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
Whether you decide to rent out the property or sell it often depends on three factors:
1 Is your parent happy to let go of 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.
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