Retirement Homes

[fruitqueen]

Are there any restrictions to purchasing these even though I may not have reached 55 yet? But would like to buy one for my children's stay and possibly for my later twilight years?

Each development can have differing rules and offer differing services. As well as buying one outright, you may wish to look into the rental and shared ownership options, e.g. through companies like Bield. Near me there are retirement Holmes that are essentially stand-alone properties with your own front door and a warden living in the development, while others are large buildings with shared lounge areas, organised activities and more strict rules about overnight visitors. Your local estate agents may be able to suggest ones that will suit you.

I think it's possible to buy a retirement flat and rent it to people in the correct age group. You can then move into it when you reach the magic age of 55 or 60. One of my friends is considering doing that - it's the only way she'll be able to afford to buy her own home.

I don't know if all retirement complexes allow it. And also check the minimum age: I've seen one that said 55 but the small print said 55 only if living with someone over the age of 60. A single person would have to be at least 60.

And be very careful to check what the terms are when (and if) you come to sell it. Some companies demand a portion of any profit you have made.

Check the terms very carefully. Most (?) companies demand a percentage when you come to sell it.

Some demand a percentage when you rent it - the property my mum is in demands a percentage of the value of the property every time it is leased to a different tenant (or something outrageous like that), basically to stop the properties ever being rented out.

Having said that, I also know of one case where the owner passed away and the children (all under 55) basically use the house as a holiday home - not sure the company can do much about it as they are clearly not paying rent but simply "waiting for the right buyer".