Part exchanging a 10yr old house for a retirement flat

[jo90]

My father (86) has been trying to sell his house for 18 months. He is contemplating buying a retirement flat and the company who own the development say they will do part exchange for him. His house is on the market for 450K and the place he would buy is about 250K. I know that their offer would be much lower than the agent has it on the market for. He could rent his house out for £1100 pcm which might be a better idea. He can afford to buy the flat without selling his house. Maybe the house market may pick up in a year or so,in which case it may be better to rent it out.

Has anyone had any experience of this or are there any financial wiz kids out their who could advise? Many thanks.

[tamborine]

from my experience the agents do little to sell.....and if they do it's usually an offer way below market price for their own quick commission.

Short rentals would be good while father moves to flat & has more time to consider his options. Best to wait till after the election before selling but buy now.

[jo90]

Thanks tamborine - good advice. I think you're right about waiting til after the election. I appreciate you taking time to answer.