Day: 19 May 2021

How to Help Elderly Relatives Move Home in South Devon

A three-minute read.

For an elderly relative, moving on to the next chapter of their lives can be an emotional experience. The need to move home might stem from financial needs, bereavement, health reasons, or the wish to be nearer loved ones. But whatever the catalyst, time, diplomacy, and tact are the order of the day.

Don’t rush

It’s essential to broach the subject of a move sensitively. A move in the twilight years is likely to be a final move, so it’s important to think carefully about future needs. Consider one-level living, a spare room for live-in help, and proximity to local amenities and GPs.

Size matters

For 99% of elderly homeowners, the next home is likely to be smaller than their existing home (and for some, significantly so). Prioritise the essentials in terms of furniture and belongings, being mindful of what will fit in the new home.

Clear the loft

Try to avoid simply moving the contents of one loft to another. If you can, digitise old photos and upload keepsakes to a digital photo frame. Reminders of fond memories can make a new property quickly feel like ‘home’. Shred bank statements and other unneeded paperwork to avoid any risk of identity theft.

Be respectful

When it comes to letting things go, try to help your relative make their own decisions rather than substituting your own. While you may think that their Encyclopaedia Britannica collection is ready for the skip, it may be cherished by your relative. It may be less painful for them to see treasured items go to family, friends, or their chosen charity, rather than auctioned off on eBay.

Have fun

Getting the whole family involved can help make sorting out belongings a more enjoyable experience. If you can, have a photo slideshow scrolling while you work, play your relative’s favourite music, and reward your efforts with a family meal at the end of the day.

Enlist experienced experts

On moving day itself, consider choosing a removal firm experienced in helping elderly people move home. A packing and unpacking service can lessen the load and help make your relative feel settled more quickly.

We’ve been helping elderly South Devon property owners move home for over 23 years; we understand the importance of treating seniors with care and respect.  Check out our guides for more helpful tips.

For more advice on helping an elderly relative with their next property move, contact us here at Chamberlains.

© Chamberlains 2021

 

Calculating Your South Devon Buy-to-Let Return

A two-minute read to help you quickly determine the return on a buy-to-let property in South Devon.

If you’re looking for a property to rent out, it’s important to understand the numbers involved. You may have inherited a property and are thinking of letting it. Use the information here to identify if that is a prudent thing to do or if the capital from selling the property could be better invested.

Find the numbers

The simplest way to work out your gross return on a rental is to estimate some numbers. You can have a browse on the property portals to get a vague sense of what properties in your budget sell for and let for. These figures change across the country so it’s important to start with your own research.

Quick and easy

Here’s a simple calculation to get you the basic overview. Let’s use an example of a £150,000 property that rents out for £500 a month.

500 x 12 (months in a year) = 6,000 p.a.

Divide 6,000 by the purchase price of £150,000 = 4%.

For some investors, a 4% gross yield would be sufficient. Others look for higher but it’s all rather area dependent. Here in South Devon, we normally suggest looking to achieve around 5%.

Deduct your deductions

We’ve worked out your gross figures. But it’s the net figures that are the ‘money in your pocket’ numbers. To work these out, you’ll need to employ a little more guesswork. Better still, ask a local property expert, like us, who deals with these things, day in, day out. Then you’ll be closer to an accurate estimate. The figures you need are:

• Solicitors’ costs (if you’re purchasing a property)
• Landlords’ insurance
• General property maintenance
• Agency fees
• End of tenancy cleaning costs

These can be off-set against your income for tax purposes.

Taxes, taxes, taxes

It’s reasonably straightforward to submit your tax returns yourself. They need to be done annually and submitted by the following January. It’s recommended though to use an accountant. They will be up to date with all the latest options open to you. Not only that, they can often help in other areas, like looking at your pension or investment options.

For rental opportunities in South Devon, get in touch with us on 01626 365055. Our lettings specialists can help you consider the market and the best options out there for you.

© Chamberlains 2021