Retirement homes

I wouldn’t buy a retirement flat, especially if you have children. It hardly ever increases in value (so I’ve been told) and maintenance charges are extremely high and increase every year.
There will be others who will give you far more useful information.

I think both Michael12 and grandMattie are in this type of dwelling - maybe you could PM?

I know it wouldn’t help the hill but could you close some of your house off as you say full of stairs and steps Instead of the expense of moving could you have some alterations done to make it easier living perhaps a lift or stair lift added
Personally the thought of a retirement home would be so low on my list as to be non existent
I live in a far too big house with two flights of stairs but if I become more unable I d consider a stair lift as I do not want to leave my home

The resale difficulty is surprising since one wld think demand is high.
If it’s right for the person who moves there that should surely be sufficient even if it means that children have reduced inheritance, as with care home fees.

I know this is a digression but.....

Retirement flats seem to sell like hot cakes when they ae brand new and fresh from the developer, so why are those on the resale market so difficcult to sell. It doesn't make sense.

In the town we now live in there is one area, just at the top of the High Street that has become the Senior Living uarter. There are at least 3 retirement developments cheek by jowl and a 4th being built. Interestinglyy, severalmof these developments have houses as well as flats.

My mother is in a retirement property and has been for 11 years . She moved from a 4 bed house with large garden and reliant on a car to a 2 bed ground floor flat , minutes from a busy high st .
We looked at ground floor flats in the area but my mother was concerned about the other residents. As they would be all ages She’s been very happy there . She’s met people and made friends. Her development is 15 years old and only has a communal lounge in its facilities. So her annual fees aren’t too high . The resale is a worry as there are a few new retirement properties built nearby but mums being ground floor and over looking the gardens is one that’s sort after .
Luckily my mother is financially very comfortable and yes we will have to pay the fees until it’s sold . But my mother’s happiness and welfare is more important.

If I could afford I would move into one . I think buying is a mistake because of maintenance payments ground rent. I don't have the income to pay this . Renting is a bit better if I sold though I would imagine the rent would be high and eat into the money I had from selling . I think they are often out of reach of the average pensioner

This is a 10 min YouTube clip taken from the BBC programme Rip Off Britain. The programme regularly receives complaints about retirement flats .

youtu.be/8U6IqaYSEC0

I have a friend who recently sold her 5 bedroomed house and moved into a 1 bed room retirement flat. She is very happy with the move and relieved to be rid of the burden her house had become.
She has a large amount of cash left after the sale of her former property and is no longer having to pay for a gardener ,window cleaner etc which is included in the service charge she pays.She has no regrets and feels safer where she is.
I would consider one myself if I felt the need

I really hope I go before I need a retirement flat. I do know of two peope who moved into one and they love the security and safety aspect and mixing with other owners. Their family just want them happy and that's what the money is there for. However one is developing Alzeimers and family been told she will heed to go into a home eventually as it does not do caring.

Sadly developing Dementia would probably mean going into a Care Home even if she had stayed in her previous home.

I live in a normal block of flats (25 in all - built in the 1980's) We are very close to town centre, with theatres, cinemas, beach, park, shops, library, etc.etc.
Good sized flats all with two bedrooms and bathrooms. No age restrictions on who purchases them, although nearly all owners are retired or close to that age. Ground floor is
entirely taken up with our garages and we also have a small car park for visitors, tradespeople, etc.

Managed by ourselves - all volunteers, keeps service charge fees down and ensures all jobs are carried out properly and quickly.
No problem selling them, indeed have people waiting for them to come on the market.

Our flats sell for less than the local retirement ones, although these are so much smaller than our flats Whereas we do not have a communal lounge, we have a large, well looked after foyer in which we hold the occasional meeting/tea party/coffee morning, etc. People here form friendships and only yesterday six of us went out for Sunday lunch together.
Being so close to all the local town amenities it enables us to have lots of interests all easy to get to.

Our service charge is nearly half that of the local retirement properties. All our flats are owner occupied, we very much discourage 'lettings'. Obviously some people here have carers who may come in daily, etc. Flats being sold do NOT have to pay anything from that sale to the Management company - as they do in retirement properties.

Have you considered selling the house and renting a bungalow OP? Do you really have to stay in your present location too?

I don't think any decision you make should be based on how that decision may affect your family financially when you die watermeadow.

Do what is best for you; what will make your life easier and less stressful.

Have you looked into rented sheltered housing? There are a few developments where we live, some old and a couple brand new. There is a new one within walking distance of our current house, it is right next to the GP surgery and dentist and there is quite a large Co-op supermarket very close by, there is also a bus stop right opposite the development. There are 66 one bedroomed apartments and 2 two bedroomed apartments, there is a rooftop terrace and a community cafe. The apartments are available to rent for over 55s and it is a joint venture between the local council and the developers and housing benefit can be claimed to help with the rent for those who are eligible. It is certainly something I would consider and I would rent rather than buy.

