Renting mothers house to pay for Care Home Fees..net contribution.... query
Letting my mums house to contribute towards her Residential Care Home fees and whilst very conversant with running costs for my student lets; annual changeover refurbs, heavy wear & tear costs, replacements, CH Breakdown cover and all costs relating to 3 students and upteen careless mates....I can easily get a net income profit figure from the gross income received from these.
In the case of my mum's let [starting next week[ I have no idea what prediction of net profit I should declare to the Local Authority.I wondered if anyone else has found themselves in this situation?
The rental is £120 a week and from that I have to decide how much to pay over into mum's Care Account.I thought of retaining £50 per week[ £216 pcm] to cover;insurance, technicians & general upkeep costs. The house is 'let' unfurnished with new white goods included. We do all our own non certifiable work and our 'hands on' approach tends to reduce repair costs.
An overall percentage of costs please [if possible] when a 2 bed, well maintained, DG'd, GCH, Victorian mid terrace in good area,is occupied by a single professional guy.
Thanks for your interest and help folks. Compliments of the season 2.