Why are gated communities ideal for over-55s looking to save money?
31% of adult Britons have no private pension provision and even those who have paid into a private pension may not have enough. Figures from the Financial Conduct Authority, for example, found that around two-fifths have less than £5,000 and only 12% have more than £100,000. So, for many people, retirement – and the years immediately before it - needs to cost less. Which is why many of those over the age of 55 today could benefit from gated communities as a way to save cash.
Security comes as standard
As we age it’s easy to feel less secure in our own homes. Whether that’s the fear of not being found after a fall or being more vulnerable to crime, we tend to feel less safe when we’re going it alone. Moving to a gated community provides better security without the need to invest in expensive systems and equipment for your own home. Guest sign in and sign out, security cameras and regular patrols, as well as panic buttons and health monitoring all help provide peace of mind at a fraction of the price of buying this privately for an individual property.
Access to amenities
Many gated communities offer easy access to a range of activities and amenities, from the cinema to golf. If you’re working with a reduced budget for retirement then moving to a gated community can help to eliminate regular additional expenses – such as transport – as well as the cost of the activities and potentially paying for a chaperone. Gated communities offer a range of amenities on site, as well as planned events and safe, free transport that is designed for residents.
Maintenance is included
Even if you own your own home outright at retirement, property costs don’t necessarily stop there. From replacing insulation to boiler repairs and a leaking roof it can be incredibly expensive to maintain and repair a private property, especially for those with limited mobility unable to do even small jobs themselves. Within a gated community, the cost of maintenance and repair is factored into the fee so there is no additional cost to consider, no matter what goes wrong.
Manageable monthly fees
For many who choose to live in a gated community the main motivation is to better manage individual finances. Monthly fees are defined in advance and so are simple to budget for. As well as maintenance and repair, these fees could cover a range of other costs, including food, heat and light, emergency support and even some trips and travel, depending on the community. Bundled together these costs are often lower and are much more predictable too, making money management easier and ensuring that there is always enough to enjoy comfortable living conditions.
These are just some of the ways in which the over-55s can save money by moving to a gated community. In addition to the financial element, many people also find the social side, as well as the comfort of 24-7 support, equally as valuable. If you’d like to find out more about gated communities nearby, we can help. Get in touch with Clarke Gammon Wellers today.