Retirement Property

[Teddy Bear]

Anyone bought ever bought one? If so what are the pro's and conns?

I'm talking about those listed as "retirement only" on such sites as Rightmove. As they have appear to have age restrictions on who can live there they appear much more realistically priced especially in South Coast towns with a large elderly population.

By the way this is not for myself but my retired dad who's been lumbered with an outstanding mortgage in retirement courtesy of his big spending ex wife (not my mum!).

[tim123]

Anyone bought ever bought one? If so what are the pro's and conns?

I'm talking about those listed as "retirement only" on such sites as Rightmove. As they have appear to have age restrictions on who can live there they appear much more realistically priced especially in South Coast towns with a large elderly population.

By the way this is not for myself but my retired dad who's been lumbered with an outstanding mortgage in retirement courtesy of his big spending ex wife (not my mum!).

They are more realistically priced because there are very limited resale opportunities.

Whilst, in theory, they are available to over 50s, many of them come with services charges for services that 50 year olds don't need/want so the actual market is over 65s.

If you buy one you should expect to take a loss on resale, unless you get it very cheap in the first place.

tim

[Snugglybear]

<sip>

Whilst, in theory, they are available to over 50s, many of them come with services charges for services that 50 year olds don't need/want so the actual market is over 65s.

tim

You need a hefty income to pay the service charges. E.g. in Cardiff, a one bedroom flat in a block in a fairly leafy suburb will cost you £130 a month in service charges* and ground rent currently. That could easily rise. And it doesn't include council tax, nor utilities - nor one-off payments for major maintenance and improvements.

* the only services this pays for are a residents' communal lounge, laundry facilities and the services of a House Manager.

[bigsmelly]

is it actually legal to discriminate on the grounds of age?

What if an 18 year old wanted to buy one?

[SarahBell]

They will be harder to sell potentially.

And will be rules about subleting/young people visiting/staying etc that might prove too facist.

[tim123]

is it actually legal to discriminate on the grounds of age?

What if an 18 year old wanted to buy one?

Yes. And in most cases the rule is enshrined in the planning application. Councils often give permission for age restricted property where they wouldn't have given permission for normal flats.

Why would an 18 year old want to live in a property surrounded by old fogies?

[kilroy]

Yes. And in most cases the rule is enshrined in the planning application. Councils often give permission for age restricted property where they wouldn't have given permission for normal flats.

Why would an 18 year old want to live in a property surrounded by old fogies?

Everything has a price....

[Teddy Bear]

Cheers for the feedback so far guys. A lot of them seem to refer to purpose built/warden assisted blocks with high service charges. My question is do these service charges also applly to normal property that is advertised as retirement only e.g. detached or semi detached bungalows.

Mark

They are more realistically priced because there are very limited resale opportunities.

Whilst, in theory, they are available to over 50s, many of them come with services charges for services that 50 year olds don't need/want so the actual market is over 65s.

If you buy one you should expect to take a loss on resale, unless you get it very cheap in the first place.

tim

[Mrs Bear]

Anyone bought ever bought one? If so what are the pro's and conns?

I'm talking about those listed as "retirement only" on such sites as Rightmove. As they have appear to have age restrictions on who can live there they appear much more realistically priced especially in South Coast towns with a large elderly population.

By the way this is not for myself but my retired dad who's been lumbered with an outstanding mortgage in retirement courtesy of his big spending ex wife (not my mum!).

The big con is often massive service charges.

I once took my mother to see one - relatively newly built. She was very put out that there was no dishwasher, and no space for one.

The person who showed us around said, 'They didn't think old people would want one.'

Cue very indignant exit.

[cashinmattress]

The only retirement property that is worth investing in is the one you can see yourself growing old and dying in.

[cartimandua51]

The only retirement property that is worth investing in is the one you can see yourself growing old and dying in.

I think I could live my time out in this, given a bit of redecoration (I think the service charge is about £300pa) Not a retirement property as such, but in a development with a very active Residents Association.

http://www.rightmove...ap&fromMap=true

[tim123]

Cheers for the feedback so far guys. A lot of them seem to refer to purpose built/warden assisted blocks with high service charges. My question is do these service charges also applly to normal property that is advertised as retirement only e.g. detached or semi detached bungalows.

Mark

Do you mean park homes (AKA caravans?)

tim