Worried about retirement choices?
This will make you smile.
As you consider your retirement options you’ll be doing your research to ensure you make the right long term decision, as you’ll want to feel happy and settled. Right now, a Rental model has never looked so good.
At this stage in your life financial certainty is paramount, and you’ll want to feel safe and secure in the knowledge that you are in control of your money and your assets.
Property purchase maintains the valued position of home ownership, but as many of the retirement property options are leasehold as opposed to freehold, there is very little difference to a rental model. The difference though is in the costs, some of which can be less than obvious.
Purchase prices can be higher than the general market and you may only be able to sell back to the developer or freeholder, at their valuation. ‘Exit’ fees from such developments can range from 5% to over 25% of either the original purchase price or the sell back value; add in stamp duty and legal costs and there is a significant premium for a purchase. This is money you and your family will never get back.
Most leasehold purchases also carry ground rent, service charges and maintenance costs – month in, month out. You didn’t pay these when you bought your family home, so why pay them on your retirement property?
In contrast the all-inclusive Rental model offers certainty, easy planning, and flexibility. There are no property repairs, gardening costs, utility bills, Council Tax, internet charges, weekly housekeeping and bedlinen laundry, or transport costs on days out in the private minibus. There are three restaurant meals a day and refreshments throughout, plus daily entertainment.
If you prefer a different outlook or you wish to downsize from a two-bed to a one-bed apartment there’s no sales fees, purchase costs, or delays; you just move and pay the new monthly rent. Property purchase won’t give you that.
The financial and freehold ownership arguments are clear, so it’s a matter of individual choice. Look for clarity and a solution with no small print that gives you the cost-free ability to change your mind at any time.
We have thriving Hawthorns retirement communities in Braintree Essex, Aldridge West Midlands, Eastbourne East Sussex and Clevedon Somerset with other communities in development in Northampton. Call 01323 640088.
Latest posts by Sally - Silversurfer's Editor (see all)
- The skies are now open…but is your travel insurance adequate? - September 25, 2020
- 8 reasons your dog has no appetite - September 24, 2020
- Will you be downloading the new tracing app today? - September 24, 2020
- Have the new coronavirus rules gone far enough? - September 23, 2020
- How to Help People With Dementia - September 20, 2020
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!