Sheltered living/Active retirement apartments, Good idea? (2 Viewers)

[steve69]

I had a friend who lived in one for three years (rented). We all thought it was brilliant. I enquired about getting one myself recently but they were all taken for the forseeable future.
There's bound to be good ones and bad out there so have good look first.

 

[gus-lopez]

As said the resale van be a nightmare & what has to be remembered is that whilst trying to sell it the estate is still liable for all the service charges & now without any income.

Will you be buying or renting? If buying they tend not to increase in value as much as perhaps a regular property and if it's leasehold make sure there is a lot of lease left. There's normally a charge for the warden and the emergency button as well.

Thîs^^

As has been said, retirement properties are fairly notorious for being overpriced when new & hellishly hard to sell on.

THis^^

 

[Langtoftlad]

Why worry about re-sale value... so many other things up the priority list to enjoy the property whilst you're alive


When you're gone, you're gone

 

[CazPaul]

Last stop before the coffin, I wouldn’t do it.

 

[Jenben]

Nothing wrong with looking at retirement apartments before you feel you need them it’s good to know what is out there.

I would definitely consider them and for me an active community within the facility ,plus easy transport options (train/bus) would be key.

My friends mum has moved to one in Bristol with trips out each day on offer plus the option to have lunch in the dining room.

Why worry about re-sale value... so many other things up the priority list to enjoy the property whilst you're alive


When you're gone, you're gone

ditto this as well

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[Cal54]

As mentioned previously I live in a McCarthy Stone complex. I agree entirely that if buying new they are expensive and more than likely will depreciate in value. However I’ve bought into a complex that was built over 20 years ago and has been well maintained. I paid less than half of what I received when selling my flat.! I fully accept they are not for everyone, but for me it perfectly suits my needs and lifestyle.

 

[seasideBill]

Worth looking into the companies that own these places. Mum’s was created and managed for several years by owners that had high standards and were in it for all the right reasons. Thereafter it was owned by several less than ideal companies and subject to constant change. At one point it was owned by a venture capital company based in the Cayman Islands. Not sure if it’s still common practice but, when selling the management company took about 5% of the value depending on how long you’d owned the property.

 

[Otter Spotter]

Why worry about re-sale value... so many other things up the priority list to enjoy the property whilst you're alive


When you're gone, you're gone

Children’s inheritance ?

 

[ChrisL]

Why worry about re-sale value... so many other things up the priority list to enjoy the property whilst you're alive


When you're gone, you're gone

That's true but if you have children that you want to leave your assets to then resale value is something to consider especially if you have to spend time in a care home (because of dementia or other illness) as the fees are horrendous, my Mum is currently paying £1000/week for her care which has had to come from the proceeds of the sale of her retirement flat and her savings.

 

[davidroxburgh]

That's true but if you have children that you want to leave your assets to then resale value is something to consider especially if you have to spend time in a care home (because of dementia or other illness) as the fees are horrendous, my Mum is currently paying £1000/week for her care which has had to come from the proceeds of the sale of her retirement flat and her savings.

I am an Attorney for a former client with no family. Her care home fees are £8,000 odd per month! This home is in the South East where no doubt fees are high, but still.
Yet another of the issues to mull over when considering family and inheritance.

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[appydaze]

I live in a bungalow with a spare self contained granny flat. I am thinking about renting it out at a peppercorn rent (£5 a week) to a retired nurse or carer. A bills paid by me in return for light care and needs as required. After all I am paying the bills anyway so no difference to me. I will add that changes to the rent act enable you to end the tenancy quite easily, if things don't work out. The reason for the rent contract is to legally tie up any loose ends. If trying to do it without a contract could result in trouble, so you must be protected. P.S. I live on my own since wife died. Good luck. x

 

[L' Hobo]

Does anyone have experience to share, good and bad?
Currently in a nice flat, but second floor, and no lift and it's getting tiresome, especially when loading or emptying the van.
Lucky me, because I now qualify for age restriction property, so could buy a warden supported place. It's quite cheap on maintenance charges, and ages 55 plus I also live alone.
I don't have any mobility or health issues that need support at the moment.

