Thinking Of Retirement Property...

[scotting]

I would like to move to a retirement property, but my husband thinks it's all too much hassle. I am worried about our later years when we may not be able to cope with a move at all. Also concerned about the annual service charge.

[woofgang]

sorry but what is the question?

[Old_Geezer]

General advice on pitfalls I guess. No not retired yet so sorry, can't help :-(

[Gavmacp]

I think it is sensible to think ahead but you may not need a retirement property. Mother was 51 when father died and managed to keep house going but is now 78 and feels trapped.
Look at buying a bungalow with a manageable garden. Close to shops, GP and hospital. My wife's parents downsized and are saving in heating costs.

[Tilly2]

Are you thinking of a sheltered housing complex rather than just downsizing?

[bookbinder]

Do your homework very carefully. Once you have made the move to a retirement flat (let us say), you are stuck with it, and it can be difficult to move out without some hassle. My wife and I have had the same thoughts as you have, and last year we looked at some retirement flats, plus park homes, but we thought, after comparing all the figures with what we have to pay out in our own bungalow, that we would be better off staying here. It's a personal choice, of course, and there are several factors to take into consideration, not all of them financial. Do be careful.

[buildersmate]

Well park homes, in that scenario, are definitely a no-no, IMHO. That's how to destroy the equity built up in one's property over the years in one easy lesson and lose total control over most of one's cost outgoings (site rent, utility costs, the list goes on)