Why are more people choosing to explore the option of over-55s properties?
Retirement preparation is a key part of healthy financial planning for everyone – and ensuring that you will have a roof over your head for the rest of your life is fundamental to that. The idea of over-55s properties is becoming increasingly popular, as more options appear on the market with specifications and prices that appeal. For anyone looking into property for retirement, there are some good reasons why more people are choosing to explore the option of over-55s property.
Over-55s properties tend to be more affordable than many other property types, which is enormously appealing especially for those approaching retirement who may not yet own their own home. Many of these properties are offered for sale as part of a shared ownership scheme where, for example, they are available for just 75% of the market price with the remainder government funded. This kind of financial incentive puts an attractive and marketable asset into the hands of the over-55s, as well as providing security for the future.
The option of services on site
Many over-55s properties are now being developed around sites that have a range of services on offer. These services are intended to make life easier for residents and could be anything, from hairdressing through to meals. The idea behind offering services on over-55s development sites is to provide a comprehensive solution to living in retirement where everything required for an enjoyable lifestyle is easily accessible.
Remaining independent in retirement
Many over-55s properties have been specifically designed to enable residents to remain independent and in their own homes for as long as possible. From the interiors of the properties themselves, through to the fact that staff are on site to help with care needs, those who choose over-55s properties often do so because of the extra support that comes as an option with the purchase of one of these properties. For many people, remaining independent into retirement is crucial to getting the most from those golden years and often an over-55s property has a big role to play in that.
Just like any other property, an over-55s property passes to descendants provided for in a Will. Any relatives over the age of 55 can move in to the property and live there. For those who are younger, the property is sold and the inheritance is received from the purchase price. This type of property ensures that there is something for residents to leave behind to those they wish to remember them when they are gone.
The social element
Developments of over-55s properties bring together a large number of people of the same age group who may be experiencing similar changes and challenges. There is a significant social element that is encouraged by on site facilities and services and which can provide warmth and friendship into the golden years.