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Retirement flat management fees

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Comments

  • namecheck
    namecheck Posts: 478 Forumite
    missile wrote: »
    Glad to hear you have found somewhere you like.

    Go for it and spend your cash if can help you enjoy what time you have left. There are no pockets in a shroud.

    Possibly - although when the OP is (say) 80 s/he may get very stressed at the thought of funds running out.

    In addition,at that point the OP may not be able, independently, to choose another place to live (if that became necessary).

    It's one thing to be stressed about lack of money during employed years but quite another during retired years.
  • missile
    missile Posts: 11,759 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good point :T
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • namecheck
    namecheck Posts: 478 Forumite
    It is obviously a bit of a minefield out there.

    A friend is currently considering buying a flat (not a retirement one). I was quite shocked to hear that the service charge is getting on for £500 per month (+ a contribution towards the sinking fund).

    The flat is a good size, with a lift, in a good area. However there is no other communal amenity.
  • namecheck
    namecheck Posts: 478 Forumite
    namecheck wrote: »
    It is obviously a bit of a minefield out there.

    A friend is currently considering buying a flat (not a retirement one). I was quite shocked to hear that the service charge is getting on for £500 per month (+ a contribution towards the sinking fund).


    Woops, thought that sounded wrong. It's £500 per quarter, including sewerage and water.
  • Started process to rent flat, another learning curve. As I have a low monthly income, have to have a guarantor, despite having enough savings to cover rent for at least two years! Letting agents fees - £220 for a credit check! Hopefully all will go smoothly. Will only have to pay council tax on one property for six months, so hope house sells in that time.
    Have spoken to other younger retirement flat dwellers, who said although they were initially apprehensive about being around "older" people, in fact they each said it had been a positive experience. Renting for a while will give me a chance to see if it will be the same for me before committing to buy. Hope I am doing the right thing!
  • namecheck
    namecheck Posts: 478 Forumite
    Started process to rent flat, another learning curve. As I have a low monthly income, have to have a guarantor, despite having enough savings to cover rent for at least two years! Letting agents fees - £220 for a credit check! Hopefully all will go smoothly. Will only have to pay council tax on one property for six months, so hope house sells in that time.
    Have spoken to other younger retirement flat dwellers, who said although they were initially apprehensive about being around "older" people, in fact they each said it had been a positive experience. Renting for a while will give me a chance to see if it will be the same for me before committing to buy. Hope I am doing the right thing!


    That seems a good idea, good luck.
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