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Retirement developments...catch?

2

Comments

  • Davesnave
    Davesnave Posts: 34,741 Forumite
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    ......And they are full of "old" people!
  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
    Davesnave wrote: »
    ......And they are full of "old" people!

    Now would that be our generation Dave - ie "babyboomers ain't never gonna grow old" and we might be expecting top-volume Rolling Stones/headbanger music or "the elderly" do you think?

    Which raises another question - as to whether these properties could be treated like a normal house to live in all respects (eg our agegroup - still expecting to do whatever work we decide to on our houses up to and including gutting them if we decide to)? or whether one would be expected to live in them in an "elderly" way iyswim?
  • teddysmum
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
    When in our 50s my husband and I stayed at a UK holiday village,out of season and found the whole place taken over by a large number of coach parties , which catered for the elderly.


    As a result ,we avoided the evening entertainment venue as it was just aimed at what these people 'wanted' eg Vera Lynn and wartime songs. I still remember asking my husband if, when we were older it would suddenly like this kind of entertainment is that old people do. ...It hasn't happened yet (late 60s).


    I would hate the momento mori atmosphere of seeing old people every day and noticing how they disappeared. It's bad enough seeing neighbours and well known media personalities whom you remember in their youth.
  • Davesnave
    Davesnave Posts: 34,741 Forumite
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    moneyistooshorttomention wrote: »
    Now would that be our generation Dave - ie "babyboomers ain't never gonna grow old" and we might be expecting top-volume Rolling Stones/headbanger music or "the elderly" do you think?

    I wasn't really aiming the comment at a particular generation, although it's often the case that people who were teenagers in the 50s have remained a very different breed from those who followed a decade later.

    Assuming no debilitating illnesses, I meant that those who see themselves as ready for a typical retirement flat are old in outlook, regardless of their chronological age.
  • Tea_Pea_Dee
    Tea_Pea_Dee Posts: 3,978 Forumite
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    In an AA type of voice, my name is Tea Pea Dee and I live in a retirement village. Mixture of bungalows and flats. All leasehold, so no, you cannot gut them, but you can tart them up. Service charges high, but ground rent low. Service charges are always going to be higher in these type of homes because of the services of the Scheme Manager (Warden is a complete no-no in the vocabulary nowadays).

    It is almost "morgue-like" quiet, something which I love. Security and peace of mind is way above average. Dave, I am 60, and courtesy of the NHS (simple op. went badly wrong) I live here, but would bet I, and a few of the other old wrinklies, have a younger mindset than your goodself :)

    All in all, I love it here. Would I recommend one? The jury is still out on that one ;)


    Respect for ourselves guides our morals, respect for others guides our manners~Laurence Sterne
    All animals are equal but some animals are more equal than others~George Orwell
  • bouicca21
    bouicca21 Posts: 6,512 Forumite
    First Anniversary Name Dropper First Post
    Some are difficult to sell. Some have people queuing up to get one. If you end up with a difficult to sell one your heirs are going to have to pay out that service charge while the place is empty. Iive know some stay empty for over a year. Also if you rent the place out the contract might require a substantial fee to be paid to the management company.

    OTH there is a built in social group - if you like being with the wrinklies. Personally I'm still at the stage of denying wrinklihood.
  • daveyjp
    daveyjp Posts: 12,504 Forumite
    First Post Name Dropper First Anniversary
    No different to any leasehold property purchase, know what you are getting in to.

    They tend not to have an annual sinking fund, preferring instead to take a proportion of the property value when sold. They know most of the residents won't be there long so it's regular income!
  • Madmel
    Madmel Posts: 798 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    As others have said, the charges are high and they take a % when you sell them on. As well as the lift, resident warden and communal lounge, there was also a laundry with 4 Miele washing machines and dryers. We owned one for 11 years which mother-in-law lived in and for us and her it was ideal. She was 75 when she moved in, relocating from another part of the country. Although it was a new development, she soon made friends due to the numerous social events (coffee mornings, tai chi, art classes, bingo, whist etc.)

    If the weather was foul, she didn't have to go outside, but could toddle down to the lounge and always find some company. We felt that she was less dependent on us than she might have been without all the company and various local services and it was definitely worth the peace of mind.
  • POPPYOSCAR
    POPPYOSCAR Posts: 14,897 Forumite
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    They can take a long time to sell.

    In the meantime service charges, council tax etc. still has to be paid.
  • kinger101
    kinger101 Posts: 6,277 Forumite
    First Anniversary Name Dropper First Post
    Nobody has mentioned the positives;

    (a) unlikely to be loud music at unsociable hours (though TVs will be loud in the day.
    (b) always somebody with a packet of Werther's originals nearby.
    (c) if you don't get on with one of your neighbours, it's probably only a short term problem as at least one of you is on borrowed time.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
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