Has anyone seen any 'over 50's' retirement flats?

[LaurieFairyCake]

I used to see them, now I only see over 55's.

Anywhere

More common in London is the “rent in retirement complex” format. So halls for older people, with 24 hr person, classes, restaurant,
communal area etc.

I can’t imagine looking at retirement flats in 14 years time. Most people still have 17 years of working life in them at age. In my opinion they’re just a big fad to try and free up family housing in an area that’s being hogged by older people.

I'm in one of these, it's part retirement complex, in beautiful grounds in the countryside. For over 50s, in rural east Midlands.

I rent as I don't want to buy anything (don't have the funds, don't want to tie up what funds I do have in a property, worry about selling on, don't want family to have to sort out anything when I'm gone).

It's actually perfect, most of us are still working. You don't have to be retired to be in one of these, although there are also others who are in their 70s/80s who aren't. My closest neighbours all go out to work, a couple of them in high powered jobs with lots of travelling, so the place is a perfect lock-up-and-go as well. I also work and have just recently taken on a job where I commute weekly but I keep this place on as it will be excellent when I retire.

Rent is extremely low because it's 50% less than local rents, with it being classed as a retirement complex. There are singles, couples etc., but no youngsters with children and no teenagers on bikes etc., which also makes it perfect for me. There is no ground rent to pay, no service charge and if anything goes wrong, I send an email and a handyman comes and sorts it out, for free. What is even better is that we pay a small amount each month and it covers all heating, lighting, water and a contribution towards council tax....while everyone else is worrying about their fuel and utilities bills, I'm not worried in the slightest.

Honestly, I couldn't rate it more highly.....

I actually feel a bit defensive of the idea of over 60 (or whatever) retirement complexes because I think the theory of them answers many of the challenges of today's population.

Almost 1/5 of people born 1975 ish - do not have children. And that number is rising for those born after that date. Many of those may have other younger relatives who are prepared to step in help them - but not all. Friends are great, but tend to age with you and the older gen in my family have each found themsleves one of the last left alive of their friendship group.

It's all very well wanting to stay in your own home but I think it neglects to acknowledge the reduction in confidence I see in many elderly people. The world changes and they find it harder and harder to keep up. Even things like finding tradespeople without being scammed, becomes harder and harder.

Living in a complex where this is taken care of for you - and where there are someone on hand to advise - could really be a lifeline. Someone who can call an ambulnace of you need one. Someone to check you're ok. Onsite hairdressers and a little shop (in some of them) = even better.

Loneliness and lack of social interaction is also a growing problem and these complexes can help counter that by providing on site people of a similar age who you could meet with.

Yes, they don't hold their value but who cares? If you've got to live in comfort and safety and don't have children to leave anything to (even if you do) - who's to say it's bad that you 'spent' that value on your home and have nothing left to leave?

I think the idea is great - I just wish is was executed a bit better than some of the ones around today.

@HappilyContentTheseDays gives a great example of where it can work really well. I've owned houses and I've rented. Whilst it's nice to have the security of owning, being responsible for the house is pretty relentless and stressful. To get security whilst also having all the 'irresponsibility' of renting, sounds ideal to me - especially once over a certain age. I could easily imagine how that is a very stressfree way of life.

My mum is in a social housing Independent Living block and has been for c8 years. She's 80 next year. She bought (part ownership) but most rent
Pros:
Large flat for the cost.
No external maintenance (she still has to manage internal stuff)
No garden to worry about
Good location opposite a small supermarket and bus into town
On site care with THE SAME carers for long periods should she need it (not yet!)
Alarm call system
Lifts
Coffee shop where she always bumps into people she knows
No kids or pets (both of which drive her mad)
Great mix of people some of whom she loaths and some she loves, but either provide her with stuff to chat about!
Secure
CONS
housing association is a shit show- take ages to sort stuff
The service charge is a joke and poorly worked out which adversely impacts on the flat owners (I am helping her take this forward via official channels).
It'll be a headache to sell. But my headache not hers.

No one is forcing anyone to buy one but there are advantages. Ages in mums place go as low as 55. Lots are still working (as it's social many in their 60s and 70s are still working)

As a DD it's swings and roundabouts. She's done all the downsizing so I won't have our old family home full of 40 years of crap to sort. That she hasn't coped with maintaining for years or updated which has knocked a lot off 'my inheritance' but I will have a slightly difficult flat to sell. It'll go at the right price.
It's my DMs money and her life. On balance the peace of mind I have knowing she's in suitable accomodation with care that can grow with her needs is worth far more than cash

I'll be doing this too most likely and save my kids the hell of trying to care for me in a house which isn't suitable.

