Retirement housing for 55+

enchated1

I sold my house a couple of years ago to downsize. The housing market is pretty stagnant and so I didn't feel that there was a need to rush into buying somewhere new. Also my adult children are still around from time to time.

I'm 54 and have seen these retirement properties for 55+. They seem to be good value. Small accommodation admittedly but certainly adequate for 1 with occasional visitors. The properties are cheap I could buy one and have money left to spend on me (travelling). The properties tend to be leasehold and have a service charge. These figures seem reasonable. There are advantages such as support being available should I be ill ever and also living in a community environment. there is also the advantage of me sorting out my retirement living while I'm still able rather than being a burden on my children (like my parents are to me now).

My friends all seem to think that these arrangements are not a good idea but I can't see why? Help! What's the catch/downside?

McKneff

Stop listening to your 'friends'

Do what yo want to do. I think its a brilliant idea and you have listed so many positives about it that it sounds really inviting.

Youre looking out for you and the fact that its community is inviting and your family will be pleased that you will have people
around you and not just sitting in a flat alone when you retire.

In fact, let me know where it is,I'm gonna move in next door.:D

Good luck..............

Annie

Annisele

Part of the reason that they're cheap is that they're often difficult to sell - and in some cases the service charges can be eye-wateringly high. However, if you'd be buying with the intention of staying there for the rest of your life, resale value might not be much of a concern.

I agree with McKneff in that you should stop listening to your friends, and do what you want to do!

sleepless_saver

It's not for everyone - they are usually small, you will be surrounded by people a lot older than you on average, and the amount of support you get by the time you are likely to need it may not be what you expect.

If you decide you don't like it after a few years and it is your only asset, you may find it hard to get back into mainstream housing again. In the past prices of mainstream housing have increased a lot faster than retirement housing and it can be really hard to sell:mad:.

Check out carefully just how much support you would get if ill, and who is responsible for which bits of property repairs and maintenance.

sofaspud1234

My mother recently sold her house and moved to a rented flat in sheltered accomodation. Anchor housing I believe.

namecheck

Could be a good idea, though you are "young" to think of this. The upsides include being able to lock-up-and-leave without maintenance worries/possible burglary etc while you are away, though the service charges need to be paid whether you are there or not.
Perhaps try a rented sheltered flat first to see if it might suit you?
Some retirement flats are in demand when they are resold, depending on where they are, but others can be difficult to shift.
Weigh things up carefully.

enchated1

sofaspud1234 wrote: »

My mother recently sold her house and moved to a rented flat in sheltered accomodation. Anchor housing I believe.

Any good? What do you think so far?

enchated1

namecheck wrote: »

Perhaps try a rented sheltered flat first to see if it might suit you?

What a great idea thank you.

Thank you for the "young" comment. If you knew my mother you would understand a bit more why I want to make these plans while I'm still able to.;)

Itismehonest

sleepless_saver wrote: »

It's not for everyone - they are usually small, you will be surrounded by people a lot older than you on average, and the amount of support you get by the time you are likely to need it may not be what you expect.

If you decide you don't like it after a few years and it is your only asset, you may find it hard to get back into mainstream housing again. In the past prices of mainstream housing have increased a lot faster than retirement housing and it can be really hard to sell:mad:.

Check out carefully just how much support you would get if ill, and who is responsible for which bits of property repairs and maintenance.

Totally agree with this.
Plus, make sure you know what might happen, say, if the company involved goes bust. If the retirement place is due to have further development you need to know what, where &, if this involves any building or service which is important to you, you need to know that things will actually happen & aren't just on a wish list. Many ventures get ditched half finished.

At the end of the day you will not have the same level of independent choice as you have when you own your own freehold property. You need to be totally sure that this will suit you.

Errata

No idea where you'd like to be, but these for instance http://www.rightmove.co.uk/property-for-sale/property-36705707.html are always up for sale. Don't know if it's the same ones that just won't sell, or if the owners are dropping like flies. IIRC last year the cheapest price on one of these was c£55k.

enchated1

Errata wrote: »

No idea where you'd like to be, but these for instance http://www.rightmove.co.uk/property-for-sale/property-36705707.html are always up for sale. Don't know if it's the same ones that just won't sell, or if the owners are dropping like flies. IIRC last year the cheapest price on one of these was c£55k.

Yes that's the sort of thing. £45,000 is so cheap. I'm looking at places that are nicer than that to be fair and so more expensive.

I'm beginning to get the idea of why they're so cheap though.:T