The care home and nursing sector in the UK is becoming increasingly more interesting to investors and developers looking to buy commercial property. Recent research indicates that the business is moving away from large corporate ownership to an increasing percentage run by small companies and private individuals. Buying a nursing home or care home can be expensive however, and for most investors it is necessary to take out a commercial mortgage to secure the right premises to set up a business of this type.
A commercial mortgage from a high street bank or a commercial lender could provide up to 85% of the purchase price depending on the lender and the value of the property. Most lenders will need a deposit of between 20 and 30 per cent, and proof that repayments can be met. For new businesses this will be in the form of expected income projections, whereas for existing businesses it will involved a full set of trading accounts covering two years.
There is certainly a viable demand for nursing homes and care homes, with longer life expectancy throughout the UK. Research has predicted that the number of individuals over 60 will increase by 37 per cent by 2031. Nursing and care home provision will need to expand to meet this demand.
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Nursing homes have become very popular as we all live that much longer and clients who still want a degree of independence prefer to go into a nursing home rather than become a burden to their families. The fees charged by nursing homes to patients makes a well run home a very attractive investment. Clients retiring at 65 in good health are expected to live until age 88. This may come something of a shock to many people, but the days of three score years and ten have long gone. Hence we have nursing homes popping up all over the place.
