometimes I think she is getting better and would hate to sell her house yet.
So options are - rent the property out to tenants or rent out on a holiday let basis. We live in a coastal town and there is demand. It's estimated a holiday let could generate about £5000 per annum so would help towards the shortfall. The remainder will be paid via the charge n the property ( I thnk what happens is the shortfall accrues every month but this can be reduced by the rental income).
Has anyone done this and has anyone got any advice, I realise there will be tax implications plus we would have to get liability insurance.. If we proceed we would go through a letting agent who charges commission obviously. It's not a money making exercise just a way of generating some income and reducing the debt that will accrue on the charge.
Sorry for long post. All on my shoulders and I'm not in good health . My mother hates the home and begs to come home constantly. It's a living nightmare.
Thank you.