Avoid Selling Your Home To Pay For Nursing Home
If you live in the United Kingdom and if you have been appointed to need nursing home care, you know that the prices for this type of service can get quite high. According to the region in which the nursing home of your choice is located, you will even have to pay up to L900 for one week of care with nursing services as well. For instance, London, the East of England and the South East areas are considered to be the most expensive ones at least from this point of view. At the other end of the price range, you will find nursing homes located in the North East area, Wales and Yorkshire (where the maximum you can pay weekly for your home care is around L590 – which can still be a lot, especially for an extended period of time).
Many people in your situation feel that the only way they can afford paying for nursing home costs UK is by selling their homes, but this would be terribly unfortunate, especially if you have worked an entire life to own that place. There are some ways to avoid selling your home to pay for nursing home costs UK, but you will have to keep yourself thoroughly informed about this topic.
The first and most obvious way in which you can avoid having to sell your home is to lease it. However, this is not always the best option, and even much less if your home is not valued a lot on the real estate market. If you do not get enough money each month to pay for the nursing home fees, it may turn into an issue. Furthermore, you will have to go through the hassle of administering the property and any kind of additional costs that come with this. Check these nursing care costs UK
to learn more.
The second way in which you can avoid having to sell your home is by calling for the help Social Services can give you with. Do bear in mind that your entire capital should not be worth more than L23,250 in order to receive any kind of Social Services help and that even in this case you will still have to pay up to around L75 weekly for your care home fees. Furthermore, if you own assets valued at less than L14,250, you will have to pay a maximum of L23.90 every week.
If you are not attracted by the first option and if you are not eligible for the second one, then you should also know the fact that you can place your assets into a trust, which will make them not be taken into consideration as part of your capital (which will mean that you can avoid paying for care home fees).