- Property
- House Prices
- What To Do With An Aged Parent's Home When They Go Into A Home
What To Do With An Aged Parent's Home When They Go Into A Home
- What Should You Do With Their House?
- Should You Buy Your Parent's Home?
- Should You Sell Or Rent Out Your Parent's Home?
- Considering Your Parent's Needs
This is such a tough time for everyone. Sometimes it's a relief all round, other times it can be very tense. Depending on your circumstances, you have two courses of action: to sell the property or rent it out.
By Kate Faulkner
What Should You Do With Their House?
Whether you decide to rent out the property or sell it often depends on three factors:
1 If your parent is happy to rent or sell the property - or do they still think they will come home at some stage? This can be the case especially if people have dementia.
2 The state of the market. If the market isn't particularly buoyant, for example at the moment, then it might not be the ideal time to sell.
3 Whether you and your parent want to sell the family home.
Essentially, if you haven't already, you'll need to deal with issues such as power of attorney to allow you to take over your parent's affairs. The Alzheimer's Society explains this quite well. Your parent doesn't need to have dementia for you to have a power of attorney, but you will need their consent.
It is important to speak to your parent on a good day and ask them what they would like to do, explaining all the different options and the pros and cons of each of them.
Comments
Property
All the help and advice you need when buying or selling property in the UK or abroad
Search all of 4Homes
Be inspired to create your perfect home...
Search 4Homes product finder
