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  • FIRST POST
    • simonineaston
    • By simonineaston 2nd Apr 17, 7:14 PM
    • 135Posts
    • 79Thanks
    simonineaston
    60 + property - why?
    • #1
    • 2nd Apr 17, 7:14 PM
    60 + property - why? 2nd Apr 17 at 7:14 PM
    Hi folks, I'm 62 next birthday and sometimes I feel like it, sometimes I don't! Today I went for an 8 mile walk with a younger chum and thoroughly enjoyed it. On the way back we swung by the old chocolate factory in Keynsham, which is in the middle of being converted into a huge block of flats. (Yes, the same choccy factory Kraft bought off Cadburys, promising they wouldn't close it and no-one would lose their jobs...)
    Anyway, my question is this. A lot, if not all, of the accomodation is being marketed as retirement homes.( http://thechocolatequarter.org.uk) What gives? What are the pluses for the buyer, and given that there's never ever any such thing as a free lunch, what's in it for vendor?? Why don't they market them straight-fowardly as first come, first served, or is it a simple case of the old 'uns being the only folk with enough money to buy places like these?
Page 3
    • Savvy_Sue
    • By Savvy_Sue 3rd Aug 17, 9:25 PM
    • 39,027 Posts
    • 35,908 Thanks
    Savvy_Sue
    I am also investigating how easy it would be to sell.
    Originally posted by JuneBow
    That is VERY important, and make sure you do your own research rather than just consulting local estate agents. These properties can be a) very difficult to sell and b) very difficult to sell other than by taking a huge price drop over what you first ask.

    Of course, that can also put you in a strong bargaining position: if a flat you fancy has been on the market for a while, it's because it's over-priced ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern arrived and going strong!
    • JuneBow
    • By JuneBow 4th Aug 17, 9:33 AM
    • 265 Posts
    • 216 Thanks
    JuneBow
    It is the resale issue which troubles me most. Everything else you know what you are signing up for.
    I have a good relationship with most of the estate agents in the area so will talk to them.
    I spoke to a friend who is a probate solicitor and she doesn't say there are problems. But want to double check with agents.
    I also need to look into whether there are letting restrictions.
    I looked last night and there are lounges etc which would have to be paid for. But they still are amazingly cheap compared to other similar sized flats. I am presuming it is because the market for them is smaller. I also don't want the noise of young adults around me. I have just got rid of my own and don't want anyone else's.
    I need to do my sums because it is a big commitment and I can't afford to get it wrong.
    • alanq
    • By alanq 4th Aug 17, 10:33 AM
    • 4,050 Posts
    • 2,635 Thanks
    alanq
    I also don't want the noise of young adults around me.
    Originally posted by JuneBow
    It is not just young people who make noise. When my Aunt was living in sheltered housing and had normal hearing she was very disturbed by a neighbour, who was hard of hearing, having her TV on full blast.
    • seven-day-weekend
    • By seven-day-weekend 4th Aug 17, 11:38 AM
    • 31,136 Posts
    • 59,523 Thanks
    seven-day-weekend
    Did anyone see those programmes where they put older people from a residential home with young kids and found it improved the residents' mental and physical health? I think it might do the opposite for me ha ha, but the point was made that elderly people mixing exclusively with elderly people is generally not a good thing. That's what would worry me about moving to a retirement set up.
    I quite like the idea of community though - especially as I have no close family and am not getting any younger. I go through spates of researching them. This is quite an interesting site
    http://www.diggersanddreamers.org.uk/
    The proposed Community for Youthful Retirees sounds interesting!
    http://www.diggersanddreamers.org.uk/noticeboards/people/message-of-day
    But many housing projects seem to be inner city and that's not for me. Plus others are of the nut cutlet yoghurt knitting co-op variety and that's not for me either.
    Originally posted by pineapple
    Which makes places accessible for those who can't/ don't/ no longer drive. Sensible choice of location, imho.
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
    • pineapple
    • By pineapple 4th Aug 17, 1:42 PM
    • 6,271 Posts
    • 30,083 Thanks
    pineapple
    Which makes places accessible for those who can't/ don't/ no longer drive. Sensible choice of location, imho.
    Originally posted by seven-day-weekend
    Maybe you have never lived anywhere but a city. You can have accessible places without being inner city. I can straight away think of two very small towns and also a village near where I used to live.
    Even the village has a good range of shops with excellent facilities - including medical and transport. But the towns have everything you are likely to need, plus being compact they have a good community feel, are easy to get around and are as accessible as you could wish for - with rail links into the bargain. Plus they are surrounded by glorious countryside.
    Last edited by pineapple; 04-08-2017 at 1:50 PM.
    • seven-day-weekend
    • By seven-day-weekend 4th Aug 17, 1:49 PM
    • 31,136 Posts
    • 59,523 Thanks
    seven-day-weekend
    Maybe you have never lived anywhere but a city so perhaps you don't realise that you can have accessible places without being inner city. I can straight away think of two very small towns and also a village near where I used to live.
    Even the village has a good range of shops with excellent facilities - including medical and transport. But the towns have everything you are likely to need, plus being compact they are easy to get around and are as accessible as you could wish for - with rail links into the bargain. They are also surrounded by glorious countryside.
    Originally posted by pineapple
    Oh yes I understand that and was using the term 'inner-city' to mean small towns too.

