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Retirement Property for Sale

What are the different types of retirement properties?

A growing sector in the new homes market in the UK is the provision of retirement homes. Many older people are still active and independent, while others need greater care and the provision of services, but they all have one thing in common - they prefer to purchase a home, rather than move into rented accommodation. The following types of accommodation are available:

Age-exclusive

This type of development requires buyers to have a minimum age limit, usually 55 or 60. If they are purchasing as a couple, only one of them needs to be over this age, while the other can be younger. Age-exclusive schemes are for people who are able to live completely independent lives, have no medical or care facilities, and usually no communal facilities. They are designed for residents who want to live in a development with people of a similar age group, and who are unlikely to have dependent children living with them.

Retirement living/later living

For those people who want a little more security, retirement living or later living could be an option. As with age-exclusive properties, there will usually be a minimum age limit, usually of 55 or 60. Retirement living will offer a 24-hour emergency call line that residents can use if they are in need of immediate help. In addition, there will probably be a manager on site at least five days a week. There will also be some communal facilities like a coffee shop and even a guest suite that can be booked for overnight visitors. This type of development can be suitable for people who still maintain their independence, but would like to be able to obtain help if they need it. However, there will not be any medical facilities.

Assisted living

The older people get, the more likely it is that they will need greater care and support. People in this situation can purchase a home on an assisted living development. There is usually a minimum age limit of 70 for this category of development. Buyers can enjoy the comfort and security of homeownership, along with the provision of the assistance that will allow them to live reasonably independent lives. Residents can create a support package of medical and domestic assistance that will suit their individual circumstances. There will also be communal facilities such as a restaurant, so that they can enjoy the sociability and convenience of having meals provided for them.

Extra Care

Extra Care developments cater for buyers who have the greatest level of needs. There will be 24-hour medical assistance to meet each resident's needs, and a number of other communal facilities so that residents can socialise.

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FAQ

What are the benefits of purpose-built new build retirement homes?

What are the costs involved with different types of development?

Who are the major players in retirement-age homes?

What are the practicalities of buying a new build retirement home?

What happens when the property needs to be sold?

How does the service charge work on retirement properties?

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