Beware of retirement flat schemes

Pollycat

Farway said:

Bonnypitlad said:

Is it negative comments and scaremongering that are depressing market values?,
Let their heirs worry about resale values

I suspect it is the heirs' resale value that is depressing the market, if there  are loads of empty second hand flats for sale then market forces drive the prices down, supply & demand

Indeed.

In fact, that is the whole point of The Guardian article and this thread.

It is someone who has inherited one of these flats who has the issue.

Sterlingtimes

Bonnypitlad said:

Is it negative comments and scaremongering that are depressing market values?, the people who live in independent living flats are aware of the service charge and ground rent when they buy. They are happy in their home and not particularly concerned about resale values
They get buildings insurance, heating of common parts, lift maintenance, windows cleaned, gardens maintained, laundry room, communal lounge, secure entrances, a manager, emergency assistance and the company of similar minded neighbours.
Let their heirs worry about resale values
My Sister and her husband enjoy the comfort of their retirement flat

The first occupier in 2006 of my mother's current McCarthy and Stone one-bedroom apartment paid £206,600. The second occupier in 2007 paid £211,950. My mother bought the apartment in 2012 for £86,000.

These apartments are very poor value when bought as new build properties. 

Those who inherit the apartments are perplexed by the heavy loss in value over the first few years.