My late mother bought a retirement flat when my father died, it was very much what she wanted, she felt somewhat insecure in their house. I helped her with that, and she was very happy there. The charges were expensive, she did tell me that, when we her children came to sell, the managing agents, Peverell, an absolute shower would impose a charge just for handing over some documents to the solicitor, which they did, it was over a thousand if I remember rightly, money for old rope. Hats off to residents who have taken over the management of such places. The monthly service charges were high, but I could see where that money was spent, an on site house manager, the common parts were immaculate, garden well maintained and if for example, one of the machines weren't working in the in house laundry, it was quickly fixed or replaced, if the lift was out of order, they were on to it straight away. There were also events and activities organised, my mother enjoyed some outings to theatre shows and NT gardens, afternoon teas that sort of thing. All in all it was my mun's money and her prerogative to spend it how she wished, I was glad she lived out the final 8 years of her life in comfort with peace of mind about her security. I think her flat had a normal lease, not a short one. When we came to sell after her death, it took a while, I'm thinking, up to a year maybe, there were quite a few of them on the market, so the competition was fierce. However, we styled it together, she got rid of all her old furniture and we ordered everything new from John Lewis, had it redecorated, re-carpeted ripped out the bathroom and made it a shower room. and made much of subtle lighting with up lighters and side lights. The estate agents told us that's what swung the sale, the presentation, in fact the lady who bought it, asked if we would include the personal effects in the sale which we did. Some of these places look so tired in "an old person sort of way" which of course the residents are, but faded floral chintz and cumbersome oldie people chairs and doily stuff all over the place can be a bit depressing imo. Before we sold it though, me and my other half would decamp there for weekends, it faced the sea, to get away from our then teens to have a nice break with bracing walks along the coast and to eat out in some lovely old pubs close by..
Personally I wouldn't buy anything with a short lease, I think on resale it would be a problem, and yes retirement properties can be a liability given the considerable charges, which many a prospective purchaser may baulk at. Bear in mind that the newer apartments are now coming with more and more amenities, gyms and pools even in top end ones! However, one does have to think of those left behind who will inherit the property and will be looking to sell it but in the interim will still have to fund the monthly charges, so maybe set aside a fund for that.
