McCarthy Stone retirement schemes benefits and drawbacks

chickmug

An older good friend who is by himself, 64 in very good health has suddenly decided he is fed up mainataining his house, cutting the grass and is seriously looking into buying on one of these schemes.

He asks me what I think and I am so shocked by his decision I am not sure.

I remember some time ago reading a lot of very negative points such as tiny flats, poor sound insulation, having communal washing machines as the flats are too small for their own washers. Then the fact of other residents getting too old to live there, maybe with dementia, and almost sounding like they could run up and down the corriders shouting!!!!!

He sees somewhere small easy to keep clean and easy to lock up when he goes off on his travels for a few days or a few weeks.

Any help would be good as I really am stuck as to what to say????????

Comyface

I was put off these schemes by one of my customers the other week. It was a retirement flat, but not sure of the developer. She was a young-for-her-age sixty-something and she was fed up with being surrounded by 'old people' (her words). The ground rent/maintenance is also very high, I can't remember exactly how much but I was shocked when she told me (£140/mth rings a bell when the ground rent/maintenance for a similar non-retirement flat in this area would be ~£60/mth). She bought it from new a couple of years ago and is now desperate to sell and go back to a house but she is restricted on who she can sell it to because of the age requirements etc so it's made all the more difficult.

If it were me, I'd be inclined to go for a 'normal' flat if that's what i wanted to do. I sold my first home (GF flat) to a downsizer (a sprightly seventy-something)who was tired of rattling round in a big old house and he was delighted. Well it was technically a single-storey maisonette in a quiet residential street of similar flats and I was the youngest there by a stretch at 33 when I sold!

But I suppose it's all personal choice. I wish him luck.

chickmug

Comyface wrote: »

She was a young-for-her-age sixty-something and she was fed up with being surrounded by 'old people' (her words).

My friend is a big rambler and tells me he is one of the younger members of his group BUT very fit older ramblers may not be the same as the oldies that may live in one of these schemes. He tells me the maintenance is well over the hundred pounds per month but I guess it is paying for things he definitely does not need. Emergency call to warden being the main one but a common room and guest bedroom/s.

mystic_trev

There's one near me. Maintenance costs are £6,000 pa :eek:

chickmug

mystic_trev wrote: »

There's one near me. Maintenance costs are £6,000 pa :eek:

This would possible cover extras not in the basic schemes. Extra care, cleaning and such like?

theartfullodger

They tend to have a significantly higher proportion of females in them. I cannot predict if that would be seen by the OP's mate as a good thing or a threat.. but should be considered...

Few other points,.....

a) The management company can & does change and also change the terms of their management (and the fees). What the salesman tells you may not be what you have in 5 years time..
b) Experiences are very heavily influenced by who you get as house-manager. And there ain't that much influence residents have on getting them changed...
c) (From the experience of a relative) - gossip & squabbles and back-biting can be more than you expect...

Personally I'd rather shoot myself than end up in one, but it's a free (-ish) country...Hope it turns out OK.

Lodger

Norma_Desmond

My parents looked into buying one a few years ago, but I looked up the pros and cons and decided there were too many of the latter and managed to dissuade them.
The management fees, quality of construction and various restrictions were awful.

llh189

My ex parents in law sold their family home after 30 years and moved in a retirement development.

The one they choose wasn't huge and was a mix of bungalows, flats and penthouse style apartments.

They had one of the loft apartments and it was lovely, they also had two small balconies.

Two beds, two bathrooms and an open plan kitchen dinner and living room.

The finish on the build was great and the fixtures and fitting were top notch too, all smeg machines etc, the grounds and car parking were also ample.

It was so lovely that it put our place to shame really and their standard of living was superb.

They had a community feel which they loved, they was also something going on, which was always optional. They always had people on hand in a case of emergency, the development was secure and extremely well looked after.

It wasn't like sheltered housing at all and was always lovely when we visited them.

I would recommend them, but as with most things in life, it is down to the person that you are, for instance I think it would be a good place for my mum but my dad would hate it.

HTH

chickmug

llh189 wrote: »

My ex parents in law sold their family home after 30 years and moved in a retirement development.

The one they choose wasn't huge and was a mix of bungalows, flats and penthouse style apartments.

They had one of the loft apartments and it was lovely, they also had two small balconies.

Two beds, two bathrooms and an open plan kitchen dinner and living room.

The finish on the build was great and the fixtures and fitting were top notch too, all smeg machines etc, the grounds and car parking were also ample.

It was so lovely that it put our place to shame really and their standard of living was superb.

They had a community feel which they loved, they was also something going on, which was always optional. They always had people on hand in a case of emergency, the development was secure and extremely well looked after.

It wasn't like sheltered housing at all and was always lovely when we visited them.

I would recommend them, but as with most things in life, it is down to the person that you are, for instance I think it would be a good place for my mum but my dad would hate it.

HTH

Thanks for sharing the information and good to see another side to living in one of the schemes. My pal is trying to decide where he wants to live now and I think he may enjoy being one of the few men as like to help out with elderly female neighbours now.

Sunflowers

My parents are living in a McCarthy stone apartment, and it has been a godsend for them. They could no longer cope with a large house and garden.

The developments are usually built within easy walking distance of shops, doctors etc. There generally is more women to men living in them. You can have a washing machine in your apartment if you wish.

The apartment is very warm, and it is very economical to run - the only bills are electricity and council tax. The maintenance charge is about £2400 a year. This varies in areas, but I was suprised that an Aunt the lives in one in Londons was lower. They also have a guest suite at the developments as well which is useful if you want friends and family to stay over, theres a small charge for this.

My Aunt has now moved into a nursing home and we are able to rent the apartment out through a company called Girlings (part of McCarthy stone), which will cover the maintenance charge. When you sell you have to sell through McCarthy stone who take a percentage.

chickmug

Thanks Sunflowers

My pal has recently realised that there are some for rent and so he is thinking that he may try renting to make sure before buying into one. He is even thinking of long term renting and spending his house sale money on something abroad and warmer for winter breaks. He has been on the Girlings web site looking at the locations!