As we know, homeowners are now staying in their homes longer than ever, but many get to a point where they start to wonder; can we continue to maintain this property or is it getting too much?
Well this is when it could be time to consider the next move and perhaps a retirement property could be the best option for you.
There are many ‘pros’ with buying a property within a complex but you may have heard comments such as ‘the management charges are high’ or ‘they take a long time to sell’ but here we will explain why this might be.
Firstly, there are many different types of retirement properties with varying criteria. Some developments start at age 55 and others 60 or 65, always check with the agent first. Often, if you are buying in a couple, only one of you will need to comply with the age restrictions. The main ‘pro’ with these developments is the option to have care assistance. Most properties are fitted with emergency pull cords so that residents can feel assured that should they need assistance and not able to leave the property or get to a phone, they will be able to get help if needed. Now this might not be a feature you would need straight away but having this for the future will give a great deal of assurance to you and your family.
In most developments, there is also an on-site manager, who takes care of the day to day running of the development. They would deal directly with the management company, liaising on any issues within the common areas, the building itself or shared outside space. Again, this takes the pressure off you as the homeowner needing to worry about ongoing maintenance of a building. All that needs to be taken care of is the inside of your house or apartment.
Many developments are also fitted with lifts, shared laundry facilities and communal lounges. The communal spaces offer a sense of community to those who may have moved from an area they knew well or if they are now living by themselves. The residents often have games nights such as dominoes and coffee mornings, again, assisted by the house manager where needed.
So yes, there will be monthly management charges to cover all the above but then, isn’t that to be expected? A lot goes in to making sure the developments are working efficiently and providing the best possible environment for the residents. If you are considering a retirement property, perhaps ask the agent for a breakdown of what is included in the charge, so you understand exactly why you would be paying what is requested. There can be instances where some retirement properties can take slightly longer to sell than the average three bed semi but remember the age restriction can limit the market. The right buyer will be found for the property and don’t be put off, we have sold retirement properties within a few weeks! As always, supply and demand must be considered.
Here at Milne Moser, we have sold several retirement properties and had some extremely happy purchasers. Last year a buyer of a McCarthy and Stone property said ‘Thank you for helping me buy my lovely flat. I am very happy in my new abode’.
We have a selection of different retirement properties, please get in touch with us on 01539 725582 if you would like to discuss these further.