This can be an extremely difficult time for everyone involved.
You may be a homeowner who needs to fund care in your own home or your place in a care home.
The person whose home it is may not be able to explain their wishes or express their feelings.
Sometimes, there are many family members involved.
Sometimes, you’re dealing with an awful lot on your own. Both situations come with their own challenges.
We understand that it may involve more than the practicalities of selling a building. It can also mean coming to terms with new needs and responsibilities. The feelings of grief you may experience as you embark on this process can make it difficult to navigate.
We never forget how overwhelming it can feel. And that’s why we can assure you you’ll always receive a patient, polite, and professional service should you decide to sell your home with us.
Our aim is to help and guide you to make the best decision for you and your situation.
After reading this guide, you may find it helpful to have a no-obligation, no-pressure chat with us if you are facing this journey.
Thank you for your time, and please get in touch with us if you have any questions whatsoever.
Getting started
If you are considering selling your home to fund the costs of care, ensure you have checked with your council about what you’re entitled to before you begin the process of a property sale. Councils have a duty to ensure they signpost you towards the correct services, even if you are self-funding.
The assessments can be very helpful to identify how your needs might have changed.
It can be easy to downplay things, often because you are used to coping. You may think it’s just your family fussing over you. An independent opinion can be beneficial for clarity, as well as accessing any support.
You may find there are ways of supporting you at home.
This might mean funding for care within your home, a place in a care home, or specialised care provision. There are also other services available, like adaptations for inside your home. Care needs assessments from adult social services are free.
They can support you to uncover the variety of options open to you. There are also carers’ assessments if you have a carer.
This is known as ‘home care’. You might have a care worker visit regularly. A carer might move in to provide 24-hour care.
This might be long term, or to give a family carer a holiday. It could also be to help you after a hospital stay or for emergency care. However, live-in carers can end up being more expensive than living in a care home.
Although moving to a care home can feel like a big change, there are many advantages.
There’s regular company, cleaning, and meals are taken care of for you. If you need it, you can have help with personal and nursing care (depending on the care home). It is also reassuring to know there are people around for you if you need them.
Financial assessment
Once you’ve had a care needs assessment, you’ll probably then be means tested.
This is also known as a financial assessment. It is designed to see if the council are able to assist with some or all of your care fees, whether that’s for care at home or in a care home.
The assessment looks at your income, including any benefits and pensions. It also looks at your capital which means your investments and savings. The value of your home may or may not be included. It depends on your needs and circumstances.
The assessment gives you an opportunity to find out more about what the council offers.
If you have the financial resources that allow you to self-fund, there is something called a ‘light-touch assessment’. This means that the council will still support you to arrange your care.
This could be useful if your needs or circumstances change in the future.
You may receive a contribution towards care fees if your capital is below a certain amount. The exact amount will be determined as part of your assessment.
You will likely have to pay for all care yourself if your capital is valued above.
If you’re a homeowner, your capital is normally calculated with its value included. If the property is the main residence of your current partner, it is exempt from inclusion in the assessment. If your former partner still lives in the property with you, it will be included. However, this is not the case if your former partner cares for a relative who is over 60 or disabled, or if they care for your child who is under 18.
Your FAQs answered
Can I reduce my assets so they’re not part of a financial assessment?
Selling or giving away of assets, including property, is called ‘deliberate deprivation of assets’.
Unlike inheritance tax, there is no ‘7-year cut-off’ rule. This means that assessments can take into account your past income and capital, as well as your current situation.
It may seem tempting to give away assets so they aren’t then included in council calculations. It may also feel like a good idea to buy large value gifts, like art or jewellery, to reduce your capital.
However, the council can include the previous asset in your assessment. This means you’ll have to pay fees as if you still had access to the asset.
The council can also recover the difference between what they paid and what they would have paid from the person who now has the asset.
If I put my property into a trust, will I avoid care fees?
Despite what many companies claim, this can be a risky strategy.
An agreement is drawn up between you (or your power of attorney) and the trust company, where you transfer ownership and management of a property over to them.
The promise is normally that the value of the property won’t then be used for care fees and your beneficiaries will still receive their portion.
However, it may be considered to be deprivation of assets by the council assessing you.
I know the property needs selling. Where do I start?
Selling your home at most stages of life can be very difficult and sometimes, overwhelming. Try not to make rash decisions because your emotions are fogging things. Easier said than done at times, of course.
It can feel tempting to use a ‘Property’s Bought For Cash‘ style company or even a low fee or no fee online agent. But when is cheap ever best and is it realistic to expect the best results from the cheapest agents.
Of course, after all, that’s why they are cheap in the first place.
To achieve the best price for your property you will need the experience of a top local Estate Agent. Invite 3 estate agents that you or your family and friends know well. It is usually easy to identify the top agents in your area.
Ask them to explain how they are going to achieve the best price for you.
The best question you can ask an agent is ‘Why should I choose you?’
Based on your interview and answers to your questions, choose the agent you trust to achieve the best results.
Remember the highest valuation doesn’t always achieve the best sale price, and give your agent a fixed time to sell, say…4 weeks so that you are not tied in.
How can I make my property more sellable?
In order to get your property sold in a timely fashion, and to help you achieve the maximum price in the market, there are a few easy things you can do.
Simply putting away precious ornaments and family photographs can start the process gently. It makes a big difference for buyers coming to look round as it allows them the freedom to imagine their own items in those spaces.
I really don’t want to sell but I know I’m going to have to.
What are the downsides if I delay?
This is such a common question.
A lot of people try to put off the inevitable because they’re scared to face it. It can be extremely daunting to leave behind a home full of happy memories.
What we do hear time and time again, is that people end up wishing they’d done it sooner.
Moving into a care home, or downsizing, can be so fantastic for your wellbeing and that of your family. Both situations bring with them new opportunities for friendship and different types of support. Even the act of sorting through the items within a home can become a special task.
Things you’d forgotten you had done or that you owned bring a new joy when rediscovered.
Why we can help you
Experience
We’ve been helping the people of Wigan buy and sell their property for the past 40 years.
Results
This means you know your property will be expertly marketed, which leads to achieving premium prices.
Always Looking Ahead
We have invested heavily in virtual viewings, video tours, and a raft of other new technologies.
You Focused
We are focused on you. That means getting you the results you are looking for. And we don’t just talk the talk, we walk the walk. We will be with you every step of the way to advise, support, and celebrate with.
We’ve built our reputation on the quality of our relationships rather than the number of transactions. This has led to most of our business coming from word of mouth.
Reviews
Check out our 5 Star Google and Facebook reviews and we would be happy to put you in touch with some of our past clients so you can hear their experiences with us.
Thanks for taking the time to read our guide. If you want to chat about anything contained in this guide or have any questions, please don’t hesitate to call us on 01942 233999.
Selecting the best agent to help you sell your property is a big decision, especially with so much already going on in your life.
