Royale Life retirement bungalow

janebush

Hi does anyone have any experience of over 45s retirement bungalows run by Royale Life and whether they depreciate like older style Park homes? Thinking about these to release equity on my property. Thanks

cattie

As they are not conventional brick built homes they will depreciate as do all park homes, prefabricated buildings etc. You'll no doubt get a glowing sales pitch of how they hold their value should you ever want to sell, but try to find a previous owner who can validate this will no doubt be impossible.

Age restricted properties are always much more difficult to sell due to the limited market appeal. Even here on mse you can find posts from relatives trying to sell their deceased parent's age restricted appartments with little success, some being on the market for a year or more. When they do sell hese type of properties fetch prices way below what a similar appartment in a developement with no age restrictions will.

lincroft1710

They are park homes and so you have all the attached advantages and disadvantages. One thing that is different is that the minimum age for occupation is 45 rather than the usual 50 plus. These homes when brand new always look good both inside and out and a very tempting proposition. 

Shirley_Jennings

do Royal Life take a commission if I wish to sell the bungalow in the future?

getmore4less

If these type of retirement places are so difficult to sell the second hand market is the place to be looking to optimise up front costs.

I think a bigger issue is the running costs.

A lot of those struggling to sell moan about the charges eating in to the estates of those that vacated.

GDB2222

Some of these park home estates have a thriving social life and community spirit. 

Skiddaw1

GDB2222 said:

Some of these park home estates have a thriving social life and community spirit. 

Yes indeed- I've known several people who have been very happy in park homes. It can work out but you need to do your homework and be certain it is the right thing for you.

lincroft1710

Shirley_Jennings said:

do Royal Life take a commission if I wish to sell the bungalow in the future?

Homes on Royale Life parks (Royal Life was an insurance company) are actually park homes, they are not bungalows. I always think their adverts describing the homes on their parks as bungalows as very misleading. Park home park owners can ask up to 10% commission of the sale price from the owner of a park home on their park.

peterhjohnson

cattie said:

Age restricted properties are always much more difficult to sell due to the limited market appeal. 

Agree 110%! Seen some stay on the market for a year or two where ordinary properties sell in a month or two - unless seriously over-priced

deannagone

https://www.royalelife.com/our-developments/reculver-rise-herne-bay/the-topaz-plot-17/topaz-plot-17/

Crikey £500k for a two bed caravan.  No real life photo's (see warning at the bottom).  Looks nice but way way overpriced.  Must be the same for the others.

Must be real brick built bungalows available for less.

user1977

deannagone said:

https://www.royalelife.com/our-developments/reculver-rise-herne-bay/the-topaz-plot-17/topaz-plot-17/

Crikey £500k for a two bed caravan.  No real life photo's (see warning at the bottom).  Looks nice but way way overpriced.  Must be the same for the others.

Must be real brick built bungalows available for less.

I think the only "decadent" lifestyle is lived by whoever is pocketing the £500k...