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What to consider when buying a retirement property

By Sally - Silversurfer's Editor May 9, 2014

Purpose-built retirement properties are a popular solution for many people over 60 who are considering downsizing.

No longer the ‘old fashioned’ option it was once perceived to be, these days retirement developments are as contemporary that their mainstream counterparts – meaning that now might be just the time to take a fresh look at the options out there.

So what should you be considering when looking at age-specific housing options?

  1. Location. Try to find a development in an area you know, with family, friends and an established community nearby. Look for somewhere near to local amenities and that has good public transport links. Also don’t forget to consider the visual surroundings – Does the architecture look like somewhere you’d like to live? What do you want to see when you look out the window? Although one of the advantages of living in a retirement development is the new community you become a part of, you still have your own property and can choose when and whether to be a part of it or not.
  1. Type of property. Know what type of development you want to live in. A range of options are available, but choice should be dependent of the level of care needed.

At McCarthy & Stone, for example, we offer two types of property to provide purchasers with a real element of choice. Retirement Living is for the over 60s – individual low maintenance and energy efficient apartments with shared facilities like a laundry room and lounge, a dedicated House Manager, security features and 24 hour emergency call points. Then there is Assisted Living for those over 70 that bridges the gap between conventional retirement developments and residential care, by having management on site 24 hours a day and offering additional flexible care and support packages, including one hour’s domestic assistance included in your weekly service charge, to make life that little bit easier. Either way, the properties are built with all mod-cons and many offer a range of additional lifestyle enhancing features such as walk in wardrobes, balconies, and underfloor heating.

If you are looking to enjoy a relaxed lifestyle in your retirement the key is not to leave it too late. Often, we find it can be a crisis that precipitates a move, such as the loss of a loved one, an accident or an illness. It’s best to plan ahead while you’re in the best of health.

  1. Facilities. There are several key necessities to look for when it comes to amenities at any development:
  • Look for a shared lounge area – They are usually the hub of the community, whether you pop in for coffee with friends, or a moment of peace with a good book, but they are also great   for more social activities such as live entertainment, evenings with visiting speakers or even exercise classes.
  • A guest suite is a must. Downsizing from a family home means you will have less room for guests. Many developments will offer a serviced, self contained guest suite where extended family can stay for a nominal fee.
  • You should make sure there are lifts to access the upper floors ‘just in case’.
  • There should be an attractive garden or outdoor space. Keen gardeners often opt for ground floor apartments with patios so they can keep their hand in.
  1. Try before you buy. The decision to move in later life is often a difficult one and the only way to really be sure that retirement living is right for you is to experience it first-hand. At McCarthy & Stone we offer potential buyers the chance to spend a day at our developments, free of charge, to see if the lifestyle is right for them.
  1. Logistics and legal. Moving from a family home is an emotional experience, so take your time and consider your options well. You may be entirely au fait with moving and take it all in your stride but if the process fills you with dread get the developer’s help. At McCarthy & Stone, we can help with everything from solicitors to removals firms and even helping with the tricky and sensitive process of downsizing.

 

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Sally - Silversurfer's Editor

Mother of three grown-up daughters I am the ultimate multi-tasker and am passionate about my role as Silversurfers Website Editor and Social Media Manager. Always on the lookout for all things that will interest and entertain our community. Fueling fun for the young at heart!

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