    I live now on the edge of a city (and in fact on the edge of a Conurbation), and we too have lovely countryside a few minutes walk away. There are quite a few retirement complexes in this location.

    I thought you meant they should be way out in the countryside.
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
    • Thebestmumalive
    • By Thebestmumalive 28th Aug 17, 9:34 AM
    • 78 Posts
    • 31 Thanks
    Thebestmumalive
    We helped my mother in law move into an over 55's flat in January. She was widowed about 5 years ago and her house was too big and needed a lot of work. At 83 she was still climbing in and out of the bath. It was also in a village so she was still driving to the doctors, hospital, supermarket etc.

    The flat is right in the middle of a town she is very familiar with. The bus station is on the door step, as is the shopping centre and her GP. We feel she is safe and able to continue independent living for quite a few more years.

    On the other hand, my mother is 75 and still living in her own home. I have asked her to think about moving into one of these flats but we both feel it is too soon for her.

    There is no doubt that they are expensive, and not a good investment - but sometimes you just need to keep your loved ones safe and give them the chance of independence for as long as possible
    • pineapple
    • By pineapple 28th Aug 17, 11:51 AM
    • 6,271 Posts
    • 30,083 Thanks
    pineapple
    There is no doubt that they are expensive, and not a good investment - but sometimes you just need to keep your loved ones safe and give them the chance of independence for as long as possible
    Originally posted by Thebestmumalive
    When a big detached Victorian house came on the market in our town (Ilkley), we proposed to my parents that we buy it together and convert part of it to a separate flat for them. My Dad loved Ilkley and the idea generally but my mother refused to move. Just a few years down the line we all wished we had taken that step.
    • SamsReturn
    • By SamsReturn 17th Sep 17, 2:44 PM
    • 2,293 Posts
    • 4,277 Thanks
    SamsReturn
    PaulLewis. R4 Moneybox, has been doing lots about these type of places the last couple of weeks, and people are losing thousands. He gave examples of people paying £160k 5/6 yrs ago and now they can't sell it even though they've reduced it to below £100k.
    • margaretclare
    • By margaretclare 12th Oct 17, 2:29 PM
    • 10,169 Posts
    • 17,233 Thanks
    margaretclare
    Have a look at this:

    https://cherryorchardhomesandvillages.com

    This is going to be a development locally and we're going to a presentation about it this evening. The former MP Ann Widdecombe is the guest speaker.

