Could I rent a house and let ours out?

[bowlingbun]

In your "PLAN" book, then have a page for each option, and add information as you find things out to that page.
Often, when you go through things methodically, a front runner emerges very easily, especially when you are clear in your head what you want.

At the moment, they seem to be
Stay put with extra support
Move and let the house out
Move and sell the house.

[Jacqueline_180912]

I am leaning towards stay put and take holidays in the village ...

Hope we get lots of stuff out of the house whilst my son is here to help.

Less stuff, less stress.

Thanks for all comments. Most helpful.

I like this forum.

[Henrietta]

Not wanting to hijack the thread but,

Often, when you go through things methodically, a front runner emerges very easily, especially when you are clear in your head what you want.

Never works for me

[bowlingbun]

Maybe this is the result of marrying and engineer and having another as a son?!
Both really good at thinking things through and spotting potential hitches in my plans.

[Jacqueline_180912]

Henrietta and Bb I find that I have to really get close to axtually doing something, to !ive it fully in my imagination and discuss it and eventually feel it.

I am settled inside now that staying put and hoidays in the village is llooking achievable.

Possible fly in the ointment is that the coucnil will take the rent money as mother's income and expect her to put it towards carers. Not sure what the position is. Research time again ...

[Henrietta]

Hi Jaqueline
Yes I am sur e they would but holding on to that magic 60 figure, an extra few thousand a year from a lodger would help nudge you a bit closer to 60 .

[Honey Badger]

Jacqueline

We could rent our house for more than it would cost to rent a place where I want to live.

Would we be allowed to do so if Mother had savings less than 23,250 or would some of the profit count as an asset?

Trying to be creative here!

I was in the same dilemma when I stopped working due to increasing care demands, I couldn't afford my home to sit empty but also did not want to sell up because of the risk of ending up homeless if caring suddenly ended. Worked out easier to have caree's live with me meant much less bureaucracy, easier to manage/track finances and keep everything in the black (just)

Main perk of renting out a single property to someone is that you are keeping it lived in while you can't live there yourself. Income wise your probably going to just break even when you weigh up cost of maintenance/repairs (stuff breaks even with good tenants) Thats about it though

Making money out of renting is more suited to those with a property portfolio because they will usually mostly have above average/good tenants with maybe the odd bad apple and be able to actually make a return on what their doing.

You have the extra admin to deal with (income tax) as well as all the various inspections and certification required by the council in order to be able to rent it out. You have to abide by building/safety regulations etc (https://www.gov.uk/renting-out-a-property). Put into perspective presently EPC (energy performance certificate) is up to £100 alone, some places more and if its an older property they might actually turn around, say you don't meet them.. then you would have to pump even more in to remedy it.

Off the top of my head, an example might be with older properties that have been maintained well/never have stuff break, something catching people out is they think when the boiler dies its a straight forward replacement but its not because you've got things like UK building regulations on the gas mains (loads of older homes still aren't on the 22mm standard for gas mains). So a few hour job turns into something else entirely. Heaven forbid part of the piping is "embedded" partially in any way shape, form. And so on.. rules are always changing

As always seek advice from professionals in that area of expertise. It might be in your case theres a way to make it work.

Best wishes

[Jacqueline_180912]

Honey Badger it all sounds too much admin for me to contend with...

Henrietta. Hmm. We would have to really like someone to share the kitchen with them ... If the council then takes the money for csrers I am not exactky going to be able to afford hoidays .. As you say it helps me get closer to 60 before the money runs out.

[Henrietta]

Hi Jaqueline
You are unlikely to find the dream living companion, just think of it as the least worst option and find a way to make it work - until the magic 60 when you can heave a sigh of relief.
You need to stay focused on the big equation-
One year of annoyance and or inconvenience equals a house staying in the family and not going to Care Home.

[bowlingbun]

I stayed in a Granny Annexe in Devon a few years ago, which had an "all in one" kitchen, and have since seen something similar in Ikea. A small stove and fridge and sink in one unit. Just need a water supply, waste pipe, and power supply, roughly 4-5 ft long. Obviously designed for a bed sit situation, then you wouldn't have to share a kitchen.