Frump to Fab - A Whole New World.

Wednesday2000

We are going to go down to the coastal areas we are interested in around August hopefully to see what they are like in peak summer. I assume things will be back to normal by then!

We were going to go to a club night and stay overnight in a hotel too while we were there. I don't even know why I was even considering a retirement place as we still go out to concerts and clubs and I'm sure we wouldn't fit in a place like that.

My finger and toe nails are really growing a lot. They seem to get really brittle in the winter months but grow as soon as it gets warmer.

I contacted the woman who cuts our hair and she said she thinks she will start working again in a few weeks but I suppose it's quite hard to tell.

I'm wearing a navy (surprise!) knee length dress today that I bought from a chazzer just before this happened. It's the first time I've worn it. I'm not sure if I like it. It feels too big on me now. I will ask my husband what he thinks when he gets in. I will just use it as a nightshirt if I decide it's not good enough to wear outside.

chanie

It's pretty terrible really. How on earth do most retired people afford to live in those places?

I'm glad I mentioned it on here as I would have researched it myself obviously but the information you have all given me means the idea of a retirement property is right out of the window now.

 I once visited a relative in a retirement property.  They had a self contained flat with bedroom, kitchen, bathroom and living room and  a communal room for the residents.    Plus, they had scheduled transport with trips to the supermarket and town.  I said it was like being in Halls at Uni and wanted to move in.  I think its a great idea for people to be semi-independent.  But then, I don't know about the financials of it and I suspect there are hidden costs.   

Wednesday2000

chanie said:

It's pretty terrible really. How on earth do most retired people afford to live in those places?

I'm glad I mentioned it on here as I would have researched it myself obviously but the information you have all given me means the idea of a retirement property is right out of the window now.

 I once visited a relative in a retirement property.  They had a self contained flat with bedroom, kitchen, bathroom and living room and  a communal room for the residents.    Plus, they had scheduled transport with trips to the supermarket and town.  I said it was like being in Halls at Uni and wanted to move in.  I think its a great idea for people to be semi-independent.  But then, I don't know about the financials of it and I suspect there are hidden costs.   

Yes, that is exactly what I said to someone I know online who lives in an assisted facility in California. I said it sounds like university for older people. They have entertainment and activities planned most of the week. Well, not at the moment as they are in lockdown.

Wednesday2000

I asked my husband what he thought of my dress and he said it looked like a tent on me. He said it looks about 5 sizes too big. Don't sugarcoat the truth or anything.

helensbiggestfan

Yes some retirement complexes are beautiful but they really don’t come cheap.  It’s the future financial implications and the running costs that are of concern, not the purchase price. 

They just don’t hold their value. Often they resell at half the original price they sold at when they were new.  Even if they have only been lived in for a couple of years, which is often the case.  

Now it’s true that most new build apartments seem to suffer a similar fate, eg a drop in resale values, but it seems that the situation is much worse with retirement properties. And both can be  subject to escalating maintenance charges. 

Also, with retirement complexes, it is common to have to pay the owners of the complex a premium of 10% of the sale price when you or your dependents come to sell.  Properties can also take years to sell so again not good for your dependents. There can also be further headaches for dependents too because whilst you are trying to sell you can still be liable for maintenance charges, even though the property is empty.   

Maintenance charges can run into thousands per year.  Upkeep of gardens, lift maintenance, communal lounges, staff on hand, monitoring systems.  Plus there is still council tax. So running costs can really stack up. 

If I get to the stage where I need some form of sheltered accommodation I would not tie up my capital buying an apartment in a designated retirement complex.  I would only consider a very cheap resale if it were in a preferred location but It would have to be very special.  I would much prefer to rent from a charitable trust like the ones I mentioned.  As I said I worked for one a few years ago and I have to say I was very impressed. Up until then I hadn’t given renting a thought and just assumed I would end up buying.   But now I doubt that very much. 

If I rented then my capital could  be used to provide care and domestic help as and when I needed it, allowing me to remain in situ for as long as possible rather than needing to go into care too soon.

Many Owners families are now forced to rent them out because they can’t sell them.  That also puts a burden on dependents. They become involuntary landlords and of course there are tax implications for them too. It can get messy and stressful. 

My concern with renting from a private owner is I am not certain that there would be security of tenure.  It would be no fun having to move when you are in your mid to late 80s so I would only rent if I had security of tenure. 

My dad rented an apartment in a Retirement complex for a while. His tenancy was secure because he rented direct from the consortium who owned the building and not from an individual who hadn’t been able to resell.  It had never been lived in because they just weren’t selling. It was a lovely apartment, and the facilities, grounds etc were first class but they just couldn’t sell them. 

I think people are very wary now because so many have been stung because they bought without fully understanding the full financial implications 

It’s a classic case of caveat emptor.  You need to know what you are doing. 

 Im not saying such properties are complete white elephants but I think they are most suitable for people with deep pockets and whose dependents can cope with any financial costs incurred with having to dispose of their assets.  

maman

At last I got around to doing a manicure and pedicure this afternoon. I haven't done my feet myself for years so was scratching around for the right equipment. I soaked my feet with my rose shower gel which smelled wonderful. I have them a good rub with body scrub. I cut my nails but if this goes on much longer I'll need better clippers. Then I found a foot masque with little socks in the cupboard . While I was waiting for this deep moisturiser to take effect, I did my manicure. So I have lovely soft feet and neat hands. I will paint my toe nails later. 😁

helensbiggestfan

Wednesday2000 said:

I asked my husband what he thought of my dress and he said it looked like a tent on me. He said it looks about 5 sizes too big. Don't sugarcoat the truth or anything.

Well at least he’s honest 😂

candygirl

.Talking sbout tents,  I treated myself to this fleecy poncho, to wear as a dressing gown .It's so comfy, I'm ordering another one 😂

Wednesday2000

candygirl said:

.Talking sbout tents,  I treated myself to this fleecy poncho, to wear as a dressing gown .It's so comfy, I'm ordering another one 😂

Hey!  That does look cosy. 

Lol, my huge navy dress is now a dog blanket.

chanie

wednesday your fleecy poncho looks lovely and snug, and will be lovely during the winter months (I feel like I am wishing the year away).