Retirement homes

With regards to the so-called 'sinking funds' (silly name - we call it 'Emergency Fund' which is more realistic.
Anyway, a previous committee set this as £35,000 - which in my opinion is far too low. We keep our service charge (which includes ground rent as we are our own landlords), as low as possible. No garden area, but obviously all public areas are cleaned twice a week, painting and maintenance and insurance of those public areas and exterior of building and our small car park, all water is paid centrally, and we have a 24/7 arrangement with British Gas to give all boilers and CH an annual service, plus all parts replacement. Maintenance and care of our important lift cost quite a bit of money etc.

Last year we were hit with a double wammy, of requiring a new fire alarm system (plus a whole of new signage due to changes in the law), at the same time our lift required some expensive and necessary updating. All in all close on £30 grand!!!

We called an Extraordinary General Meeting at which all quotes and reasons were shown to all flat owners which resulted in a unanimous vote of a one-off payment by each flat of £1250 to cover all this important work. Three months was allowed for this payment, although all paid within a few weeks.

So we have now been able to go to this years AGM asking just for a cost of living (5%) increase in annual service charge - this brings it to £2100 pa. Again carried unanimously. It may sound a lot, but we are one of the lowest Service Charge of blocks of flats in our town. We all feel that we get a good bargain.
One of our volunteers (a retired florist), does flower arrangements in our large entrance foyer - all in season. Whenever a flat goes on the market, the EA's include a photo of our foyer as it looks so beautiful.

We have now agreed to set the emergency fund at £50,000 and rising. This is realistic. Two areas that could potentially cost large sum of monies are the lift and the roof.

We pay no ground rent as the Association itself is the owner of the land with each flat owing 1/25th of that. If we went out to a private Management Company (even a good one), we would have a surcharge for each flat . Running things ourselves, not only costs us less, but also ensures that we really get the best value for money for any work - and often volunteers can do some of this work for nothing.

We are members of the Federation of Private Management Companies who give us legal advice and keep us updated with changes in rules and laws.

Our block is noted locally for being very well managed. It can be done and done very well - when full information is given to all flat owners. We encourage any of the flat owners to come along to any of the committee meetings, and always ensure that ratified minutes are available for all to see. Open government keeps everyone happily involved and

My mother was in very nice private nursing home where she had to buy a debenture to occupy her room. She had dementia. They charged 6 months months service/basic care charge after she died as we were unable to sell the property in that time. £30k!!!
Sold it after about 2 years for slightly less than she paid.
She never wanted to be anywhere else and the staff who looked after her were lovely. What a rip off though

Talk to an estate agent and put your name on their list. They may help you look at places nearby. They will value your home too, you may be surprised.
Keep viewing Zoopla and Rightmove

My mother bought one - cost her just as much in increasing charges as renting. The support got less and less and when she fell I was just grateful I was there in less than half an hour by chance because she had been unable to raise the alarm folks not get help.
It took me a year to sell at less than she had paid for it and in all that time, I was stuck with the charges of nearly £40 per week.

Her neighbour told me that she rented hers because it was cheaper than buying as the heirs who owned it just wanted to cover their costs because it would not sell.

Or perhaps that the homes that have been lived in have generally not been well maintained and look dowdy and need updating. Whilst the new ones don’t need anything to be done.

The catch being that they are then not maintained fir that persons lifetime and become the dowdy old ones needing work🤔

I googled and read that there are an estimated 10,000 retirement flats standing empty. If only legislation could limit the time period that fees need to go on being paid I’m sure more people would consider them. And that would release some family homes for purchase.

I don’t think fees are generally unreasonable for the services provided. But it’s certainly put me off to think that my children might have to go n paying fees for an indefinite period

M0nica

I know this is a digression but.....

Retirement flats seem to sell like hot cakes when they ae brand new and fresh from the developer, so why are those on the resale market so difficcult to sell. It doesn't make sense.

In the town we now live in there is one area, just at the top of the High Street that has become the Senior Living uarter. There are at least 3 retirement developments cheek by jowl and a 4th being built. Interestinglyy, severalmof these developments have houses as well as flats.

M0nica,I read somewhere that they keep building new homes and given the choice people always want to move into the new ones. I suppose the fact the second hand one is vacant means it's likely somebody died in it. Depressing.

Sorry £30.

My friend lived in a block of 16 flats, privately owned with its own management committee.

There were disagreements about money when some major work was needed on the roof. Three of the owners refused/couldn’t pay the amount needed in excess of the sinking fund. The sinking fund had been grossly underestimated because they all wanted low annual maintenance fees.

