With several new developments of retirement homes being built in our local area, we are experienced in acting on behalf of clients who are selling their family homes and moving into smaller, retirement properties. Moving house is always a big upheaval, and can be a stressful and emotional time.
Is this something you are considering? If so, you might find these tips useful.
Space – People get used to their space and belongings in their own home. The purchase of a retirement apartment is a considerable downsize and your current furniture may not fit or may look out of place. Be prepared for a big clear out!
Parking – Not all retirement apartments have parking available although many do. It is not a given that there will be a place to park your car. Consider whether having a car is a necessity as you get older. Much will depend on the local amenities and public transport links.
Service Charges – Owners of retirement apartments have to pay an Annual Service Charge (payable in monthly instalments). You need to budget for this but as the maintenance and repair of the building is included there will be no need to line up tradesmen to fix a leaky roof or broken gutter.
Social Aspect – Most retirement developments have a variety of social events organised. You can join in as much or as little as you want. To have the choice is a major benefit and can help avoid feelings of isolation and loneliness. Some people may have got used to their own company and may find it overwhelming at first to be living in a busy environment, but the positives of being part of a community can certainly outweigh the negatives.
Retirement Living or Extra Care Living? – Some developments have an Extra Care Living package. This provides care for those that need extra assistance. But as this kind of help is only available in a limited number of developments, be sure to do your research to ensure that the package suits those requirements.
Part exchange – If buying from new, many retirement apartment developers may consider part exchanging for your existing property if you have a property to sell. This could help you move quicker if your house is proving difficult to sell, or you want to simplify the process. But you always need to bear in mind whether selling yourself, could give you a higher price.
Update your Will and take financial advice – Moving house is always a good time to review and update your Will and if you have not done so already, you should consider making Lasting Powers of Attorney. You should also take independent financial advice and Inheritance Tax planning advice, particularly if the sale of your existing home leaves you with a large sum of money to invest.
How we can help
Our team of property lawyers understand that these kinds of transactions have different requirements, and will always make the process of selling up and buying a retirement property as smooth as possible. They are sympathetic and helpful, and with good working relationships with the developers you will be in safe hands.