Trying to sell a retirement flat.

Largs

Hello, do the council know its on the market?  I too had a "long term empty" premium on my mum and dads former home.  I spoke to council tax and they wanted proof it was for sale and they removed the premium.  Good luck!

Savvy_Sue

Herzlos said:

Can you rent out a retirement flat, assuming the tenant meets the criteria?

It depends 

Herzlos said:

Either way, it may be worth contacting the local authority because they are always desperate for accomodation especially if adapted/suitable for the elderly. 
They don't have much money, but may be able to house someone and pay you rent / get rid of the council tax charges. 

Possibly, but LAs often have or have access to their own sheltered housing, and they're not always easy to rent out. Plus in a 'private' development, costs may be higher than LA is willing to pay.

Eldi_Dos said:

I am not sure but thought these complexes where for owner occupation only.

As above, it depends.

I have several friends in a nearby block: most flats were bought, but at least 2 didn't sell - quirky conversion.

However, many of the 'bought' flats have then been rented out, probably because difficult to sell. If it's allowed in the OP's case, it then presents a new set of problems: notably those of the accidental landlord, with a considerable legal burden.

Plus the estate can't be wound up, rental income must be distributed and tax paid on it where needed, and the responsibility falls on the executors. Beneficiaries may have been anticipating lump sums, and struggling to manage expectations.

I don't have any answers. 

cannugec5

Maybe I’m being naive here, but isn’t it the job of the estate agent to think up a better marketing strategy if a place isn’t selling or garnering interest? 

Alfrescodave

cannugec5 said:

Maybe I’m being naive here, but isn’t it the job of the estate agent to think up a better marketing strategy if a place isn’t selling or garnering interest? 

I suspect that the estate agents strategy is to keep reducing the price until it does sell. Not ideal for the seller but to the EA a sale is a sale

twopenny

So the flat is empty of everything?
It's been newly decorated in neutral colours?
One tiny thing to do is to put something like a flowering hyacinth on a windowsill if you live near enough to do that for a viewing.
Sounds daft but it's not a personal item but a bit of life in an empty area.

I used to sell things and the addition of something living really made a difference to people seeing the items as part of a home.

There's nothing worse than looking at a deserted unloved property.

ReadySteadyPop

danco said:

I think that the suggestion that people shouldn't buy retirement flats is wrong. Rather, one should factor in the likelihood that the flat will depreciate considerably in price.

I am currently living in a block of retirement flats. The comfort and convenience is far higher than it would be anywhere else (including my old flat). But I don't have immediate family to benefit when I die, so even if the flat had to be given away it would have been worthwhile.

Also, bear in mind that there are two models for service charge and selling procedure for retirement flats. One has low service charges but the freeholder takes a large cut of the ultimate selling price (maybe even has some input into determining that price). The other has large service charges but the owner takes the full selling price without any payment to the freeholder.

Interesting points.

ReadySteadyPop

in_my_wellies said:

Some are lovely and idea for elderly living. The couple opposite my mother travelled for at least half the year so it was ideal to lock up and go away. No messy garden to come home to.

The trick is to buy one third or fourth hand when the true value has been set. In 2012 two beds in my mothers block started at £250,000, one bed at £180,000.  The prices now are about £160,000 for 2 bed and £100,000 for one bed. Given a couple more years when the price has plateaued they will be nice places to live. I have to say the high service fees keep her block looking and smelling like new so worth that when she lived there 

Great advice, like with all property purchases you should try to get the maximum discount possible.

ReadySteadyPop

cannugec5 said:

Maybe I’m being naive here, but isn’t it the job of the estate agent to think up a better marketing strategy if a place isn’t selling or garnering interest? 

There isn`t really a strategy in a stalled market except dropping the price, but many people don`t want these flats, there isn`t enough demand for the product.