There comes a time for many people when round-the-clock care or medical supervision is needed. This is often a very distressing time, as it involves leaving behind a much-loved home — and the independence it provides.
Whether you’re thinking of a move to sheltered housing or helping a loved one to make the move, there are several issues to consider. As well as the lifestyle changes involved, you’ll also need to think carefully about the various financial implications.
Talk things through with friends and family before moving into a retirement home
Moving into a retirement home is always a big step. There are pros and cons involved, and you may not be able to assess them on your own. Ask your loved ones for their opinions. Is it the right time? Are there alternatives? For example, you might find that family rally round and give you the support you’re looking for.
There may also be the option of moving in with a relative. This might be the best option if you’re moving simply for the company. Selling a house for your retirement means you might be able to contribute to some of the bills.
Assess the costs of moving into a retirement home
The initially quoted cost of your new retirement home might seem affordable. You might even qualify for free or subsidised care. But never take the cost at face value. Make sure you get a full breakdown of all service charges and additional fees. The bigger the grounds, the higher these fees are likely to be.
And while there may be a range of activities to try out, find out how much they all cost. Some might be included as part of the package. Others, however, will need to be paid for separately.
Are there any exit fees?
Signing up to a private retirement community may involve a contract and a hefty deposit. But what happens if your circumstances change shortly after moving in? Your health might deteriorate, or you may be presented with different opportunities. Before you sign on the dotted line, check the terms and conditions. How easy is it to get out of the contract? Is there an exit fee involved?
Check whether or not you can sublet your retirement property, as this could be a good way of getting out without losing a small fortune.
There are now thousands of high-quality retirement homes across the UK. Before you choose one, make sure you’ve checked out at least four or five. Visit each one and compare the rental charges. Take the time to investigate the terms and conditions thoroughly. The ability to move on quite cheaply might be the deciding factor in your decision.
It’s also worth remembering that there are several types of retirement lease available in the UK. You can also buy a unit instead of renting it. However, you’ll need the capital upfront. But if you have it, this could be a good investment and a way of saving money. Of course, you’ll need to sell your existing home fast. But that’s not a problem when you sell to SellPropertyFastCash.
We are national homebuyers who purchase UK properties in as few as four weeks. There are no marketing, price negotiations or upward chains involved. Selling a property this fast could help you to start your new life in a retirement community as quickly as possible.