I am considering a standard ground floor flat, with moho parking, but I mile from any shops, and no bus route or
an assisted living flat which is within .5 Mile of town, on a bus route, and there is a railway station. Also, U3A and a swimming pool, as it's a bigger town.

will I become a senior sleuth??? A la Richard Osman or get cabin fever due to the curtain twitching, can I live in OAP suburbia, I've never been keen on housing estates.,,,,,

I can't retire yet, but planning to in the next year or two. Will I want lots of social activities, once I have lots of time on my hands.

IN summary, am I being sensible and future proofing, or jumping ahead too soon. My previous MO would be impulsive and short term decision making.

I advise all my elderly friends, if your happy, and have good neighbours where you live, don't move.
Better the Devil you know, than the one you don't!

If you're not happy, then that's when you have to decide but, from those I spoken too that have moved, most have regretted it.

 

[MaidinDevon]

I am so glad I posed the question. Funsters have som much knowledge and experience to share.


I thought I woukd share details of apartments in the complex for your consideration.
This is rge cheapest currently available.

Bramley Close, Ledbury 2 bed flat for sale - £88,000

Kimberleys Sales & Lettings - Ledbury present this 2 bedroom flat for sale in Bramley Close, Ledbury

www.onthemarket.com

Check out this 2 bedroom retirement property for sale on Rightmove

2 bedroom retirement property for sale in Furlong Court, Bramley Close, Ledbury, Herefordshire, HR8 for £120,000. Marketed by John Goodwin FRICS, Ledbury

www.rightmove.co.uk

And this is the most expensive.

 

[Lenny HB]

I suppose a lot depends on how fit and active you are.
We are both 73, fit & healthy for our age but don't consider ourselves old at all, the kids still treat us like we are youngsters asking me to fix things for them all the time.

I think a place like that would drive us nuts it would feel like we have been put in prison. No way could I have a place where I couldn't keep the Motorhome outside as I love tinkering with it.
Our current place is not that big but is detached with open fields on two sides & only 200 yds from the beach, nothing would make us move & only a 4 min walk to a bus stop where we can get a bus every 12 min.

While typing this this daughter just phoned "can you walk the dog today" so off I go for two or three miles on the pebbles.

 

[Lenny HB]

I am so glad I posed the question. Funsters have som much knowledge and experience to share.


I thought I woukd share details of apartments in the complex for your consideration.
This is rge cheapest currently available.

Bramley Close, Ledbury 2 bed flat for sale - £88,000

Kimberleys Sales & Lettings - Ledbury present this 2 bedroom flat for sale in Bramley Close, Ledbury

www.onthemarket.com

Check out this 2 bedroom retirement property for sale on Rightmove

2 bedroom retirement property for sale in Furlong Court, Bramley Close, Ledbury, Herefordshire, HR8 for £120,000. Marketed by John Goodwin FRICS, Ledbury

www.rightmove.co.uk

And this is the most expensive.

They look nice apart from not having parking outside your property, that would bug me.
Also quite cheap so even if they drop in value you wouldn't lose a lot.

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[G-RMPS]

Children’s inheritance ?

Their call. Hold out for the highest possible resale price, or accept a lower price for a quicker sale. All habitable properties will sell at the “right” price.

 

[Puddleduck]

Too many people leave it until they are in their 70's which is too late to make a new social circle.
And once you realise the mistake, you are probably too old, too unfit, and not rich enough to move back to where you came from.

My parents' best friends moved into a lovely complex when he retired. They loved it. My Mum and Dad insisted it was a mistake and refused to even go and visit so the relationship soured. The friends made new friends but Mum and Dad became very reclusive from that point onwards.

My Dad died in 2022, Mum is now almost 93 and talking about moving into a bungalow or assisted living place but she has left it far too late. Even 10 years ago would have made a big difference and 15 years ago would have changed their lives for the better if they chose the correct place. Mum's social worker will be with her on Wednesday to do an assessment and talk over options which might be an eye opener as Mum's house (1970s 4 bed and showing it's age - Mum and Dad had it from new) is too much for her although she won't admit that.

I think an easily accessible flat with shops and travel links nearby would be ideal for me when the time comes. Possibly top floor with a lift and when I wanted to I could lock it up for a month or three and go off on a trip. Having said that the house we are in now has a lift and although there is a very large garden I bought a robotic grass cutter last year and so the garden is now more easily managed. I am thinking of taking out the biggest two flower beds and putting them to grass and the other two flower beds can be stripped all the way back and easy managed plants (shrubs with landscape fabric?) put down instead. After 25 years the dwarf conifers are now too tall and will have to come out this year or next.

