Buying a care home

Buying a Care Home

Buying a Care Home is a complicated process and to make sure you find the right one for you can often be stressful and time consuming. Buyacarehome.com has been designed to help anyone in the process of buying a Care Home and point out both the pitfalls and bonuses of doing so.

Naturally it is important that the Care Home you decide to buy suits your own individual skills and needs. It is prudent to consider what you are keen to bring to the business and also what return you are expecting in the short, medium and long term.

Buying a Care Home entails a significant long-term financial commitment, so you will need to reflect on not only your lifestyle expectations but also clearly establish what you can afford. You will need to take into account which assets you would like to use to contribute as well as the ongoing operation of the Care Home. Although it may reduce your buying options, this will avoid you making an obligation to a purchase, which you later realise you can’t complete

Some examples of options to consider:

  • Location?
  • Do you require owners accommodation?
  • What category of care home for sale are you looking for?
  • Do you need a home that can be run under management?
  • What is your price range?

Make sure you get specialist advice on what you can afford to spend and borrow - our maximum price calculator and loan calculator will assist you, or you could contact a specialist financial broker, such as Chandler & Co, who will do this for you. They will also be able to help you to decide which Care Home will be most suitable for you to buy and give you the most options for the future. It is vital that you secure indicative mortgage terms before starting the searching process. This way, when you find the right Care Home to buy, you will avoid being beaten to it by another purchaser and you will also be in a much stronger negotiating position.

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