Retirement can be an exciting time in a person’s life. But it can also be a daunting prospect with many important decisions to make in terms of your finances. In this article, we’re going to provide five top tips on what to look for in a great retirement property …
Once we get older, we often need additional facilities in our homes. Sometimes we don’t need the space that we once used. This is especially when our children have grown up, moved out and are raising their own children in their own homes.
We often find ourselves very confused when it comes to knowing what the right decision is for your future. Retirement housing conveyancing can point you in the right direction. However you also need to know what you’re looking for when it comes to your future living.
That’s where we hope this article will come in handy. We’re here to provide you with five top tips on what to look for in a great retirement property. Keep reading to find out more…
Decide Whether You Want a Retirement Property or An Independent Property
You might be a bit confused by this, but what we’re referring to is the properties you can purchase that are designed for those over the retirement age. Retirement properties often have many benefits for those who are older. This includes being cheaper to buy, providing 24/7 support, having other older neighbours, regular clubs and more.
A retirement property might not be something that interests you, and that’s okay. Some would prefer to purchase an independent property because it would suit them better. There are many out there which would be completely suitable for an elderly person to live in.
Choose The Home with Accessories Best Fitted to Your Needs
As you get older, there are often additional needs that you likely didn’t need when you were younger and more agile. This could include accessibility access, such as wider doorways, which is especially necessary where you are in a wheelchair.
Another feature needed could be a stairlift. This is where climbing the stairs is no longer possible or something you find challenging. Other features could include a personal alert system, railings, wheelchair ramps and other accessories for your circumstances.
You may find the perfect property that doesn’t have the accessories you need. However, it is possible to have these installed into your home. But, it is a cost to be aware of.
Make Sure You Consider Location
You often hear of individuals expressing that when they get older and retire that they want to move abroad or move closer to the seaside. Location may not be a huge concern for you, but for some people, it’s their main concern.
Other location matters are important too. Do you wish to live in the countryside or a town or city that has good transport links? It’s likely that as you get older, you may no longer drive or even walk far. So picking an area that provides you with easy access is a key aspect to consider.
Unbiased has created an extensive list of 20 places they recommend retiring to in the UK, including Dorset, Devon and The Lake District.
The Type of Property That Would Suit You
There are many types of properties, such as an apartment, flat, cottage, bungalow and more. You need to make the decision of what the right type is for you. For example, a bungalow might be better suited for someone who struggles to climb the stairs.
However, there are only around 2 million bungalows in the UK, meaning they are likely hard to acquire and are more expensive. A flat or apartment might be more ideal for someone living on their own, in comparison to a house which has multiple bedrooms.
Other things to consider with which property you select would be if it’s furnished or not, if there is enough space for you to live comfortably and whether there is enough storage area.
Proximity to Hospital
As you become older, it’s likely that your body isn’t how it was once before, and you might be more prone to needing regular medical assistance.
If you choose to live in the middle of the countryside, getting to a hospital or GP might be difficult, especially in emergency situations. Living closer to a hospital makes more sense and means that if you ever are in a situation where you need immediate medical assistance, you can.
Pick the Perfect Retirement Property for You
What we can conclude from this article is that there are a lot of considerations that you need to make when deciding on your perfect retirement property, especially as this is likely going to be your forever home.
Make sure when you look at properties that you’re considering the important things, such as the type of property that would best suit you, where the property is located, the accessories it has and other important factors.
What is your perfect retirement property? Let us know in the comment box below.