In Mature Times we often talk about the benefits in later life of downsizing – essentially moving from the family home to a smaller property, maybe into a purpose-built retirement development, where there are more facilities and a like minded community for those facing the challenges that later life brings.
Whist we fully support the concept and practicalities of downsizing and the benefits that living in dedicated retirement property can bring, we also recognise that this is not for everybody and that there are some important considerations to take into account if you are considering such a move.
Here are some of the issues that we frequently hear about and that you need to consider before making any decision.
Is the property leasehold or freehold?
Most retirement properties will be owned by you on a leasehold basis – previously you might well have owned the freehold to your property. What this means is that someone else owns the land on which the property you own is built and grants you a lease, usually for a set number of years, to live there. Retirement property leases can be complex documents, so it is important that you fully understand what is involved in the lease – in particular you need to check for any fees that you might be liable to pay should you wish to sell the property in the future.
Is there a service charge payable?
The answer to this question is most probably yes – and we know from experience that service charges can be a major bone of contention. It is important to understand fully what the service charge covers – for example maintenance of the fabric of the building and the grounds surrounding it and upkeep of the communal areas would be expected. But does it cover other things, if so are you clear about what exactly these are? One of the main complaints is the rising charges without prior agreement of the service charge payers.
Is the property warden assisted?
If the answer to this is yes then you are likely to be paying a higher service charge than if not – this is quite simply because the cost of the wardens salary will have to be met from the service charge. However, the positive side is that there is someone on site who is there to help and assist you should you need it.
Are you happy living in a close knit community?
You may well have become used to the freedom a large and house and garden provides – therefore moving into a much smaller property in a retirement community can pose its own problems.
If you are a person that likes their privacy and are not used to close neighbours then you need to consider this aspect carefully – as whilst you will always have your own front door you will be in a community – with the closeness that this can bring.
So – if you are considering downsizing – make sure that you have considered all the factors that might affect you before you make the final decision – do your research and as always if in doubt, ask questions.
