The cost of living is a very important
issue to consider. When you weigh up whether to move out of your
existing home and into a retirement development, it is important to
compare the likely differences in the costs of living, with the
advantages each can bring.
Costs you should consider:
Service Charge - This
is an annual charge for the upkeep of a retirement development, the
communal areas and gardens and the provision of a House Manager. It
also includes buildings insurance. This represents excellent value
for money and is made clear from the outset, with no nasty
surprises. An annual budget meeting and regular coffee mornings are
organised with residents to discuss charges for the year
Ground Rent (not applicable in Scotland) - This is
an amount you (as the leaseholder) pay each year to the freeholder
who owns the land on which a retirement property is built.
Contents Insurance - You will need an insurance
policy to protect your home’s contents. For many people, the
premium for a retirement property will be lower.
Council Tax - This may be lower as the retirement
development may be in a lower band.
Utilities - You will still be responsible for
water, electricity and gas bills within your home, but these will
normally be lower in a retirement development.
Telephone/Internet - You will usually have a
telephone and be responsible for paying for line rental, the cost
of calls and any internet access.
Compare the cost of living in a managed
retirement development with those of maintaining your current home
– you will be pleasantly surprised!
Other benefits a retirement development
- Lower heating bills
- Less cleaning
- Removes the need for garden
- Reduced transport costs (many
retirement developments are close to local amenities)
- Enhanced safety and
For more information call us on 0845 880
5560 for England and Wales
604 6632 for Scotland, or send us an