Buying a Retirement Home
Published: 29 Oct at 7 PM
Choosing one of these retirement property built specially for this purpose (rather than merely get a smaller or cheaper property on the overall property market) among the over fifities age group is becoming an rapidly growing choice for Britain's older population. A quick glance at the property section in a national or local newspaper will show you a wide variety of retirement properties available to purchase with so many different types of properties to choose from.
Due to the growing number of individuals looking to purchase property specifically for retired individuals, the whole sector has expanded substantially in recent years, with a growing number of retirement property developers such as Beecroft (www.beechcroft.co.uk) and Churchill Retirement Living (www.churchillretirement.co.uk), now offering a large variety of retirement properties for sale from small developments of apartments and bungalows to large scale retirement villages or “resorts”.
The Association of Retirement Housing Managers (often known simply as ARHM) has developed a Code of Practice that is followed by all established and respected retirement property management companies. Interested buyers would benefit from using the ARHM website just to check out any retirement properties they are considering buying to see if the company concerned is a member of the ARHM. To do this you can visit the ARHM website at www.arhm.org.
When you’ve finally chosen your dream retirement property, don’t think the hard work is over and it’s just a matter of dotting the i’s and crossing the t’s. It is important that you consider the possible impact of any restrictions that the developers place on residents, the cost of any annual service charges associated with the property and/or resort as well as any additional costs for example the council tax and utility bills. With retirement property even more than most, it is important to calculate all the annual charges and consider that with your purchase rather than just the purchase price.
The decision to relocate to a retirement property is one that should be thought extensively about and researched thoroughly. Moving to a more appropriately sized, more easy to manage property is a very tempting choice for a lot of older people but it is important to consider all aspects of the move before you dive into it. Luckily with the internet offering easily searchable databases of available retirement properties through sites such as www.retirementhomesearch.co.uk, it’s easier than ever to ensure you have all the information you need before making a purchase.