I live in a normal block of seven flats where the other residents are all younger than me but are lovely neighbours. They regularly offer help if I should find myself in need of it and were particularly supportive last year when I had a couple of spells in hospital and wasn’t able to do much afterwards.

I enjoy having younger people nearby rather than being in the company of elderly folk like me all the time! However, I realise I am lucky and it could be a different story if the flats changed hands.

My mother-in-law lived in a retirement flat until she died. The service charge was huge and a barrier to selling. We had a couple of offers which were so low we just couldn't accept them, so we eventually let it.We had three problem-free tenants and after ten years we decided to sell. The sitting tenant was so happy there he bought it from us. He was 91! I was worried that his beneficiaries would be lumbered with trying to re-sell. He died two years later and they sold it for considerably more than he had paid so I was relieved for them!

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I totally agree with this . You earnt it you spend it.
So far my parents have spent 200,000 savings on care in beautiful residential homes. Now we will sell the house to fund mum’s care until the endearing 6-12 months.
Care at home for 7 hours was about £8000 a month plus house upkeep: food, bills, insurance, council tax, maintenance. And energy .
Care in a 24/7 nursing home around 7,000 a month all in. Some funding available.
Residential in a good 5 star home around £6000 a month all in.
Think the Thursday murder club .
One lovely bedroom, a kitchen lounge , bathroom etc.
Nice tended gardens, a cafe, activities outings, parking for your cars, areas for mobility aids and charging, a bar, private dining rooms for guests .
Sell your house and use the money to have the best future you can. I would say move sooner rather than later as you have more options. And future proof yourself so you don’t need to make a knee jerk move if you fall ill or fall down.
Life in residential or nursing homes can be glorious if you choose wisely .
Think daily fresh. Can cooked food, daily coffee and cake and afternoon tea all made for you . And delivered to you in the restaurant or lounge, garden or room .

The monthly fees are quite high but you also save on what you would pay on house and garden maintenance. In addition, you receive emergency support. You also have the use of a communal lounge and outdoor areas where residents regularly meet for chats. I absolutely not regret having moved into a retirement apartment. I was struggling with my large house and was getting very lonely and frightened in case I had a fall and couldn't contact anybody. Living in a retirement apartment often avoids having to go into a care home which would be much more expensive. My children know they are unlikely to make a profit when my apartment is sold, but if there are saving on not having to pay for a care home, they should still get some money once the apartment is sold, plus they will know that I was safe and happy there.

Iv'e been on the waiting list for a rented retirement flat for near on 5 years and still 10-15 on the list...They do have to take a certain amount of 'council' rent assisted people who have priority. I'm just moving to a private non retirement rental nearer my daughter but will stay on the list...hoping I will get one at some point.

Near me the council have built ‘over55s’ flats to replace an old block of 1960s built flats that had to be demolished . Maybe there is something similar in your area . Owning and selling your own home doesn’t automatically rule you out from renting one of these .

My dad bought one three years ago and died last October.
I tried to persuade him to rent but he wouldn’t. The service charge isn’t too much -£380 pcm - which is less than half of the posh ones down the road !
I plan on putting it on the market as soon as the probate application has gone in and am happy to accept a loss as long as I get rid of it.
I’ve considered letting ( subletting) as I already have a rental property, but it’s just not worth it to me and the kids don’t want it leaving to them eventually.
But, having said all that, dad was happy there and made friends. He could easily walk into the village and didn’t feel as cut off as before.
It was worth it for him but definitely not for me.

I have considered retirement flats but discounted them due to the high monthly service charge and the poor resale value. I am 78 and in a 4 bed detached house, I will get a stair lift if needed with possibly the installation of a downstairs wet room when I can no longer safely get upstairs. I will pay for home care if necessary, to supplement family support.

I have clicked to bid on rental bungalows or even houses which are regarded as 'over 55's residences (even though they are not in a sheltered type of home)-i am nearly63 with several medical conditions, and heart problens- but cant have them though, due to me still having my 2 disabled sons living at home with me- only in their 20's- its unlikely they can or will ever move out to live more independantly,they are not 'party animals' or socialise like most others their age- yet we are not allowed these types of housing,despite us needing it,more as i get older and/or more sick etc- we cant just bid on most bungalows that arent marked 'over 55's, as most are 1 or 2 bedrooms only, theres only been 2 with 3 bedrooms in 4years.Yet we got skipped over,despite needing all 3 bedrooms.Even though we have a medical banding you cannot just ask for a bungalow etc on that ground you must bid for them along with everyone else- its like a lottery.Our only choice might be to save up and try afford a deposit for a shared ownership property, but even in those bungalows are not often built.especially 3bedrooms.I realise this is not in the 'care/residential home' vein, but i'm pointing out what problems there are if you are in our situation, when you have other family members to rehouse too, and not just yourself to consider when you are getting older &need different housing.In this day & age these are things which need considering and rules changing as more & more families have AC still at home and more is learned about neurodiversity.