 

[ChrisL]

Possibly top floor with a lift

Something to consider as we get older is what happens when the lift breaks down or worse, if there was a fire? It is inevitable that we lose mobility to some degree as we age, and whilst we may be fit enough now to climb or descend stairs, that may not always be the case, it's worth considering.

 

[MaidinDevon]

Bizarre coincidence. While researching Ledbury I discovered that one of its notable people, is my recently deceased uncle Rob (Robin Gardner), county cricket player, and footballer. I had no idea this is where he came from.
He met my Aunt in Sussex, and they have lived in Oxfordshire for decades!

 

[MaidinDevon]

Something to consider as we get older is what happens when the lift breaks down or worse, if there was a fire? It is inevitable that we lose mobility to some degree as we age, and whilst we may be fit enough now to climb or descend stairs, that may not always be the case, it's worth considering.

I must admit it is a bit of a worry here, I am on 2nd floor, no lift, not sure how I would survive a fire. I doubt I could get of of the windows. They all have top opening windows.
I just push it to tgw back of my mind.
I am becoming more keen on the idea of a move. I have good neighbours, and live on the edge of downland, lovely walking countryside.
But, if my mobility changes I would be very isolated.
At least in Ledbury there ar3 buses, train, sbd taxis.
Our taxi driver recently retired, in his mid 80's.
Now, you have to rely on firms from bigger towns, and its very expensive.

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[davidroxburgh]

I am so glad I posed the question. Funsters have som much knowledge and experience to share.


I thought I woukd share details of apartments in the complex for your consideration.
This is rge cheapest currently available.

Bramley Close, Ledbury 2 bed flat for sale - £88,000

Kimberleys Sales & Lettings - Ledbury present this 2 bedroom flat for sale in Bramley Close, Ledbury

www.onthemarket.com

Check out this 2 bedroom retirement property for sale on Rightmove

2 bedroom retirement property for sale in Furlong Court, Bramley Close, Ledbury, Herefordshire, HR8 for £120,000. Marketed by John Goodwin FRICS, Ledbury

www.rightmove.co.uk

And this is the most expensive.

hi - the length of lease on the first one is no good. If the flat were otherwise right and you were keen, you should insist that the lease term is extended by the seller back to 99 years without charge to you. In simple terms never go for a lease term of less than or approaching 80 years left. The cost of a lease extension increases at that point.

Incidentally in my last post I commented on management companies. Do be aware that Housing Associations are a very mixed bag and for example look up Anchor the freeholder of the first property. I have real sharp end experience of dealing with very large Housing Associations and Management firms. While there is a risk that reviews always tend to be negative, looking at websites and reviews will in the end give you a feel about them.

There is a very good website called "Lease". May I suggest you start researching that site - although time consuming you will steadily learn the tricks and snags of leases and be so much better able to judge what is good and bad. I hope it goes well.

 

[Nanniemate]

Does anyone have experience to share, good and bad?
Currently in a nice flat, but second floor, and no lift and it's getting tiresome, especially when loading or emptying the van.
Lucky me, because I now qualify for age restriction property, so could buy a warden supported place. It's quite cheap on maintenance charges, and ages 55 plus I also live alone.
I don't have any mobility or health issues that need support at the moment.

I am considering a standard ground floor flat, with moho parking, but I mile from any shops, and no bus route or
an assisted living flat which is within .5 Mile of town, on a bus route, and there is a railway station. Also, U3A and a swimming pool, as it's a bigger town.

will I become a senior sleuth??? A la Richard Osman or get cabin fever due to the curtain twitching, can I live in OAP suburbia, I've never been keen on housing estates.,,,,,

I can't retire yet, but planning to in the next year or two. Will I want lots of social activities, once I have lots of time on my hands.

IN summary, am I being sensible and future proofing, or jumping ahead too soon. My previous MO would be impulsive and short term decision making.

