Hi. I've spent the last year reading many of the threads raised on here, and today decided to join your gang! I've learned lots and have also realised I am not the only one needing help to make sense of this illness.
My 80 year old mum went into a care home a year ago, she has vascular dementia. Her house is sitting empty and we are wondering what to do with it. I've read some old posts about for's and against's of renting, but would like to know if someone has recently gone down this route?
Which of her benefits would she lose, she gets Attendance Allowance and Pension Credit (I think), all sorted and managed by my sister. We have the top-up amount of her care already deferred against the house. I know we would have to inform the council of our intention to rent, what will they change regarding the benefits she gets? Will she pay tax of all of the rent as it's classed as unearned income?
The house is quite large and an agent has already said HMO would give us the best return. I'm hoping that this will give us funds for as long as they're needed. I know people who have HMO's and they say the positives outweigh the negatives but my concern is how it will work for mum financially. All maintenance will be done by family members (we can cover all trades).
If we go down the selling route what investment will give us the return we need and what happens when the money runs out?
If anyone can help answer my questions about finances I'll be happy.
My 80 year old mum went into a care home a year ago, she has vascular dementia. Her house is sitting empty and we are wondering what to do with it. I've read some old posts about for's and against's of renting, but would like to know if someone has recently gone down this route?
Which of her benefits would she lose, she gets Attendance Allowance and Pension Credit (I think), all sorted and managed by my sister. We have the top-up amount of her care already deferred against the house. I know we would have to inform the council of our intention to rent, what will they change regarding the benefits she gets? Will she pay tax of all of the rent as it's classed as unearned income?
The house is quite large and an agent has already said HMO would give us the best return. I'm hoping that this will give us funds for as long as they're needed. I know people who have HMO's and they say the positives outweigh the negatives but my concern is how it will work for mum financially. All maintenance will be done by family members (we can cover all trades).
If we go down the selling route what investment will give us the return we need and what happens when the money runs out?
If anyone can help answer my questions about finances I'll be happy.