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Elderly parents
Original poster

Seeking advice - Looking to sell a 1 bed flat in a retirement home (Gerrards Cross)

35 replies

TaupeZebra · 23/11/2024 12:14

Hello everyone,

To keep it brief: we’ve recently acquired ownership of a one-bedroom flat in a retirement living community for individuals aged 70 and above. The property is located in Rutherford House, a relatively new McCarthy & Stone development in Gerrards Cross.

The annual service charges amount to approximately £13,000, and comparable resale properties within the development are listed at around £275,000. We’re open to offers significantly below that price.

Our goal is to sell the flat, and we’re reaching out to see if anyone here might be interested or has experience with selling properties of this kind. Any advice, insights, or guidance would be greatly appreciated.

Thank you in advance!

OP posts:
mitogoshigg · 23/11/2024 13:00

These are at the luxury end of the market and whilst they vary a bit, they tend to have a lot of facilities hence the high monthly charge, my friends's block is lovely but it was £££ to buy outright.

Original poster
TaupeZebra · 23/11/2024 12:59

villagecrafts · 23/11/2024 12:47

In your position I would reduce the price to what you might at the moment consider a silly, ridiculously low price.

That's the only way you are likely to get any interest at all, bearing in mind the hefty service charges and well-recognised difficulty in selling these retirement homes.

Be realistic about your expectations - check Rightmove for previous actual sold prices to help you come to terms with the reality of the situation, and not be swayed by estate agents persuasive blether in their efforts to get your business.

I'd rather reduce now and sell as soon as possible, than it be languishing this time next year, or even longer, with several 'price adjustments' along the way, which is frequently the case.

How low do you reckon? 200k? 150k?
The last one sold in March this year for 340k and the developer is asking for 400k for a new one. Insane

OP posts:
Original poster
TaupeZebra · 23/11/2024 12:57

User364837 · 23/11/2024 12:40

Are you allowed to rent it out? That could be another option if selling proves hard.

otherwise you’re just going to have to make sure it’s the best one in terms of decor etc that’s on the market currently in that block.

I assume they're quite hard to rent. McCarthy for instance quotes £4500/month in rent for the 1 bed. They provide good services but that's still painfully quite a lot to cough up.

OP posts:
villagecrafts · 23/11/2024 12:47

In your position I would reduce the price to what you might at the moment consider a silly, ridiculously low price.

That's the only way you are likely to get any interest at all, bearing in mind the hefty service charges and well-recognised difficulty in selling these retirement homes.

Be realistic about your expectations - check Rightmove for previous actual sold prices to help you come to terms with the reality of the situation, and not be swayed by estate agents persuasive blether in their efforts to get your business.

I'd rather reduce now and sell as soon as possible, than it be languishing this time next year, or even longer, with several 'price adjustments' along the way, which is frequently the case.

User364837 · 23/11/2024 12:40

Are you allowed to rent it out? That could be another option if selling proves hard.

otherwise you’re just going to have to make sure it’s the best one in terms of decor etc that’s on the market currently in that block.

BourbonsAreOverated · 23/11/2024 12:38

1457bloom · 23/11/2024 12:25

I think the government needs to look at the whole retirement home business model. These flats have huge service charges and they are hard to sell, it doesn't seem fair to me. Meanwhile we are crying out for good quality affordable retirement homes in the UK.

good luck op, hopefully a down sizer will snap it up.

they are the only ones planning for generation rent to “retire”. The housing benefit bill that will get paid to McCarthy and stone and the likes of, is going to be ludicrous.

FishScales · 23/11/2024 12:37

HermioneWeasley · 23/11/2024 12:21

Good luck. These are notoriously difficult to sell.

Absolutely. They have a reputation for being incredibly difficult to sell.

Original poster
TaupeZebra · 23/11/2024 12:36

1457bloom · 23/11/2024 12:25

I think the government needs to look at the whole retirement home business model. These flats have huge service charges and they are hard to sell, it doesn't seem fair to me. Meanwhile we are crying out for good quality affordable retirement homes in the UK.

Couldn't agree more.

OP posts:
1457bloom · 23/11/2024 12:25

I think the government needs to look at the whole retirement home business model. These flats have huge service charges and they are hard to sell, it doesn't seem fair to me. Meanwhile we are crying out for good quality affordable retirement homes in the UK.

HermioneWeasley · 23/11/2024 12:21

Good luck. These are notoriously difficult to sell.