What have you been drinking/sniffing
Your nowhere near sheltered housing .yet
Edit just seen the flats that's not what I was thinking of
Check the service charges . But if you think about the van you need parking on the door step as lugging stuff a long way is as bad as lugging up and down stairs .
I'm sure you'll find some thing just right
This is going to sound harsh but these kind of properties came up all the time due to the age that buy them .
Check what changes you can make without having to get permissions like walk in showers and such like.
I'm sure you will know the right one when it pops up

 

[kimndon]

Kim and I have made a plan for ourselves after a tough 2023. Kim is recovering from breast cancer, still working part time, and much younger than my 70 this year.
We will sell our bungalow which we have been refurbishing for the last 3 years, buy an apartment for an address and travel Europe in our motorhome for, at least, the next two years. We will have to return every 6 months or so for Kim's checkups. We are so lucky that I have an Irish passport. Really looking forward to our twilight years together.

 

[Nanniemate]

Kim and I have made a plan for ourselves after a tough 2023. Kim is recovering from breast cancer, still working part time, and much younger than my 70 this year.
We will sell our bungalow which we have been refurbishing for the last 3 years, buy an apartment for an address and travel Europe in our motorhome for, at least, the next two years. We will have to return every 6 months or so for Kim's checkups. We are so lucky that I have an Irish passport. Really looking forward to our twilight years together.

Sounds like a plan . Happy travels

 

[activecampers]

Parents (80yo) were looking at a M&S place
Looked good, great sales pitches and they almost bought.

But the facts (edit: the facts at the place/complex they wanted)
Brilliant location, good flat, good facilities.
£11k pa fees plus bills (>3k pa increasing)
DESPITE what M&S said No capital growth, in fact most places sold at a loss of around 30% on purchase price (not withstanding the length of time on market, empty, incurring fees, and also exit "contributions"). And its not just the loss - capital gain on "normal" flats would've been up 30% in the same period so net loss is significantly more
DESPITE what M&S said, they were not selling quickly. No sales in 2023 (listed to Oct '23), 4x in 2022 and 4x in 2021 - and 12/13 on market.....
They said they would be the youngest, at 80, meaning if everyone else is older the activities will be poor for them and there would be more empty apartments coming up.

Huge money pit

(their money, their choice, but bottom line: If they moved in, they could not leave without massive financial loss - even if they could. If one of them died, or needed care, they may need to move..... Also if dad died, the way their pensions are (don't ask) mum would be spending more "existing" than her income, ergo she ran out of money by age X. )

Simply, they looked like they could afford it, but reality was in some circumstances they'd be bankrupt. Costs a lot more than you think (bear in mind interest rates, compounded price increases etc).

If they lived till 85 - happy days. But if dad died at 81 and mum lived till X she would be homeless.

You really need very good pensions and savings for it to work.

Fortunately they saw sense....
(hasten to add, my comments to them were 100% based on provable facts and data with no view on any potential inheritance - we're assuming nothing, expect nothing, and wish they would blow the lot having fun and run out on their deathbed.)


TBH not sure what the answer is? We have no kids, and many of our friends don't. Even unconnected friends say the same and joke about a group of us buying our own place/village and getting our own nurses/carers in and set up an OAP commune

Watching parents getting old isn't fun They go from thinking they are 60 and can do XYZ to not being able to do ABC within a few hours. But totally don't notice the bad bits.

Trouble ahead.

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[h1ghway1]

I looked at a few last year after I sold my family home.
Some of the service charges are eye watering..in Oxford I've seen 5k...even if you are fit there is often a Care charge attached..
Now purchasing an ex LA 1st floor flat near bus, surgery,shops and pub

 

[Nanniemate]

I have to admit I have thought about selling up liquidating all assesses and going travelling.
Spending the lot and then planting myself on the doorstep of a nicely located council
Saying I'm old broke and homeless
Can you house me please

However could it go wrong

 

[MaidinDevon]

I have to admit I have thought about selling up liquidating all assesses and going travelling.
Spending the lot and then planting myself on the doorstep of a nicely located council
Saying I'm old broke and homeless
Can you house me please

However could it go wrong

To be fair Lois, that's what my reckless head wants to do.
I have a buy to let flat as back up, if I did just sell up and live in the van.
More exciting than an assisted living flat.
Maybe I will. I love the freedom, and simplicity of living in the van.

 

[Janine]

I have to admit I have thought about selling up liquidating all assesses and going travelling.
Spending the lot and then planting myself on the doorstep of a nicely located council
Saying I'm old broke and homeless
Can you house me please

However could it go wrong

Sell up and spend your twilight years on cruise ships

 

[Nanniemate]

Sell up and spend your twilight years on cruise ships

I used to.like you my idea of hell

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