For those who are at the stage in their lives where they no longer need a large home, there are a range of options available. Moving to a smaller property can offer substantial benefits and the chance to live in a vibrant community with help available for the future.
Many older couples end up living in a handful of rooms in a large property once families have grown. Their property might no longer be ideal for their needs, with stairs, a sizeable garden and too many bedrooms and bathrooms gathering dust.
While individuals are still physically able to tackle downsizing, it can be a good move to find somewhere more suitable, reduce possessions accordingly and enjoy a more streamlined and efficient home with fewer maintenance needs and lower running costs.
It also offers the opportunity to move to a new location, perhaps nearer family, near amenities and more convenient for walking to shops and cafés.
Moving to a smaller home
Finding a smaller home can be a good option. You could look for a bungalow so that you will not have to manage stairs in the future and choose a location that suits your needs. You will still be in the ordinary community, although if there are several bungalows nearby you are likely to find other people of a similar age living there.
Sheltered housing
If you would rather live within a community with an on-site manager and a 24-hour emergency alarm at your home, sheltered housing offers that level of care. You will usually live in a self-contained flat with one or two bedrooms and the complex will provide communal areas such as a large lounge, gardens, laundry facilities and rubbish and recycling areas.
Group activities are common, such as movie nights, fish and chip evenings, quizzes and outings. This gives you the option of joining in with others or being in your private flat if you wish. You will usually have to have a certain level of independence to live in this type of establishment.
It can feel very safe for older people and also mean you can meet with friends without having to travel too far. The lower age limit for living in this type of property is usually either 55 or 60.
Retirement villages
Retirement villages are larger developments providing a range of private accommodation including apartments and bungalows along with extensive leisure facilities. This can include restaurants, hair salons, bars, swimming pools, gyms and gardens. There is usually a guest suite available for your friends and relatives to stay in for a small charge when they come to visit.
Property can be expensive in retirement villages, at around 17% more than the equivalent property outside of this sort of development. You will also need to factor in the service charges, which can be thousands of pounds per year. There are also usually substantial exit fees payable when you sell.
To live in a retirement village, you will usually need to be able to live independently or with some support that you pay for, such as home help and a small level of personal care.
What to consider when moving as an older person
It is important to think carefully about your proposed move to ensure that you will have everything you need for the future. Have a look at the following checklist before you choose your new home:
- What facilities are nearby, such as shops, cafés, a doctor’s surgery, optician and library?
- Do you have friends and family in the locality? If so, will they be able to visit you and park easily and stay overnight if they want to?
- Is the neighbourhood safe and quiet?
- What is the public transport like? While you may have a car now, you might one day want to use buses.
- If you are looking at a retirement complex, what does the community there seem like?
- What activities do they offer?
- How much are the service charges, what do they cover and what scope is there for increases in the future?
- How many of the apartments in the complex are filled? You might want to be wary if several are empty.
Contact us
If you would like to speak to one of our expert property lawyers, ring us on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
