Owning your home.

[Sir peace frog]

i own my own home, suppose i was lucky when we bought our house 25 years ago, 4 bed townhouse in heald green cost about 50k , ive not looked into how much they are worth now but it'll be more than 50k :), i work with plenty of people who rent and pay twice as much as i pay mortgage , i know of one youngish lad with a young family that has just had his rent put up by 150 quid a month and there's fuck all he can do about it barr leaving and trying to find something cheaper and shittier , anyone that says renting is better than buying is fucking mental, my 50k wasn't an investment it was a family home hagage s been for 25 years ,kids dont live at home anymore ,but i have money to help them in their early struggles we all go through when we first leave home, better than paying someone else's mortage

 

[Kompany Car]

I think that’s what I was trying to say care costs are means tested so savings can just disappear into a black hole.
The best option would be to dispose of assets at least 7 years before you become long term care.
If care assistance is needed in your own home then means testing on savings means they will take it down to the last £22 thousand?

It doesn’t matter if you have millions but most people don’t have that and it’s quite a shock to find you have to give it all back just to see a private doctor it’s 140 pounds and a minor procedure is up to a thousand if not more

There isn’t a 7yr rule unfortunately unlike Inheritance Tax, they can go back as far as they want.
What the guidance says though is that they need to “prove” that you deliberately disposed of your assets to avoid paying care costs. So in reality you just need to demonstrate at the time you gifted the assets that you couldn’t foresee the need for care. Personally, when I retire (hopefully before I’m 60) I intend to put the house and two rental properties into a life interest trust. This doesn’t avoid Inheritance Tax but does limit your liability for care to a maximum of 50% of the assets within the trusts value. It’s not cheap but personally it will mean that the state don’t get the lot should we need care and my son gets at least 50% of what we’ve worked for.

 

[Slipper One]

Because they can’t afford them? I just hope there is a massive house building programme which results in a price correction, ideally bringing prices down by about 2/3 of there current value.

In the meantime young people have no chance, which would be fine if rents were affordable.
Perhaps councils should start building houses and renting them out to people who can’t afford to buy?

When I first got onto the housing ladder, I couldn't afford it either and I'd say that would have been the case for a lot of people, but I just worked harder and was determined to get what I wanted.

I appreciate that it's more of a challenge now, but too many take a similar view to yours, whatever the circumstances.

Nobody has helped me in life, no hand-outs, no financial assistance, no subsidized rent, no govt hand holding, just simply worked hard towards an objective.

Now I have the benefits of that effort........and I quite like it.

 

[Tuearts right boot]

Need to tactically gift money to family well in advance so there no chance they can get their hands on most of your money

We did this with my mum who had dementia. Without searching and I cant remember with everything that was going on but I think 'she' was allowed to give £1500 per person per annum tax exempt as a gift. I'm sure someone will correct me if I'm wrong.

 

[Barcon]

Me and the misses are still paying off and hoping to leave it to the lad when we move onto pastures new. The only worry is we get put in a home, have to sell and pay 6 grand a month for someone to wipe our arses. It really is difficult to predict the future. Both have pros and cons, I'd like to see it stay in the family but that doesn't always happen unfortunately

Let the lad have the house providing he wipes your arses. It’s the only reason I regret not having any.

 

[Kirkstall Blue]

The biggest thing we ever did was help our three kids into there own homes which gives me so much pleasure because the government can’t take it off us..
But now they tell me they have private health insurance with there jobs but we don’t have it..lol
Bank of Mum and Dad but I think helping your children is probably the best thing you can do apart from loving them.

 

[denislawsbackheel]

Yes, the social housing situation is a scandal really. We need to build many thousands, yet govs of both persuasions have ducked this.
Developers don’t like building social housing as it is not as profitable as ‘executive’ estates or ugly boring boxes as I term them. There is a case for market interference. Some councils write a social housing quota into planning permission for new schemes but there are many get outs for the developers.
Questions of downsizing and increased earnings need to be addressed. Did I read somewhere that a well known union leader earns £186,000 p.a. yet lives in a council house?

Robert Maxwell lived in a council house.

 

[denislawsbackheel]

Me and the misses are still paying off and hoping to leave it to the lad when we move onto pastures new. The only worry is we get put in a home, have to sell and pay 6 grand a month for someone to wipe our arses. It really is difficult to predict the future. Both have pros and cons, I'd like to see it stay in the family but that doesn't always happen unfortunately

You wouldn’t need to sell it.
A charge would be put on it and your care costs taken from its sale after your death. Your son would inherit what’s left.

 

[Odd socks]

My old man gave me some advice when I was around 20, get your own house and make sure it's freehold.
Always followed that advice, not sure about the freehold part but if it was leasehold I didn't consider it.

 

[Gogootz]

Are you at liberty to tell us the hustle?

He shows his feet on onlyfans