60 + property - why?

I went to see a property in a very small over 55 development the other day, just looking as I knew it was upmarket so should have given the maximum space of all of that type and I wanted to see what people got. It was an overpriced house and I wanted to see what people got. Nice things were the underfloor heating, spacious and light rooms, nice ensuite and good storage plus the good garage as many people wanted storage for their hobby stuff and bikes. Downsides were the tiny garden, the landlocked site surrounded and oppressed by densely packed new builds. The (expected) management fees). It felt like robot town, too clinical

I spoke to a few residents and quickly decided that it was not for me, yes it felt safe (ish) but every home had an invisible burglar alarm system. It is most definitely grannyland and was neither here nor there. Suitable for couples and the more active old but didn`t have the bits and bobs in place that the very old need. I would say that it was housing for the worriers. They tried to build this form of housing for the in-betweeners but to buy into it, you need a lot of money and it felt like a clique. They still haven`t got it right

There are two of these developments near us too. One is a very select area on the outskirts of our city, near where I live, and another in a popular village just over the Staffs border a couple of miles away. They are very expensive but look very upmarket.

I might consider one of the Codsall ones if I ever find myself alone (which I hope I don't). Can't afford the Tettenhall ones!!

https://www.mccarthyandstone.co.uk/clockgardens/?utm_source=google&utm_medium=my%20business&utm_content=local%20seo&utm_campaign=seo?utm_source=google&utm_medium=my%20business&utm_content=local%20seo&utm_campaign=seo

.https://www.mccarthyandstone.co.uk/retirement-properties-for-sale/brindley-gardens-codsall/

LinBWales wrote: »

I'm mid 50s, single and although still working, have quite bad osteoarthritis, which makes walking painful - I still try to take a walk every day. But I know it is going to get worse. I would also like to downsize when I do retire, from my three bed house on 3 floors to something on one level and smaller.

But the purpose of downsizing would be to try to release some cash, which buying one of those apartments new, would not actually do. I am not worried about leaving my cash to anyone, if I can leave money to my goddaughter that would be nice. But if I need it, then I need it, whether for holidays or care needs.

So yes, I would seriously consider moving into a similar development, and the weekly charges would be affordable on my pension, even taking other expenditure into account. However what I have noticed is that the cost of resales is considerably less, and there are some real bargains if you are happy to wait and shop around. I don't think looking at those prices, that I would consider buying new.

Personally I would not buy these as 'new' as they don't hold their value. We are trying to sell a Mcarthy Stone flat that belonged to my late Mum. The flat has been on the market since Jan and reckon we have had 4/5 viewings - there are 4 others for sale in the complex and her flat is the cheapest flat in the complex. She brought the flat during the financial crisis c2008/9 and therefore brought at the bottom end of the market. The top price flat is around £70K lower than it was purchased - they are having to hold out to pay CH fees - we will cut the price again shortly as really want to sell the place. All whilst this is going on the 'estate' continues to pay the ground rent and service charges.

my mum lives in a McCarthy & Stone development. she bought her flat second hand at a good price (less than half it was when new) and it is now actually worth significantly more altho still hasnt reached the price it would have been new

its been the making of her as she lived a fairly solitary lifestyle before, now she is surrounded by new friends and activities. I also dont need to worry as the manager checks on her everyday and her friends soon notice if they havent seen her

yes there are management fees but when you add together what she gets for them and it also includes, water rates, house insurance, a fully fitted launderette and peace of mind I dont think it is excessive

definitely a very positive move

My in-laws moved into a less luxurious version in Keynsham (opposite the Esso garage if you know the area.
The service charges are about £3K per year and the ground rent about £540.
It was the right move for them at age 74 as they couldn't do the stairs or gardening or much DIY and even cleaning and walking around the flat would eventually become difficult.
They had organised activities, a manager and a care line they could pull if in difficulty.
This was the correct move for them but be aware there are cheaper places than the chocolate quarter and mccarthy and stone which are the "shiny" versions.

If you're an active 62 year old then why would you want to be stuck in one of these?