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Elderly parents

Buying v renting apartment at a retirement complexx

1 reply

Twospaniels · 20/04/2020 18:56

My parents are 80 and 81. They live at home together. My mum had a stroke and so they have carers x4 a day. My dad does the housework and cooking and they are getting on ok.
However, I think a time will come shortly when it would be better for them to be at a retirement complex where more immediate help is on hand. And when dad can’t care for mum anymore, they could move into the care home part of the complex.
Is it worth buying an apartment or renting. In their area 2 beds are approx £280k, and renting the same is about £2k per month.
Their current home is worth about £300k.

OP posts:
wallywonker · 21/05/2020 22:07

Buy

£2k rent is a lot per month. £300k will last 12.5 years if they are paying that amount. It's not unusual for people to live well into their 90s.

My Grandma was in a care home for 7 years. That swallowed up £350k. Shock

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