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AIBU?

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Original poster

Rightmove - Over 60s Only

124 replies

NononoLimit · 22/03/2019 10:05

I'm prepared to get flamed here but I'm searching for a new home and I keep seeing lovely 3 bedroom properties which are over 60s only; massive gardens (some with multiple levels but all have to be mown), 3 big bedrooms and cannot help feel the amount of these over 60s only properties (there are loads the further out of London you look) could be going to families in need of housing.

I totally understand over 60s properties are necessary, especially at an affordable price due to people no longer being able to get mortgages, etc. However, I expected that on a different type of property, perhaps 1 or 2 bedrooms with smaller gardens.

My thoughts on it are everyone I know over 60 wants a manageable property and apart from family staying, the over 60s I know are all downsizing for the future. I don't get it but I'm prepared to be enlightened...? AIBU?

OP posts:
Mammajay · 22/03/2019 10:13

If it is Homewise, it is equity release, so not the price listed. For non equity release, anyone can buy those properties at full market price

Trumponerous · 22/03/2019 10:15

As above. If you widen your price bracket in your search you will see what the full price is .

Flobochin · 22/03/2019 10:19

A lot of over 60s still have family living with them. Sons, daughters, or even their own parent(s)

Not all over 60's want to downsize. And why should they?

RandomlyChosenName · 22/03/2019 10:20

I hate Homewise. I don't think they should be allowed to advertise in Rightmove. Equity release scheme not an estate agent and equity release is extremely dodgy and you should need an IFA before considering it.

SaveKevin · 22/03/2019 10:21

Yes we are in a homewise area, it does my head in. They seem to have every bloody property

Lungelady · 22/03/2019 10:21

I am 60. I recently bought a 4 bed house...Why would I live in a smaller house?

AlexaAmbidextra · 22/03/2019 10:26

I am over 60. I don’t want to be squashed into a ‘just big enough’ property thanks very much. Neither am I thinking of downsizing. Over 60 doesn’t mean you’re frail or infirm.

Laska2Meryls · 22/03/2019 10:26

Yes its equity release (sort of lease/rent/ shared ownership deal) not cheaper homes for over 60s at the expense of younger ones.. you can still buy these homes but at the market cost ..

Also its a pretty bad idea if anyone wants to pass on anything or is likely to run out of cash as one gets older,because the house will always have a mortgage and be partly owned by the mortgage holder ( the equity company) which has the first say .. (and who can evict for non payment/AND doesn't have to pay back the owners share..)

Its ok if you are looking for a quick way of getting money out because you know you may not have many years to go (or dont care) .. but a bugger if you may need to sell your home or finance care..

AntiHop · 22/03/2019 10:31

Yes if you look at more expensive properties, you'll see them listed at the full price.

H0wt0kn0w · 22/03/2019 10:36

When my parents were 60 (and 62) they had me, my younger sibs and and my two primary school DC living with them, 4 bed house luckily but at 60 we were all bursting out of the four walls tbh! We all have a lot more space now.

H0wt0kn0w · 22/03/2019 10:38

@alexaAmidextra, I know what you mean, I might finally be able for a bit of luxury that isn't messed up INSTANTLY by the time I'm in my early sixties and I will deserve that! I've been cooped up and knee deep in clutter in a shabby shack for the last ten years (and v grateful for the roof over our heads btw) but when I can afford a bit more decadence I will go for it.

totallywired · 22/03/2019 10:38

If you click on 'don't show' then 'retirement properties' you won't be shown them. As pp say they are available for anyone to buy at full price.

Laska2Meryls · 22/03/2019 10:39

What it actually is not a cheaper house advertised , but an equity release company advertising their financial product, in the same way a finance company does on cars etc.

So it not the real price of the house but the price of a proportion of the house (supposedly for life of the buyer) , but you have a lease/rent mortgage and if you dont or cant pay then its like any other mortgage except that they are the main owners and have the first charge on the property. (and if it fails they are under no obligation to pay back the occupant - although the better ones will come to an agreement ) .

