During retirement it’s not unusual for people to decide that the home they’ve lived in for years no longer meets their needs. It might be too big or too costly to heat and maintain. Or maybe the stairs are becoming a challenge.
Moving to a retirement village or apartment block is a popular choice that many make without necessarily looking at alternatives such as assisted living in a residential home.
Retirement apartments offer the prospect of continued independent living without the hassle of maintaining a property. You will also be surrounded by people at a similar stage of life. However, there are some drawbacks that are not always well-publicised when you buy a leasehold on one of these properties.
Which published an article that describes the hidden costs of retirement homes in detail.
Here are some of the main costs to look out for:
- Event Fees: an ‘event’ could be selling, subletting or a change of occupancy of your home. The fee for being allowed to do this could be a significant percentage of the market price.
- Maintenance charges, service charges and ground rent: sometimes these are still payable after you die or move into other accommodation until your home is re-sold.
- If you sell your home, you may have to do this through the company that owns the freehold. This will probably be more expensive that an estate agent.
- Because properties are sold on a leasehold basis the amount of time left on the lease will affect the value. Extending the lease can be expensive.
Assisted living at Altogether Care’s luxury care home Steepleton Manor offers all of the convenience with as much independence as you want to enjoy. Unlike retirement villages, there are no hidden fees or maintenance charges. Should your care needs change, you can get the additional help you need without having to move home and incur the costs that you would if you were in a retirement apartment.
If this sounds like the perfect option for you or a loved one, then give us a call today on 01305 300 161 to find out more.