Retirement housing

[scotting]

We have been looking at retirement properties for the past year, but after watching the TV programme last night about McCarthy & Stone I am having grave doubts about the wisdom of buying one. We have limited capital, and could not afford some of the annual service charges that are required. Are there any places where we can live peacefully and safely without having to shell out such a large amount of money?

[Mosaic]

We're in a similar position - thinking about thinking, if you will. It really does need a lot of variables to be taken into account. We've decided for now that the next steps taken by daughter and SIL will be the deciding point - if they move, then we will look to move near-ish (maybe even the whole granny flat shebang!).
I think that the wrap-around retirement villages are a good idea but they are businesses, their costs will go up not down, and they will inevitably change hands.
Maybe we should all get together and form a collective.

[buildersmate]

The key thing is to identify those developments where the residents (as a group or committee) have control over the appointment of the maintenance organisation employed to undertake property and/or grounds maintenance. They do exist, but none of the McC&S developments fall into this category. McC&S's major income stream comes not from the sale of the development properties but from the maintenance regime.
If you cannot find such a development, as a minimum you should look for a contractual clause in the agreement with the incumbent maintenance organisation that ties any rises in annual charges to an independent RPI or CPI index. That way you can't easily be duped by excessive increases later down the track.

[droopydrawers]

PLEASE THINK CAREFULLY BEFORE YOU MOVE INTO LEASEHOLD PROPERTY

Sorry for shouting, but we are in a difficult situation in that we moved to this apartment over 5 years ago.

On the surface it was just what we wanted regarding position for a walk to town nice looking surroundings etc.

The management was run but 2 elected "Directors" from our little community some years before we moved in. In this last 3-4 years the repair work has been arranged via one directors son who is nothing short of a first class cowboy. Lots of residents say this but no one was prepared to complain. This summer the properties were repainted...or rather tarred with the daughter also pitching in with a brush.
A couple of us did complain and all we got was shrugged shoulders and tough they have the contract now. How can someone unemployed get a contract!!

Only 3 of us ever bother to sweep out the front and endeavour to keep out little patch up to any kind of order.

One of the so called directors has had bad health for a while now but was reluctant to relinquish her role. Until now that is and without asking opinions of residents have now appointed agents to run the complex. Goodness knows how much this is going to cost on top of the £90 a month we pay now.

Our neighbour died over 2 years ago and her apartment is still on the market having dropped £25.000 in the process Selling isn't easy.

So I repeat my initial advice.....don't do it unless you have no other option.

DD