The person who generally did much of the admin work and had got estimates quit when he (unfairly) got most of the blame, nobody else wanted to take the role on. The top floor tenants had leaks every time it rained while it went to court.

It’s an arrangement that works brilliantly until it doesn’t.

Do you have a sinking fund butter and jam ? £50 a month seems incredibly low for maintenance.

Our place is similar to Franberns. Its a 30 yr old development of 50 privately owned freehold (Scotland) flats (different sizes, one to three bedrooms, 2 baths) in blocks of either 4 or 6, set in glorious large grounds (woods, lake, rolling lawns, every flat has a lovely outlook. We pay a communal charge of £30-ish a month which covers the grounds maintenance . There's a residents management group ( elected volunteers) . The residents are either retired like us or affluent 30-40 ish.

Residents who need support make their own arrangements to employ carers, window cleaners, private cleaning, ironing, dog walking etc. The flats are well designed, beautifully built and fitted, and highly insulated; There is no through traffic so it's very quiet, peaceful. We have deer, ducks, red squirrels, birds in the garden; bus from the gate to town centre takes 10 minutes or you can walk it in half an hour. Pharmacy, two convenience stores , hairdresser, all within 10 minutes walk.

There are still some elderly residents who bought their flat new; the previous owner of ours lived in it to 100. Whenever one comes on the market they sell within days and prices have risen by 30% in the past five years.

Graunty7, you are a lovely son, putting your parents happiness and well being top of your list . Unfortunately there are selfish adult children who don't think as you do and that they are entitled to what their parents have worked for. If I had anyone that just assumed I would go short and struggle with my home to provide fore them I would leave what I had to charity.
Watermen please do what's best for you. Do not struggle with a home that is no longer suitable just to leave money to those who should put you first.

All of our situations are different. My cottage is only 2-up 2-down and very old. I don’t want it spoiled by adaptations.
My town is affluent and has a very high proportion of older people so there are lots of retirement homes. Service charges start at a quarter of my income.

Franbern- your place sounds great- if i had the money!😀

cfmp

The monthly fees are quite high but you also save on what you would pay on house and garden maintenance. In addition, you receive emergency support. You also have the use of a communal lounge and outdoor areas where residents regularly meet for chats. I absolutely not regret having moved into a retirement apartment. I was struggling with my large house and was getting very lonely and frightened in case I had a fall and couldn't contact anybody. Living in a retirement apartment often avoids having to go into a care home which would be much more expensive. My children know they are unlikely to make a profit when my apartment is sold, but if there are saving on not having to pay for a care home, they should still get some money once the apartment is sold, plus they will know that I was safe and happy there.

Totally agree with everything you say as my mum 90 has been in a retirement property for 11 years . She’s now housebound and has carers 2 a day . Being on one level , with alarm pull cords a manager on site ,and people around her , I feel happier than when she was living alone in a large 4 bedroom house .

Jane43- thats another type of housing i need and would love- but the over 55s only rule again, rules us out- even though i would be the tenant,my sons arent 'allowed' as theyre not 55! Also none of these places have more than 2 bedrooms at most- surely councils& housing associations should rethink these archaic rules? I realise that its so its a quieter environment for the other over 55s residents- but in our case (or indeed anyones who is in same circumstances) my lads are well behaved,quiet,non- drinkers/smokers and stay in mostly unless we all go anywhere together to see family,or go hospital appts etc. So not like most other singletons in their 20s, their health problems etc tend to mean theyre both homebodies who need a quieter life themselves.yet seemingly councils etc lump them in with other usual young men their age and we are dissallowed these type of homes,despite me needing them myself.

I have clicked to bid on rental bungalows or even houses which are regarded as 'over 55's residences (even though they are not in a sheltered type of home)-i am nearly63 with several medical conditions, and heart problens- but cant have them though, due to me still having my 2 disabled sons living at home with me- only in their 20's- its unlikely they can or will ever move out to live more independantly,they are not 'party animals' or socialise like most others their age- yet we are not allowed these types of housing,despite us needing it,more as i get older and/or more sick etc- we cant just bid on most bungalows that arent marked 'over 55's, as most are 1 or 2 bedrooms only, theres only been 2 with 3 bedrooms in 4years.Yet we got skipped over,despite needing all 3 bedrooms.Even though we have a medical banding you cannot just ask for a bungalow etc on that ground you must bid for them along with everyone else- its like a lottery.Our only choice might be to save up and try afford a deposit for a shared ownership property, but even in those bungalows are not often built.especially 3bedrooms.I realise this is not in the 'care/residential home' vein, but i'm pointing out what problems there are if you are in our situation, when you have other family members to rehouse too, and not just yourself to consider when you are getting older &need different housing.In this day & age these are things which need considering and rules changing as more & more families have AC still at home and more is learned about neurodiversity.

