Financing granny annexe

[Richtea67]

Hi, really interested to hear what others have done in similar situation. So my mum is in her early 80's and is starting to struggle. She lives 200 miles away, so it is a struggle supporting her. I have two siblings that live locally to her, who aren't very supportive, or aren't in a position to support her. We are considering proposing that we extend our property and that she move in with us in a self contained annexe. We already have a converted garage which is currently a bedroom and ensuite, but are thinking of extending so she can also have her own living space/kitchenette. Luckily family are in the building trade, which helps! I would love to do this for my mum, and have thought through the implications of her long term care needs etc.

How have people managed the finances with this. She owns her own property in London outright, so would sell this. How would she contribute financially? Obviously it is improving our property so we would also put money in. I also have 2 siblings, so would need to consider them in regards to finances and want everything to be fair.

I have another query about transferring her medical care as she sees specialists regularly, but may start another thread! TIA.

Bump

I commented on your other thread about the same thing but honestly, don't do it. It would be more sensible to buy (or rent) some kind of sheltered living flat nearby where care can be bought in.

I grew up as the child in this kind of scenario and there is no way I'd do it to my own child. I know you've said you've thought through the care implications but have you practical experience of the reality? That could be why your siblings can't/won't get involved.

As for the financial aide etc I think you need to get legal advice about the implications.

Agree it would be best to avoid combining your assets if you can. If not, how about a family meeting? Even if you have a plan that seems fair to you/your mum would your siblings still be resentful (I assume you are asking so that they can be happy with arrangements too!)

This would give your siblings an opportunity to offer help in one form or another but also to air their concerns. You can also make it clear to them that while you may benefit long term you are also taking on their share of responsibilities to your mother.

Tbh if my siblings expected me to do this and to go out of my way just to be out of pocket in addition to the additional care needs I would have things to say!!!

Your mother needs to have her savings available should she need full time care. If they are sunk in a granny annexe, this may cause problems.