BUYING A RETIREMENT PROPERTY

Are you looking to buy a home to retire in? Read Whites' top tips on finding that perfect retirement property for you. 

1. Care

When choosing a retirement property, planning for the future is essential. You may well be in good health now; if you encounter any health issues, you will want access to doctors and other healthcare nearby. Plan now to avoid moving again if your circumstances change.

2. Lease

Most retirement properties are sold on a leasehold basis, which can range anywhere from around 99 years to 999 years, so it's vital that you know of this before committing to a home. Leases only reduce in length unless extended, which can become costly as shorter leases are less attractive to prospective buyers, should you wish to sell.

3. Choose your retirement lifestyle

You may want to consider a peaceful retreat in the countryside after decades of working in the city, or on the other hand, you may find too much peace and quiet will feel too lonely over time. Retirement can feel liberating if you are in the right environment, so choosing a lifestyle that fits your needs is important. If you're concerned about feeling lonely or ostracised and want to stay busy with accessibility to the city's heart, choose a peaceful suburb with low crime rates. Alternatively, if you dream of more space, scenic walks, a sense of community spirit, and fresh air, opt for a village or semi-rural town with amenities within a short walk to ensure you'll always have access to everything you need.

4. Price

If you're looking to retire soon, you'll want to calculate what your monthly income will be in retirement. Consider speaking with a financial advisor to determine the income you're likely to expect in retirement. If you have already retired, you'll need a good understanding of your income and outgoings to budget accordingly. Once you understand this, you can determine how much you can spend on your new home. Even if you're paying for a property outright, you must still factor in maintenance, taxes, and insurance expenses.

5. Check for restrictions

While some retirement properties have added benefits such as on-site facilities and stress-free moving services, they usually come with an age restriction. This can vary, but the lower limit is usually around 55-60 years old. Whilst this may be suitable for you now, should a younger family member wish to move in, you may encounter issues further down the line. Similarly, check for any restrictions on pets, too.

6. Find the right location

The village, town, or city you land in will arguably be the most important decision when settling down to retire. Choosing a location and community that makes you feel safe, happy, and comfortable is important. Once you've retired, you'll have more time, so having family or friends nearby will make all the difference to your overall well-being.

7. Home improvements

Once you've retired, you'll have more time, so some DIY might be an appealing project. However, it's crucial when viewing properties to understand any work that may be required prior to moving in. A big project can feel daunting, and you may need to hire contractors or decorators, which can be an added expense. Consider how much work you'd be willing to do in your new home; a more contemporary property may better fit your needs.

8. Understand the options available to you

Whether you wish to opt for a leasehold, retirement housing, or a traditional home, it's essential to understand the best option available to you. Independent living, although perfect for some, is only for some, so think about whether you want to opt for a home designed for retirement living or a new property to maintain your independence. Take professional advice at each step of your journey to ensure you're making the right decisions for yourself and your lifestyle.

At Whites, we sell all sizes and manners of properties that may suit your needs from small cottages and flats: For instance, a large ground-floor two-bedroom apartment in Wilton with a riverside garden for £265,000 SEE, OR how about an attractively converted two-bedroom ground-floor apartment with light, spacious accommodation and large communal gardens forming part of a manor house conversion in Petersfinger for £220,000.

To larger, more modern houses with simpler gardens or alternatively to retirement complexes, of which we have a number of apartments available at popular Archers Court, one at  St Ann Place, and one on Wilton Road, Salisbury.

Talk to Matthew about your needs, or if you are considering selling a property, he would be happy to give you a free valuation. Simply call 01722 336 422.