Page 5 | Has anyone seen any 'over 50's' retirement flats?

LaurieFairyCake · 2023-07-16T06:54:52+00:00

I used to see them, now I only see over 55's. Anywhere [smile]

Chewbecca · 17/07/2023 17:57

For all the posters poo pooing these apartments - where do you expect mature folk to live when their family home becomes too big / high maintenance for them?

There aren't a lot of alternative options. Renting often isn't available. Bungalows (round here) are being bought up and extended into the roof so are now rare and £££. Plus still have a fair amount of maintenance. A regular block of flats I guess?

MrsDanversGlidesAgain · 17/07/2023 18:07

For all the posters poo pooing these apartments - where do you expect mature folk to live when their family home becomes too big / high maintenance for them?

I don't care where they live because it's nothing to do with me so I've got no expectations or thoughts on the subject. Anyone would think that those of us who don't fancy the idea of living in retirement complexes are calling for the places to be banned and no more built.

Tiqtaq · 17/07/2023 18:10

@Iwishmynamewassheilah so it sounds like you waited three years to get a good price and that if you had been prepared to drop the price significantly you could have sold a lot faster?

Iwishmynamewassheilah · 17/07/2023 18:19

No, you misread that. Dropping the price made no difference. There was zero interest from buyers. I dropped it several times. The market is different from the “normal” housing market. I was not trying to gouge.

Twiglets1 · 17/07/2023 18:40

Iwishmynamewassheilah · 17/07/2023 16:53

It means, in my case, that it took 3 years to sell. Dropping the price did not help as there is a different supply and demand ratio from the normal housing market. I agree, having said that, that my "inheritance" was my mother's money to spend as she wished. But, my parents worked really hard to move up the property ladder over the years and definitely saw their homes as investments. The final purchase of a retirement flat did not fit that model. I wanted to make a decent profitable sale for their sakes, to get their money back, not mine, if that makes sense.

I found it very hard to move on emotionally from my mother’s death due in part to the fact I could not sell her final home. The sorry tale had a happy ending eventually as the lady who bought it was delighted and I have kept in touch with her and she's very happy livIng there.

Show quote history

I understand as I felt emotional selling my mum’s flat. Normally I approach property buying and selling in a very businesslike way. But with her flat ( which went to best & final bids) I didn’t go with the person who won the bid as they were a property developer. I went with the second highest bidder who seemed like they would love the flat.

dollybird · 17/07/2023 19:43

Threenow · 17/07/2023 09:24

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.

I work for a care home company that also has some of these flats (ours are 65+). The service charge, plus sinking fund contribution (a percentage of the selling price that goes into a pot for large maintenance works i.e. replacement double glazing) are deducted from the sale price for empty flats. I guess the council tax remains payable though, and I did read that one of the councils doubles the council tax when a property has been empty for a long time! Our flats are next door to the homes, so have access to the carers, and it's an easy move should the residents eventually need full time care. It's a good stepping stone for those reluctant about needing care.

Zippedydodah · 17/07/2023 19:48

Margrethe · 17/07/2023 10:01

Children who want to protect “their” inheritance can always invite their parents to move in with them. It solves the same problems as moving into an over 55 community.

Not willing to do that? Then let your parents crack on with spending their money as they like.

Exactly.
I am 70, and although I’m managing quite well despite a deteriorating condition there may be a time when living somewhere with everything on hand sounds very tempting.
You need to be able to drive where i currently live, it’s 9 miles to the nearest supermarket and the bus service is crap. If i become unable to drive or maintain the house and garden then it sounds like something I should consider.
Sneering at those who have already decided that it suits their stage of live is stupid and narrow-minded.

dollybird · 17/07/2023 19:55

Crikeyalmighty · 17/07/2023 16:10

@Tryingtokeepgoing we are the opposite and have for several years been trying to get my FIL to do something similar, as we want him to have a good life and company as he is now on his own- he doesn't like his bungalow or where he lives- problem is he has a lot of stuff, is in his 80s and wants another bungalow rather than a flat- he would like to live where we do but it's more expensive than where he is and detached bungalows go for a premium as not many of them - I would rather he spent his cash !!!

One of the complexes at my company has retirement flats and a few bungalows. And someone my DH knows has recently moved into a 1 bed house in a similar complex (he's in his 80s and very active and independent still)

TheOrigRights · 17/07/2023 20:32

I'm sure my 14 yo would be thrilled if I (52) buggered off to a retirement flat so he could listen to his dreadful music when he wanted, go to bed when he wanted (or not at all), eat all the food etc.
I just got my mortgage renewal letter. Retirement could not be further from my mind!

Threenow · 17/07/2023 21:10

dollybird · 17/07/2023 19:43

I work for a care home company that also has some of these flats (ours are 65+). The service charge, plus sinking fund contribution (a percentage of the selling price that goes into a pot for large maintenance works i.e. replacement double glazing) are deducted from the sale price for empty flats. I guess the council tax remains payable though, and I did read that one of the councils doubles the council tax when a property has been empty for a long time! Our flats are next door to the homes, so have access to the carers, and it's an easy move should the residents eventually need full time care. It's a good stepping stone for those reluctant about needing care.

Show quote history

Yes, that's generally how it works here also. I'm not in the UK so we don't have council tax, which is presumably equivalent to council rates, but the business who owns the flats pays that - it's all part of the service charge. My late DF lived in such an apartment, and was about to be assessed for full time care when he died - I believe he would have stayed in his apartment however. While a lot of money is going to disappear - any capital gain, plus the fees until the unit sells, plus the amount taken by the business (a set fee for three years) I am happy that he had a good life there, with company, no worries about maintenance etc. on his own place, and it took a lot off my shoulders especially during covid and his last illness.