16 May 2024
As retirement approaches, many individuals find themselves contemplating a change in living arrangements. For some, this may involve downsizing to a more manageable property, relocating to a desirable location, or investing in a home that caters to their needs. However, if you are looking at purchasing a retirement property, it requires careful consideration to ensure that it aligns with both current lifestyle preferences and future requirements.
Kirsty Malcolmson, Conveyancing Executive in our New Homes team, outlines key things to consider when purchasing a retirement home.
Location, location, location
The choice of location is vital when purchasing a retirement property. It’s important to consider moving to a convenient location that is close to your healthcare providers, friends, family as well as good links to the local town centre and public transportation routes.
Some people also assess the suitability of the local area in terms of safety and various social opportunities. Whether your preference is a peaceful countryside or a city centre, the location should complement your lifestyle and preferences.
Property types
Retirement properties come in various forms, ranging from traditional houses to apartments, bungalows, or retirement villages. Evaluate the advantages and downsides of each, considering factors such as maintenance requirements, accessibility, and future mobility needs. Additionally, assess the size of the property to ensure it accommodates your living arrangements comfortably, whether you’re downsizing or seeking additional space for hobbies or guests.
Accessibility and adaptability
As mobility may become a concern with age, it’s crucial to prioritise accessibility features within the property. Look out for things such as step-free entrances, wider doorways, handrails, and wheelchair-friendly designs.
Financial considerations
Evaluate the financial implications of purchasing a retirement property, including the upfront costs, ongoing expenses, and potential resale value. Assess your budget carefully and consider factors such as taxes, maintenance fees, insurance, and any additional amenities or services offered by retirement communities. It’s recommended to work with a professional financial advice to ensure that the investment aligns with your long-term financial goals and retirement plans.
Staying social
Many retirees value the sense of community and access to lifestyle amenities offered by retirement properties or villages. Some retirement complexes offer extensive services, such as swimming pools, restaurants, gyms, hairdressers and various social activities. Consider whether the available amenities cater to your interests and preferences, enhancing your overall quality of life during retirement.
How Blaser Mills can help
Buying a home to retire in is a big commitment and it is important to us that you make the right choice of home for this stage of your lives. We want your time at your new home to be relaxing, with well-run and properly maintained amenities. A big part of this is ensuring that the conveyancing process is as stress-free as possible.
Throughout we will aim to take away the pressure and we’ll always be available to talk you through each stage of the transaction and answer any questions you may have.
To speak to one of our expert property solicitors, contact Kirsty on 01494 738062 or email klm@blasermills.co.uk.