    Just curious, you understand. I can't imagine us ever wanting to go after something like this.
    Last edited by margaretclare; 12-10-2017 at 2:49 PM.
    r ic wisdom funde, śr wearū ic eald.
    Before I found wisdom, I became old.
    • JuneBow
    • By JuneBow 13th Oct 17, 10:11 PM
    • 265 Posts
    • 216 Thanks
    JuneBow
    PaulLewis. R4 Moneybox, has been doing lots about these type of places the last couple of weeks, and people are losing thousands. He gave examples of people paying £160k 5/6 yrs ago and now they can't sell it even though they've reduced it to below £100k.
    Originally posted by SamsReturn
    My friend's mother was very reluctant to buy a property like this for that very reason. She was concerned that the family would "lose out" when she died. In fact the family couldn't have cared less about the money and had been nagging her for a couple of years to get one.
    She is 89 and has a very active and varied social life. She is always on the go. But she bought one a few months ago. She got a bargain, because of this reason.
    She says it's one of the best thing she ever did. The family are delighted as they no longer worry about her so much.
    She often goes on holiday so it is ideal that she can leave it. In fact she is off to the far east next week for three weeks. She has met a couple of people she knew from school. So more socialising. Not that she needs any more. Apparently a few of them organise evenings in together, trips etc.
    She bought one of the bigger two bed ones as she often has grown up grandchildren and great grandchildren staying. Apparently the two beds are more popular as a lot of people have family visit.
    • Mnd
    • By Mnd 13th Apr 18, 6:36 PM
    • 709 Posts
    • 867 Thanks
    Mnd
    Just out of interest this facility in the original post was officially opened today by princess Anne.
    Looked ok on the tv but I don't think I will ever end up there
    • kittie
    • By kittie 14th Apr 18, 8:07 AM
    • 12,446 Posts
    • 78,958 Thanks
    kittie
    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
    • lessonlearned
    • By lessonlearned 14th Apr 18, 8:32 AM
    • 10,488 Posts
    • 66,388 Thanks
    lessonlearned
    Interesting about your visit Kittie.

    A couple of these high end developments have sprung up near me. Very expensive. They include gyms, swimming pools, restaurants etc. I get the feeling that they could end up being very cliquey and there could be a lot of oneupmanship at play. They just donít appeal.

    I would rather save myself the £150K or so EXTRA that they are charging for a one bedroom flat and buy myself a nice house that I can future proof.

    These properties cost serious money and as far as I can see the extra costs just cannot be justified. And thatís without taking into account management fees.

    At the end of my life when and if I really do need sheltered accommodation then obviously I might have to rethink my priorities. Iím currently 66 so hopefully not for a while yet.
    • seven-day-weekend
    • By seven-day-weekend 14th Apr 18, 11:10 AM
    • 31,136 Posts
    • 59,523 Thanks
    seven-day-weekend
    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_co ntent=local%20seo&utm_campaign=seo?utm_source=goog le&utm_medium=my%20business&utm_content=local%20se o&utm_campaign=seo

    .https://www.mccarthyandstone.co.uk/retirement-properties-for-sale/brindley-gardens-codsall/
    Last edited by seven-day-weekend; 14-04-2018 at 11:15 AM.
    • LinBWales
    • By LinBWales 15th Apr 18, 9:42 AM
    • 29 Posts
    • 13 Thanks
    LinBWales
    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.
    • Larac
    • By Larac 16th Apr 18, 4:25 PM
    • 845 Posts
    • 529 Thanks
    Larac
    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.
    Originally posted by LinBWales
    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.
    • Murphybear
    • By Murphybear 17th Apr 18, 6:59 AM
    • 3,774 Posts
    • 7,659 Thanks
    Murphybear
    My OH and I are 65/69 and we rent. After major problems with a private landlord we were looking to move and found an over 55s development that had the ex warden property available. It is on 2 levels with 3 large bedrooms so is basically a house and although there are communal gardens we have our own private mini garden. It is in a very desirable area in a lovely part of the country.

    As the rent was within our budget (including the maintenance fee) we had a look and took it. Being a Housing Association there were no fees or referencing. We moved in 5 weeks ago to a lovely place that had been totally redecorated with new carpets.

    There is no warden but a manager who looks after the building and sorts out any problems and it is great feeling secure

    The moral is, its horses for courses. This really suits us, but it wouldnt suit everyone. Neither of us has any family so we were looking to the future when one of us will be totally on their own.
    Last edited by Murphybear; 17-04-2018 at 7:04 AM.
    • shykins
    • By shykins 19th Apr 18, 7:19 AM
    • 2,567 Posts
    • 5,506 Thanks
    shykins
    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
    When you know better you do better

    Atkins since 2004 - 8 stone loss maintaining
    • kittie
    • By kittie 19th Apr 18, 10:22 AM
    • 12,446 Posts
    • 78,958 Thanks
    kittie
    they are very good for the children, who don`t want to worry because neighbours will keep an eye out for each other. Can be a cop-out for relatives, saves them visiting and/or phoning regulasrly

    gets tin hat and runs, now tell me I am wrong. Put the parent in a safe place, duty done
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