Expert Advice About Selling Your Home To Cover Your Care Costs

23rd September 2022
Home > News > Expert Advice About Selling Your Home To Cover Your Care Costs

Secure My Sale Expert Advice

If you are considering selling your home to cover the costs of going into care, this could be a huge worry for you and your family. With residential care costing almost £50,000 a year on average when the additional expense of nursing is taken into account, it isn’t too surprising that selling up seems the only way to afford the cost. 

At Secure My Sale, we unfortunately often find that we are consulted by clients who want to list their properties for sale in Grantham for exactly this reason. 

We know that this can be an upsetting and sensitive time, so if you are considering putting your home on the market to raise proceeds for funding your care, here is our expert advice.

Why Sell Your Home To Fund Your Care?

If you’re going to move into a care home, putting your home on the market is an effective way of raising enough money to pay for your care. As long as nobody else lives in your home, this approach may benefit you by releasing a significant amount of funds that may cover the entire cost of your ongoing care.

It’s important to note that selling a property is often a long and drawn-out process, so if you require residential care quickly, it’s worth approaching the local authority to see if any help is available. The costs of your care may be covered until your sale completes under a Deferred Payment Agreement.

It’s also important to be aware that if you’re in receipt of means-tested benefits, you may find they’re affected if you sell your home, since having lots of savings often means you can no longer receive certain benefits.

Selling To Downsize Or Rent

If you don’t need residential care, but you require some additional support, home care may be an option for you. If you have to fund this care yourself, selling your existing property and downsizing could be the right choice for you, releasing enough money to cover your carer’s fees while still allowing you to own a more manageable, smaller property of your own. Alternatively, you may consider selling the home you own and renting a property instead. You may want to live in the rental property, or you may wish to rent it out and live in a care home facility.

Should I Sell My Home?

There are some advantages associated with selling your home if you require more care, including:

  • You’ll be making more capital available to cover your care fees.
  • You’ll find it more cost-effective in most cases than equity release since no interest will accrue or be charged.
  • You can relocate to another property that caters better to your needs, either today or at some future time, such as a bungalow, sheltered housing unit, or retirement village serviced apartment.
  • You can move to a home that is easier to care for and maintain, and that is more accessible.
  • You may be able to ensure an inheritance is left for your loved ones.

Where Can I Get More Help With Selling My Home?

Here at Secure My Sale, we’re experts in property sales. If you’re considering selling your family home to fund your care, make us your first call. Contact us at or call us on 01476825258 to discuss your options.

Share this article
  • icon
  • icon

Related News Articles

The Conveyancing Process Explained – A Step by Step Guide for Home Sellers in Grantham

Selling a property can be a very confusing and lengthy process but having a good solicitor or conveyancer will help it to run as smoothly and efficiently as possible. Here is an easy step by step guide to the whole conveyancing process. Find a Conveyancer The conveyancing process formally starts when you’ve accepted an offer on the property. However,...

Naomi Fardell Bike Ride 2023

At Secure My Sale Estate Agents we are extremely proud and privileged to support Gavin Cranidge on his epic challenge in cycling from Great Ormond Street Hospital to Grantham Guildhall for the amazing Naomi Bike Ride 2023.   Gavin is part of an amazing group of cyclist’s and helpers that have committed their time and effort to support this wonderful cause which is...

How To Make An Offer On a House in Grantham

Making an offer on a house is an exciting but potentially daunting prospect, especially if it’s your first home. We often get asked, “how do I make an offer on a house?” So, our handy guide will help take you through the process to give you the best possible chance of landing your perfect property.   ●     Work Out How Much You...

How to Decide Whether to Move Home or Build an Extension

Many homeowners in Grantham desire more space for a whole host of reasons. You may have a growing family, a change of personal circumstances, or have simply outgrown your current home. With all the changes in the mortgage rates available, should you stay or should you go? A difficult decision then lays ahead. Do you extend and renovate your current property or sell on and pur...