A legal way to avoid selling your house to pay for care costs
This week our MD, Simon Fisher, shares his experience of looking after a new kind of landlord:
With more of us living to a ripe old age, it’s more and more likely that we will have to plan for care home funding in later life. And if you have assets worth over £23,250, you are eligible to pay nursing home fees yourself. Many people fear losing their family home that they have worked for all their lives, but don’t see a viable alternative.
But could your home bring in a rental income sufficient to fund all or some of your care needs?
Becoming an ‘Accidental Landlord’
At The Better Letter, I look after a lot of ‘accidental landlords’ – not big time property investors (although we take good care of those too!), but people who have decided to rent out a property due to a change in circumstances.
Perhaps they have moved due to work and have been unable to sell their home, or a couple have moved in together and decided to keep one of the properties they own as an investment.
One lady I manage for approached me first in August of 1995. She’d just lost her mother, and wanted to let out her mum’s flat in Wolvercote for 12 months, just to give her time to organise probate and sort out the estate. Then she planned to sell.
She’s been so happy with our management, I’m still looking after her property now!
While professional property investors may have the time, knowledge and resources to manage properties themselves, many accidental landlords have neither the time nor the skills to look after a property. If your family live far away, there may be nobody who can keep an eye on matters for you.
With a professional letting agent looking after you and your property, you can rest assured that your let will be legally compliant and well-managed.
Letting in Oxfordshire
I’ve been letting and managing property in Oxfordshire for over 25 years now. I know each individual area better than most and I pride myself on running a business where we can take good care of each landlord and their specific needs. Lettings is a business that often has a bad reputation for squeezing money out of clients, then making excuses when repairs and maintenance are needed, or legal advice required.
And that’s why I rebranded our company as The Better Letter. It’s not just a name change – I want to improve the quality of service to landlords in Oxfordshire, and raise the bar for lettings agents everywhere.
If you’d like some advice on renting out your property, just call and we can have a cup of coffee. No sales team, no cold calls. Just talk directly to me and I can tell you about our services and the great deals we have for new clients.
I hope to speak to you soon.
Want more from The Better Letter?
Landlords >> for top tips, industry news and property information to help you manage your existing buy to let(s) and build your portfolio follow our Better Letter LinkedIn Company Page
Tenants >> Like our Facebook Page to be informed of new rentals, tenants news and views plus help with any tenancy queries.
Partner Opportunity >> If you are interested in becoming a Better Letter then head over to our website's Partner Opportunity page which will give you all the information you need.