Funding care through property sales
20 February
Steven Kirupai, Director at Brighton Homes is not convenience that Dilnot recommendations will overcome consumer concerns and confusion about funding care by selling their homes.
A survey of care providers, financial advisers and property developers in Brighton show that three quarters of respondents said the sale of property was the main source of funding care or retirement living in more than 50 per cent of cases. 37 per cent felt that the Dilnot recommendations on funding care of respondents would not improve the current situation with, 33 per cent believed it would.
Waiting for a sale was the top reason for delaying any move, although fewer than 25 per cent were aware of the CF8 Long-term Care Insurance Qualification or the Society of Later Life Advisors (SOLLA). More than 60 per cent said the need to sell a home or another property was the main reason for delaying a move into care.
Steven Kirupai, Director of one of the fastest growing independent letting agents in Brighton which is well respected for providing excellent customer service to landlords and tenants said, “The majority are not convinced that implementing the Dilnot recommendations will improve the situation. The biggest issue is that a proposed cap on lifetime care costs will only relate the cost of care itself. The residential element will remain a significant cost that must be self-funded. Whatever the level of the cap most people will fund this part of their home and in an uncertain property market, the value and speed of the transaction is crucial.”
If you are in need of advice we have a specialist financial consultant who can assist you or you might want to consider our guaranteed rental scheme which can provide you with an income with the hassle and worries that is associated with letting a property. Call 01273 672 333 or visit our website for more information www.brighton-homes.com
