A scheme to avoid on Rightmove ?

C_Mababejive

https://www.rightmove.co.uk/property-for-sale/property-74549213.html

And many others like this being offered on what seems to me like a very one sided scheme !

p00hsticks

Love the statement "The above price is for guidance only. It’s based on our average discount and would be the estimated price payable by a 69-year-old single male."


How many 69 year old single males will be looking for a 5-bedroomed detached family home ?

C_Mababejive

Indeed, it is unfortunate but i fear many people will get involved in this schemes and may find later that they feel ripped off..

diggingdude

Isn't this the sort of family sized home the older generation are being encouraged to downsize from? What a crazy scheme

ProDave

The ones that should feel ripped off are any dependents who will likely get no inheritance as you are not buying a property, just the lifetime use of it, so no value when you are gone.

Tom99

[FONT=Verdana, sans-serif]395 properties are advertised on Rightmove by Homewise but I do not think they own these properties since they are also advertised by local agents at full price.[/FONT]
[FONT=Verdana, sans-serif]So probably the agent or owner is getting some sort of kickback to advertise them in this way, maybe a share of the profit?[/FONT]
[FONT=Verdana, sans-serif]Its probably a way of dressing up a very bad equity release deal.[/FONT]

moneyistooshorttomention

To me the point that strikes me is the way they quote that a "male" would pay so much for the house - and my instant first thought is "bet they'd charge a female more for it" #warningwarningsexdiscrimination

So doubtless I couldnt buy a house under a scheme like that anyway - for the same reason as I couldnt do equity release = because I would be discriminated against for being a woman.

I refuse, on principle, to do anything whereby I would be worse off than an equivalent (ie same age) man.

I am cynical about these schemes for another reason too - I've just seen them come to my (expensive) home city and have come to the conclusion that they are a form of "marker" for a city/town/etc that is now too expensive for many to be able to afford to live in.

Davesnave

p00hsticks wrote: »

Love the statement "The above price is for guidance only. It’s based on our average discount and would be the estimated price payable by a 69-year-old single male."

How many 69 year old single males will be looking for a 5-bedroomed detached family home ?

You have one right here, married to someone considerably below pension age. Presumably she would have to be taken into account if I were to become interested in this barmy scheme!

diggingdude wrote: »

Isn't this the sort of family sized home the older generation are being encouraged to downsize from? What a crazy scheme

As above. The property we own now is much larger than the one we lived in when I was under 60. It's our money and we'll do what we want with it, thank you.

NeilCr

ProDave wrote: »

The ones that should feel ripped off are any dependents who will likely get no inheritance as you are not buying a property, just the lifetime use of it, so no value when you are gone.

Well that sort of depends on whether or not you think that dependants should get an inheritance. If this had been about my mum or dad I'd have wanting them to spend their last years where they were most comfortable and happiest.. Not thinking about what I may get left. And, yes, I do realise that people do want to leave property to their children etc. My partner does.

Agree with Davesnave. My best friend is thinking of moving in a couple of years (we are both 64) and he is definitely talking about upsizing from a 2 bedroom flat to a 4 bedroom house. He wants more space than he has ever had.

I can see the attractions of the scheme, I had a quick look in my area and there is a new house that I have considered viewing which would be affordable for me under the Homewise scheme and would leave me with a large chunk of equity. I have no dependents so not that fussed about having anything left to bequeath.

My main issue would be around if I wanted to move again. Maybe, unlikely, but circumstances change.

moneyistooshorttomention

Size is another factor too - ie in some ways those of us hitting our "golden years" might well want extra space (not less).

Reason - now many of us aren't holding down full-time jobs/working at all = we need space for hobbies (be it artistic, cooking, study, whatever.....).

Of course many in my agegroup are/or are hoping they will soon become grandparents. Certainly I can think of friends of mine that moved here about the same time that had a list of requirements for the house that included:
- a room specifically for his hobbies
- extra bedrooms for the grandchildren they hoped they'd have (now do have) to come and visit them

Other friends that also recently moved (ie on retirement) wanted his and hers studies.

need_an_answer

Tom99 wrote: »

[FONT=Verdana, sans-serif]395 properties are advertised on Rightmove by Homewise but I do not think they own these properties since they are also advertised by local agents at full price.[/FONT]
[FONT=Verdana, sans-serif]So probably the agent or owner is getting some sort of kickback to advertise them in this way, maybe a share of the profit?[/FONT]
[FONT=Verdana, sans-serif]Its probably a way of dressing up a very bad equity release deal.[/FONT]

Something similar is doing the rounds in our area.

From what I can gather there are a collection of agents who have opted in with the company who are advertising the reduced properties and the "service" is offered to all sellers if they wish to take up the option to list their property with the main agent and also with the secondary agent at no extra cost.


It sounds as if its being "sold" to sellers as 2 agents marketing for one price,double bubble!


I've seen some howlers too,like the ones that need complete renovation,I cant imagine the over 60 who would commit not only to an equity release deal but then be able/willing to renovate too.