Most people make the move 5 years too late. Easier to stay out of a care home for longer if you are in this sort of accomodation.

You're able to rent an apartment, don't just have to buy. That could be a better option?

Can he not rent it out - at least it would cover the expenses.

@HappilyContentTheseDays That sounds absolutely brilliant - good for you.

I think renting one of these places is completely different from buying.

The buying element is what causes lots of potential problems for the people who inherit it.

True. My mother was very happy in hers. It was a total nightmare to sell, though and did impact inheritance. She only lived in it for three years before dying suddenly. No one has a crystal ball, but I’d have felt better about her choice to live there if she’d had a longer stretch at enjoying it. With hindsight it was not a clever move.

@PurpleButterflyWings my mum lives in one of these and I don’t recognise your snobbish description at all. It’s a beautiful place, v far from a shithole, there is no forced socialising (how would that work? 🙄) and the residents all have their own social lives but meet up when they want to. You’re lucky to have the live you have and be happy - No need to be so superior.

You couldn't pay me to buy one of these overpriced hovels

'Geriatric ghettoes' was the not so flattering description someone came up with when these started being a thing. I keep seeing the ads for these and all the money you can save on this and that because they do it for you and the old cynic in me says 'yep, and how do you recoup these costs? sky high service charges, that's how.'

Like you, I couldn't be paid enough to live in one of them.

@Margoliciously absolutely. My mum’s happiness now is more important than what she leaves behind but my generation has become obsessed by what they’ll inherit and woe betide anything that eats into their “right” to get rich.

I manage a retirement complex like this and 2 of my over 60s residents still work full time. It's not unusual.

The one down the road 4 of them work part time. (I've managed that during the time they had no manager so know them well)

Working is not a issue for most of them.

Value depends on your area. The ones I manage have kept their value the ones in the town I live in haven't (yet they are building more!) So do your research.

We had one that didn't sell for 5 years but it needs a new bathroom a new kitchen and new curtains and it's on for more than the ones who sold was. Owner won't budge claims that's the worth of the flat and others sold for similar. Yes they did bit not with needing a new kitchen and bathroom. Sometimes it's about understanding the market better.

Having said all this. I doubt I will ever buy one myself. The drama! Omg give me teenagers any day 😁

@MrsDanversGlidesAgain and yet there are many many thousands of old people who stay in their own homes and live with crippling loneliness for decades once they retire.

Id far rather live somewhere with other people than on my own.

And that's your choice. It's not mine.

Of course it’s a choice 🙄. But the sneery attitude to these places when there’s so much desperate loneliness in old age is sad. And adult children talking their parents out of buying one because they don’t want their inheritance eaten into is pure selfishness.

I like the idea of having a hot meal every day, company and activities (especially a swimming pool) and someone else taking the strain of maintenance, cleaning etc. Sounds like being on holiday!

My best friend has just moved into one. She's 55, divorced (ex has since died) and recently retired from her job in social services.

She looked into originally when she was retiring and told they were for over 55s, then it was for over 55s but one of the home owners needed to be over 60. However her solicitor got them on a loophole and she was able to move in at 55.

She loves it, but I think she's insane, for all the reasons others have said, difficult to sell, frequently depreciate, high service charges etc. She's not bothered because she's going to live there till she dies.....however after she dies her son will have problems selling it and will be left with the high charges until he finally sells it. But she does like it and I don't want to burst her bubble!!!

What a nasty, aggressive post. Grow up!

Agreed, I’m 56 and can’t think of anything worse.

What a nasty, aggressive post. Grow up!

It really is!

It's one thing explaining why it's not the choice for you - quite another to slag them off so aggressively, especially as there are people on here who live in. them.

Well nobody is forcing you to move to one. A bit ridiculous to feel "illogically angry". I wouldn't want to live in one at my age (64), but seeing ads for them doesn't bother me. Do you always get so angry at ads?

however after she dies her son will have problems selling it and will be left with the high charges until he finally sells it.

I've read this several times on here - is that really how it works? I'm not in the UK and am currently waiting for my late DF's place to sell, but I don't have to pay the service charges - they come off the total amount paid out when the place sells. Sounds far more sensible to me.