A scheme to avoid on Rightmove ?

Davesnave

need_an_answer wrote: »

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.

Hmmmm, three of us pulled this bungalow to bits and rebuilt it over the space of 2.5 years. That wasn't just mucking around with a few pieces of studwork and plasterboard, but drains, roof off, everything.


Our combined ages at the time: 184. Since then, the 67 year-old has emigrated to Australia, bought land and built another, larger property. (His wife, considerably younger than him, is Australian.)

I know this might not be the norm, but where I live it's common for people in their 60s still to be doing physical jobs; that's how they stayed fit in the first place. They also have a wealth of knowledge and skills, which younger people don't necessarily possess.

need_an_answer

Don't get me wrong Dave it wasn't the physical ability of someone in their 60's or older I was commenting on,more the question of why someone would want to improve a property that in essence they rent back from a homebuying company.


I often use my 84 year old FIL as an advisor on renovations,mind sharp body less so able but hes got far more knowledge than most of the family put together.

Davesnave

need_an_answer wrote: »

Don't get me wrong Dave it wasn't the physical ability of someone in their 60's or older I was commenting on,more the question of why someone would want to improve a property that in essence they rent back from a homebuying company.

Unlikely, I agree, but it could be a way to have the lifestyle property of their dreams and the extra cash to renovate it.

jimbog

moneyistooshorttomention wrote: »

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

Does this stretch as far as refusing to do anything where you would be better off than an equivalent man?

ProDave

moneyistooshorttomention wrote: »

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.

Do you not accept that as a woman, your life expectancy is greater than a man, so does that not make you somewhat "better off"?

Having different rates for male and females for say life insurance is no more sex discrimination than having different rates for smokers and non smokers.

If it was truly possible for men and women to be equal, can I have a female life expectancy please?

quantumlobster

moneyistooshorttomention wrote: »

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.

Could it be due to the fact that women, on average, live longer than men?

buglawton

http://moneyage.co.uk/Misleading-equity-release-ad-banned-by-ASA.php

Margot123

Look on the bright side, at least there's 'plenty of parking' for the 69-year old single male's vintage car collection!

Red-Squirrel_2

moneyistooshorttomention wrote: »

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.

How are women treated worse for equity release?

Waterlily24

We are similar to Davesnave, I'm a little bit older than him and my hubby is 6 years older than me. We completely refurbished our bungalow including taking the roof and roof trusses off. We changed the shape of the bungalow from an L shape to a square with a bit (lounge and bathroom) on the back. We had the brickwork done by someone to speed it up. The complete rewire and central heating were done by someone else because of the certificates needed. Hubby did fix all of the radiators and pipework though.

We did need a crane for the roof trusses but hubby and son fixed them.
Everything else was done by hubby with a little bit of help from me. That included plastering, fitting kitchen, utility room and 3 bathrooms and all the decorating. He also put most of the light fittings up, the only ones the electrician (a friend) did were the inset ones in the kitchen, hall and landing.

We also had the groundworks done by other people. Admittedly we were a bit younger then but hubby was in his late 60s.