Retirement Properties Worthwhile?

sparkcolette

Hi,
What do people think of retirement property websites like Retirementmove. Are they worth using or should I use something else?

I appreciate any help very much.

PennyForThem_2

I would be interested in this whole genre too but I suspect this is not the right forum and I don't think this site has a forum that is suitable.

There should be a retirement forum

jaybeetoo

I assume you are considering buying a retirement property?

Have a look at this as an introduction http://www.telegraph.co.uk/goodlife/11510002/Should-you-really-buy-a-retirement-property.html

Angie50

If your thinking of buying a leasehold retirement housing (flat, bungalow etc) take a look at this website and the potential pitfalls that as happened to others in retirement housing website is https://www.carlex.org.uk this website stands for campaign against retirement leasehold exploitation. It's an eye opener, and worth knowing what you are letting yourself in for.

teddysmum

A tv consumer programme did an item on them and featured a lady, who could no longer afford the escalating maintenance fees,but was trapped as her flat had to be sold back to the freeholders(at a silly price) or privately while paying them a huge commission.


There was also the case of a person who died but, as mentioned in the article, their estate had to pay crippling maintenance fees (full price),while desperately trying to sell.

scotsbob

Just to add to the cautions about maintenance fees mentioned by posters above. Be extra vigilant if there is a lift in the property. The regular maintenance checks are very costly as are any repairs.

Sjmb

It depends what you mean by worthwhile. It is unlikely that purchasing a property which is a purpose built retirement flat will ever be a worthwhile property investment. They are notorious for losing value and the sale terms are often restrictive. There can also be diffifculties if you subsequently need to move in to a care home and you cannot find a buyer for your property. You still have to pay the service charge every month.
However, it may be worthwhile in terms of the facilities provided, which make life for an elderly person easier. Meals provided in a restaurant environment, companionship, no property maintenance worries etc can gave a value which are difficult to quantify.