What are the pitfalls of retirement villages?

4 Pitfalls of a Retirement Village

• Not understanding the fee structure can be dangerous. For many retired Australians, fee structures of retirement villages may be complicated.
• Make sure it suits your lifestyle.
• Specific rules can be problematic.
• Check your exit options.
• Age diversity: check the visitor schedule.

How much does it cost to live in a retirement village UK?

Service charges range from £136.52 per week for a one bed and £181.74 for a two-bed apartment. Audley Retirement Villages’ St Elphin’s Park in the Peak District features 127 properties, starting from £225,000, and provides a restaurant, bistro bar, health centre and fitness suite.

Who owns Audley Retirement?

Nick Sanderson is the founder and CEO of Audley Group. In the 1980s he founded, operated and then sold Beaumont Healthcare, one of the first corporate providers of private pay nursing care homes.

How many Audley villages are there?

Luxury senior living available in 20 retirement villages across the UK, all with exceptional facilities at the heart of the village.

Are retirement villages a ripoff?

Are retirement villages a rip-off? Retirees could be up to a million dollars worse off if they moved into a retirement village than if they remained at home, according to new analysis.

Are people happy in retirement villages?

Happier & Healthier A staggering 93% of residents report that their happiness and life satisfaction either increased significantly or stayed the same since they moved into a retirement village.

Is it worth living in a retirement village?

Because retirement villages are purpose-built for older people, they offer many lifestyle and practical benefits. Residents enjoy a strong sense of community, feel safe and secure and can enjoy more quality time with family and friends.

What is the best age to go into a retirement village?

The simple answer is that there is no perfect age; it’s a very personal decision that suits different people at different stages of their life. You are eligible to move into a retirement community from 55 years of age, even while you are in full-time or part-time employment.

Do retirement properties hold their value?

Most retirement flats tend to hold their value and therefore sell at a similar price to that of when you bought it.

How many retirement villages are there in the UK?

It is divided into properties that can be owned and those that can only be rented. There are currently 24,900 retirement housing developments in England and Wales, comprising 720,000 units.

Why do retirement villages have exit fees?

Departure fees also allow for greater flexibility with entry prices, enabling prospective residents to pay a lower upfront payment by agreeing to an amount being kept by the operator when they leave. This provides more people with access to retirement villages.

Can I get a mortgage for a retirement property?

We are sometimes asked “Can I get a mortgage on a retirement property?”. The simple answer is yes. Although many of the mainstream banks and building societies do not offer retirement mortgages, or lending into retirement, there are specialist mortgage lenders that do.

Can younger people live in a retirement village?

A retirement village offers a fantastic lifestyle to those who want to live independently whilst enjoying the benefits that a retirement village can provide. People can enjoy the retirement village lifestyle whether they are 55 or 90 years of age.

Can anyone live in a retirement property?

Put simply, retirement property is property available to people of a certain age. This is usually age 60 or over. However, you can find property marketed for over 50s or the over 55s. These properties are intended for people who can live independently.

What are the pitfalls of buying a retirement property?

What to consider before you buy into a retirement village

• The purchase price. One of the biggest downsides is cost.
• Service charges and ground rent.
• Resale value.
• Failure to accommodate your specific health needs.
• Exit fees.
• Not everyone’s cup of tea.

Why are retirement homes not selling?

The Covid-19 pandemic made the market even tougher, as many older people were shielding at home and reluctant to view property. “Retirement homes have always been hard to sell, but in the last year, they have been particularly difficult, if not impossible,” says one agent in Greater London [speaking in spring 2021].

What is the best retirement village in the UK?

The Best New Retirement Developments In The UK

• The Landsby, Stanmore.
• The Vincent, Bristol.
• Greenhaven, Poole, Dorset.
• Button House, Hackbridge.
• Park Gardens, Banbury.

Where is the best place to retire in the UK?

Some of the best coastal retirement towns include Torquay and Exeter but also hidden gems such as Sidmouth and Beer (the source of most of Britain’s cathedral stone), which nevertheless remain lively even off-season. The county’s northern coastline is the cheaper of the two, with house prices around the £300,000 mark.

What is Audley doing in the retirement living sector?

Audley Group has formed a joint venture with BlackRock Real Assets, marking the investment group’s entry into the UK retirement living sector. A loan from the £4.5bn Home Building Fund will accelerate the construction of 255 homes in Audley’s Mayfield Villages portfolio.

Why choose Audley Mote House Retirement Village?

Every Audley village has its own health club, library and restaurant. And if you ever need any extra care, we can provide that too. Near the village of Bearsted in Kent and situated in the 450-acre Mote Park, Audley Mote House retirement village has 101 cottages and apartments.

Is Audley a private care home?

Not currently. At Audley, you own your own home and your property and gardens are maintained for you; we mow the grass and wash your windows. Plus, there is a restaurant, library, health suite with pool, gym and treatment rooms right on your doorstep, and Audley Care is on hand should you need it.

Where is Audley Clevedon retirement village?

Audley Clevedon retirement village is set within a 23-acre estate in Ben Rhydding, two miles from the historic spa town of Ilkley. The village has 90 properties and is centred around Clevedon House, a former Victorian school.