Do we need to sell the property?

One of the most frequently asked questions is; do I need to sell the house to fund the person's care? The short answer is; not always.  When care is required and the person does not qualify for Local Authority support, accessing the capital in the property is sometimes necessary to pay for the cost of care. The process can be long and complex, so understanding the issues involved is vital to ensure a timely and efficient outcome. A number of different options are available.


Selling the Property

Selling a property and using the proceeds to fund care has the potential of generating a large initial sum of money. However,

you will need to make sure that 

the money from the sale lasts 

long enough to cover the care fees.

It is always critical to get the right advice when dealing with big decisions such as this. Carepal are experts in dealing with the financial aspects of paying for care and our free initial consultation can often guide you in the right direction.

Letting the Property

Letting the property to tenants and using all or part of the rental income to fund care allows for the property to be kept, but will require on-going investment and understanding of the risks associated with periods without occupancy.  

The rental income may be insufficient to cover the cost of care, even when added to other income such as pensions.

Releasing Equity

Equity Release products allow you to release money from the property and use it to pay for care (or anything else that you may need it for). This means you can access the capital in the property while retaining all or some of the ownership. These are mainly appropriate for you if you require care at home (domiciliary care) or where one spouse needs residential care but the other continues to live at home. It will however require on-going investment into the property and the overall cost of the plans will accrue over time.


You may wish to downsize your property to one of a lesser value. This can release a certain amount of money immediately to pay for care while allowing you to retain a property for future occupancy or for immediate rental. However, it will require on-going investment, possible periods of non-occupancy and the effort of moving between properties. Unless advice is sought about what to do with the capital released, there is a risk that this may run out while care costs still need to be met.

If you would like to find out more about care and property then contact Liz Faye or Chris Chetwood on 01282 866287 or request a call back