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Retirement Homes & Fees

Hello, I couldn't find a thread on retirement homes so started a new one....


I am looking into retirement home purchase and the associated fees eg if the home is sold.


My questions are;


1. Have you recently purchased a retirement home and know about event fees/exit fees eg 1% needs to be paid when the property is re-sold? At what stage of the purchase were you made aware of these? Estate agents or solicitors?


2. What has your experience been of buying a retirement home and especially understanding the fees?


3. Were you given fee information in a clear format?


4. would you prefer the fee information in written format or access it electronically


5. Do you use the website Elderly Accommodation Counsel (EAC) to find advice and information on accommodation ? Thank you RSZara


Created By on 31/10/2018

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hillarystrickland
8th Feb 2021 23:48:43
0
Thanks for voting!
Hello. I'm also here to watch the thread as the topic is of great interest to me and I'm looking for any advice / experience. Thanks for starting it. Hopefully, it will move on at some point...
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hondygirl
30th Jan 2019 21:43:45
1
Thanks for voting!
Hello RSZara. I am sorry I can't give any definitive answers but I came across your post in a google search. I would also be interested in this topic as I am considering returning to the UK from abroad on my own in the future (see my long post in the friendship section) and was thinking a retirement/lifestyle village would be good as I will not know anyone. From my research however, the general consensus seems to be that they are bad value for money, much more expensive per square meter than a normal house. Also generally quite small. There has been bad press about the ground rent and the ongoing management fees, Also they do not seem to hold their value well and the resale value for the family has often been below the original purchase price, especially if you originally bought a new property and the fees still have to be paid till the property is sold. On the plus side however, if you can afford it you may not care about all this as I can see the advantages of a retirement village with ready made company and lots going on plus security and not having to worry too much about maintenance, I was hoping you might have had some replies by now, but maybe those who are living in a retirement village are all too busy having a great time to be members of Silversurfers!
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