I have considered retirement flats but discounted them due to the high monthly service charge and the poor resale value. I am 78 and in a 4 bed detached house, I will get a stair lift if needed with possibly the installation of a downstairs wet room when I can no longer safely get upstairs. I will pay for home care if necessary, to supplement family support.

My dad bought one three years ago and died last October.
I tried to persuade him to rent but he wouldn’t. The service charge isn’t too much -£380 pcm - which is less than half of the posh ones down the road !
I plan on putting it on the market as soon as the probate application has gone in and am happy to accept a loss as long as I get rid of it.
I’ve considered letting ( subletting) as I already have a rental property, but it’s just not worth it to me and the kids don’t want it leaving to them eventually.
But, having said all that, dad was happy there and made friends. He could easily walk into the village and didn’t feel as cut off as before.
It was worth it for him but definitely not for me.

Near me the council have built ‘over55s’ flats to replace an old block of 1960s built flats that had to be demolished . Maybe there is something similar in your area . Owning and selling your own home doesn’t automatically rule you out from renting one of these .

Iv'e been on the waiting list for a rented retirement flat for near on 5 years and still 10-15 on the list...They do have to take a certain amount of 'council' rent assisted people who have priority. I'm just moving to a private non retirement rental nearer my daughter but will stay on the list...hoping I will get one at some point.

The monthly fees are quite high but you also save on what you would pay on house and garden maintenance. In addition, you receive emergency support. You also have the use of a communal lounge and outdoor areas where residents regularly meet for chats. I absolutely not regret having moved into a retirement apartment. I was struggling with my large house and was getting very lonely and frightened in case I had a fall and couldn't contact anybody. Living in a retirement apartment often avoids having to go into a care home which would be much more expensive. My children know they are unlikely to make a profit when my apartment is sold, but if there are saving on not having to pay for a care home, they should still get some money once the apartment is sold, plus they will know that I was safe and happy there.

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I totally agree with this . You earnt it you spend it.
So far my parents have spent 200,000 savings on care in beautiful residential homes. Now we will sell the house to fund mum’s care until the endearing 6-12 months.
Care at home for 7 hours was about £8000 a month plus house upkeep: food, bills, insurance, council tax, maintenance. And energy .
Care in a 24/7 nursing home around 7,000 a month all in. Some funding available.
Residential in a good 5 star home around £6000 a month all in.
Think the Thursday murder club .
One lovely bedroom, a kitchen lounge , bathroom etc.
Nice tended gardens, a cafe, activities outings, parking for your cars, areas for mobility aids and charging, a bar, private dining rooms for guests .
Sell your house and use the money to have the best future you can. I would say move sooner rather than later as you have more options. And future proof yourself so you don’t need to make a knee jerk move if you fall ill or fall down.
Life in residential or nursing homes can be glorious if you choose wisely .
Think daily fresh. Can cooked food, daily coffee and cake and afternoon tea all made for you . And delivered to you in the restaurant or lounge, garden or room .

My mother-in-law lived in a retirement flat until she died. The service charge was huge and a barrier to selling. We had a couple of offers which were so low we just couldn't accept them, so we eventually let it.We had three problem-free tenants and after ten years we decided to sell. The sitting tenant was so happy there he bought it from us. He was 91! I was worried that his beneficiaries would be lumbered with trying to re-sell. He died two years later and they sold it for considerably more than he had paid so I was relieved for them!

I live in a normal block of seven flats where the other residents are all younger than me but are lovely neighbours. They regularly offer help if I should find myself in need of it and were particularly supportive last year when I had a couple of spells in hospital and wasn’t able to do much afterwards.

I enjoy having younger people nearby rather than being in the company of elderly folk like me all the time! However, I realise I am lucky and it could be a different story if the flats changed hands.

Have you looked into rented sheltered housing? There are a few developments where we live, some old and a couple brand new. There is a new one within walking distance of our current house, it is right next to the GP surgery and dentist and there is quite a large Co-op supermarket very close by, there is also a bus stop right opposite the development. There are 66 one bedroomed apartments and 2 two bedroomed apartments, there is a rooftop terrace and a community cafe. The apartments are available to rent for over 55s and it is a joint venture between the local council and the developers and housing benefit can be claimed to help with the rent for those who are eligible. It is certainly something I would consider and I would rent rather than buy.

I don't think any decision you make should be based on how that decision may affect your family financially when you die watermeadow.

Do what is best for you; what will make your life easier and less stressful.