PROPERTY RENTAL
We regularly speak with clients for whom retaining
the property is a key objective. For some that aim is more accurately
reflected by the fact that they wish to retain the value of the
property and avoid it being consumed in paying for care.
Whatever the motive many families are anxious
to pursue a funding strategy in which the house is retained and
rented. Often, property rental can appear to be an attractive option
but it is important to consider a number of factors.
- The overall returns offered after allowing for
agents fees, insurance, maintenance etc
- The potential uncertainty of income during vacant
periods
- The tax implications and costs.
- It should also be appreciated that the responsibilities
of being a landlord can present a significant added time burden,
particularly when there may be an increased demand in respect of
home visiting.
CareAware would always recommend that specialist
financial advice is sought before taking any action.
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