As more people consider how they want to live in their later years, retirement properties have become increasingly popular, offering a lifestyle that combines independence, security, and convenience.
If you’re exploring your options or helping a loved one with theirs, here’s an overview of what retirement properties are and the benefits they can provide.
What are retirement properties?
Retirement properties are designed specifically to cater to the needs and preferences of older individuals, typically those aged 55 and above.
While the majority are apartments and bungalows, some can be cottages. These properties can be standalone developments, but most are located within dedicated retirement communities offering tailored facilities and support.
What features are often included in retirement properties?
Retirement properties are designed with comfort and accessibility in mind. These homes incorporate features that provide safety and accessibility and reduce daily challenges.
Accessibility
Single-Level Living
Most retirement properties are single-storey apartments or bungalows, eliminating the need for stairs and reducing the risk of trips or falls.
Wide Doorways and Hallways
The properties have spacious designs allowing for easy movement, especially for residents using wheelchairs, walking aids, or mobility scooters.
Step-Free Access
Entrances and communal areas are usually step-free, with ramps or lifts available in multi-floor developments.
Adaptable Bathrooms
Wet rooms or walk-in showers with non-slip surfaces, grab rails, and shower seats are included to make bathing safer and more straightforward.
Future-Proofing Options
Some properties include space for stairlifts or the ability to add further adaptations if required.
Safety and Security
Emergency Assistance Systems
Many feature emergency pull cords or pendant alarms linked to 24/7 nurses, on-site staff or a monitoring centre.
Secure Entry Systems
Gated access, video entry phones, or key fob systems are common. This will help reassure residents of their safety and enable them to control visitor access.
Fire Safety Measures
These are standard features in any property, but retirement properties have smoke detectors, sprinklers, and emergency evacuation plans.
CCTV and On-Site Staff
Those retirement properties that are located in communities often include staffed reception areas or regular site patrols to provide residents with an extra layer of security and reassurance if they are ever in need.
What are the benefits of retirement communities?
Strong Sense of Community
Many retirement properties are located in retirement communities which promote socialisation. A factor which is one of the main reasons people switch to living in a retirement community.
From fitness classes, book clubs and music clubs to day trips, retirement communities host a range of activities and events to help residents stay active, build friendships and combat isolation, which can be common as people age.
Alongside organised activities, events and programmes, retirement communities are built with socialisation in mind, and have plenty of social spaces such as common rooms, courtyards, and games rooms.
Low Maintenance Living
Maintenance of communal areas, home repairs, gardening and even the exterior of the property, is typically handled by the management company, taking the stress away from residents about upkeep of their property.
Location Convenience
The properties are often located near essential services such as shops, cafes, healthcare facilities, and public transport links.
Buying a Retirement Property: Things to Consider
Initial Costs
Due to their specialised features and amenities, some retirement properties can be more expensive than comparable non-retirement properties.
Additional Costs
Many of these properties are sold as leasehold properties, which means there are additional costs to consider such as ground rent and lease renewal fees.
Additionally, ongoing service charges for communal maintenance, staffing, and facilities need to be considered. These fees are mandatory and can also increase over time so it’s important to fully understand the costs before purchasing.
Value of the property
Some retirement properties may not increase in value as much as traditional homes.
Restrictions on Modifications
Management companies often have rules around making changes to your property, which can limit personalisation.
What age should you buy a retirement property?
There’s no one-size-fits-all answer to this question, as the right time depends on your circumstances and lifestyle goals. However, the minimum age requirement for retirement properties is typically 55.
Looking to buy or sell a retirement property?
Contact our team today who would be happy to assist with any property-related queries.