The wheels often can come off these sort of agreements if the occupier cant pay or needs to go into care

JinglingHellsBells · 22/03/2019 10:42

I don't understand- never ever seen that on RM- maybe it's unique to certain areas? Do you mean the vendors only want to sell to people over 60 or is it a shared ownership? The only over 60s places I've seen are flats that are retirement homes.

I am 100% in disagreement with you!

I am over 60, we have 4 beds , but a small kitchen and utility room, and a medium garden.

I want to upsize when we retire. I'd like both DCs to be able to stay if they want to, and if they have children we'd need more space.

I don't see why you feel the need to 'write off' us older people as needing less space! We have families who we want to be able to accommodate and I want a lovely big family kitchen.

Don't put us out to grass yet- my parents are alive in their 90s!!!

twofingerstoEverything · 22/03/2019 10:45

They are priced lower for the over 60s, because they're basically selling a lifetime lease, ie. buyers will not outrightly own the property and will not be able to bequeath them. I wouldn't feel too envious if I were you. They're a way of ripping off older people.
There are some shockers in the small print: eg, if the owners need full time care in a home, their ownership ends.

Grace212 · 22/03/2019 10:47

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JaneEyre07 · 22/03/2019 10:49

I've had a go at my mum recently for looking at some of these. I can't even begin to imagine how all of it is legal, it seems like extortion to me.

CheesyWeez · 22/03/2019 10:50

I recently enquired about some new builds in our area. The EA said they are for over-55s only. He explained that as such the developer was allowed to build them WITHOUT having to provide a percentage of them at affordable prices for local people.

This seems wrong to me as we need affordable housing!
The new builds had no discernable reason to be for older people (no on-site care facilities, or easy access, handrails, raised flower beds, or special financing)

TarragonSauce · 22/03/2019 10:50

Yes, you are not buying the property, just the right to live in it till you die, and it will not form part of your estate.
If you look further in in the listings you will find the same property with a (much much higher) 'proper' price.

pootyisabadcat · 22/03/2019 10:50

Duh! They're home equity releases. It's buying property not renting, it's not a charity. Families are free to buy what they like if they can afford it. We don't plan on downsizing. Why should we? This is our home.

BigFatGiant · 22/03/2019 10:51

O don’t quite understand what you are getting at. Are your suggesting they should be sold on the open market? Or are you suggesting that the companies that own them should be forced to sell to younger families? Or do you just think older people who live in larger properties are selfish?

Daisymay2 · 22/03/2019 10:53

We had our kids very late 30s early 40s. Our 4 bed house is still fully utilised thank you, and we can manage our garden.

pootyisabadcat · 22/03/2019 10:53

The EA said they are for over-55s only. He explained that as such the developer was allowed to build them WITHOUT having to provide a percentage of them at affordable prices for local people.
This seems wrong to me as we need affordable housing!
The new builds had no discernable reason to be for older people (no on-site care facilities, or easy access, handrails, raised flower beds, or special financing)

We need housing for over 55s, too. Why not? Not everything has to be 'family' oriented. Maybe over 55s are sick of listening to peoples' brats screeching in the street all Summer. We're not decrepit and need bloody handrails and on-site care facilities! Don't blame EAs at all, they're there to maximise their profits, not provide charity.

Grace212 · 22/03/2019 10:54

BigFatGiant "Or do you just think older people who live in larger properties are selfish?"

yes, OP said she thinks the homes for over 60s should be smaller.

Laska2Meryls · 22/03/2019 10:58

CheesyWeez, its probably not so simple as that , most Planning Authorities have policies about what can be built where ,and a certain percentage of sites ( in our are its on sites over 14 houses) will m need to be built as affordable. This can be mitigated if the developer can build 'specialist homes' ( and they dont have to be disabled type) for example restricted for people over 55. but if its a larger site they would still have to either build affordable( if the site is large and suitable) enough or pay towards the building of affordable elsewhere in the area , if they cannot provide them..

If you check the planning permission for the site you are talking about (it will be on your local council's website ) , you'll find the legal agreement which will set out exactly what has been agreed.