Buy to let retirement property?

djbreeze

Good morning all,
I am wondering if it is possible to buy a retirement flat and subsequently rent it out. This would be with the intention of quite possibly using it myself, or as a 45 year old would I not be allowed to buy a retirement property?
Any advice gratefully received,
David.

Werdnal

Properties specifically intended for "retirement" use are usually restricted to certain age groups, or do not allow letting. The idea is that they are designed for use by the elderly (no steps or stairs, easy access etc), are on developments where the residents are of a certain age to reduce problems with noise, disruption etc, or are at a redcued price as an incentive for the older generation to "downsize". They may also be leasehold which can have its own restrictions on use.

You may be able to buy a suitable bungalow for your retirement and let it in the meantime.

Do you know about the legal requirements and obligations of becoming a landlord?

poppysarah

It depends on the rules. Some might not want private landlords renting out properties.
When you wanted to sell it you have to think about the prospective market - a retirement flat has a limited market.

And don't think older people make better tenants. The maddest person on the street here is a pensioner.

theartfullodger

Yes: Being 63 I can confirm that as you get older you defo get more bonkers...

Think you'll find the retirement-complex freeholders have sewn up all the opportunities to fleece anyone living there, including as indicated above by not allowing lettings. If you want an example try Peverel.. see

http://www.spanglefish.com/peverelaction/