Is a retirement village the right move for you?
Retirement is a major life transition, and we understand that deciding where to spend those golden years can be both exciting and overwhelming. For many, retirement villages are a top choice, offering you community living, convenience, round-the-clock care and accessible spaces.
If you’re considering this option, it’s important to weigh the pros and cons to ensure it aligns with your lifestyle and needs. Partnering with the UK’s top developers that specialise in retirement living, we understand first-hand what retirees love about retirement villages, as well as the considerations you might need to take into account. So, we’re here to share our wisdom, looking at the pros and cons of moving to a retirement flat to help you make the right decision for you.
- What is a retirement village?
- What are the pros of moving to a retirement village?
- What are the cons of moving to a retirement village?
- Finding the best retirement village for you
What is a retirement village?
A retirement village is a residential community designed for older adults, typically ages 55 and over. They offer independent living with access to various amenities, social activities and on-site healthcare services. These communities are tailored to support an active lifestyle among retirees, while still providing care options that evolve with each residents’ evolving needs.
Kim Caldwell, National Sales and Marketing Director at McCarthy Stone explains:
“By moving to a retirement development more suited to their needs – and thanks to the help that our on-site teams provide, which is everything from building maintenance, to gardening, to additional care and support if needed – our homeowners have more time to spend on the things they enjoy in a ready-made community.
“Our developments offer many benefits – emergency call systems to all apartments, which offers easy access to support if they ever need it; as well as plenty of opportunities to socialise at the weekly activities and coffee mornings. Our central locations also mean our customers can be as independent as they’ve always been, whether they like to do a spot of shopping, take up a new hobby, head to the theatre or are looking for ways to entertain the grandchildren. Even holidays are more relaxing, knowing the House Manager is there to keep an eye on things back home.
See AlsoStonewalled at every step: Both sides frustrated in CPERS lawsuit'Reconsider your position': Auditor's report to Caddo Parish Commission“Making the move to a more modern and compact, purpose-built retirement community can deliver significant savings too, through reduced energy bills, lower Council Tax and cheaper maintenance costs. ”
What are the pros of moving to a retirement village?
Here are the top reasons over 55s love living in retirement villages:
Sense of community and a thriving social life
One of the biggest advantages of living in a retirement village is the built-in sense of community you get from living with like-minded people at the same stage of life. This style of living makes it easy to make friends with neighbours, participate in group activities and build meaningful relationships later in life.
Kim also highlights new research from Homes England, that has demonstrated that living in a retirement community results in improvements in happiness, wellbeing and satisfaction.
Many retirement villages organise events and social gatherings or have regular clubs you can attend to help keep you active and provide entertainment.
On-site amenities
In addition to organised activities, retirement communities often have access to a variety of amenities. Examples include on-site restaurants, swimming pools, spas, cinemas and tennis courts. These amenities can help keep you physically active and mentally sharp, contributing to overall well-being. Explore more about the new build amenities shaping modern living.
Safety and security
Retirement villages often have enhanced security measures, such as gated entrances, security personnel and emergency response systems, which can provide added peace of mind, especially for those who may feel vulnerable living alone.
Household and grounds maintenance
Many retirement villages offer low-maintenance or maintenance-free living. This means that chores such as lawn care, home repairs and even some household cleaning can be handled by the village staff. If you’re ready to spend more time enjoying life in your retirement rather than worrying about upkeep, this can be a significant benefit.
On the other hand, if you like a sense of routine and want to keep these household chores in your daily schedule, you still have the independence to do so.
Homes are designed for accessibility
One of the often-overlooked benefits of retirement flats is that homes are designed with accessibility in mind. These homes usually feature single-level layouts, wide doorways, step-free entrances and accessible bathrooms and kitchens. This thoughtful design can greatly enhance comfort and safety for seniors, especially if you’ve got mobility issues or may develop them in the future.
While you may feel like you don’t require these home modifications yet, the focus on accessibility allows residents to age in place with ease, reducing the need for costly renovations later on. An upgrade to a top-of-the-range accessible bathroom in your existing home could cost upwards of £5,000!
Access to on-site healthcare
Prioritise your health and choose a retirement village that’s equipped with on-site healthcare services or are located near medical facilities. Whether it’s routine medical check-ups or specialised care, including nursing or assisted living services, having access to healthcare can provide an extra layer of comfort and security. This can be especially important for anyone living with long-term conditions or terminal illnesses that need constant management.
What are the cons of moving to a retirement village?
While retirement villages have countless benefits, there are some considerations:
Service charge costs
When buying a retirement home, you’ll find that the majority are leaseholds, which means you’ll have to pay a nominal rent for legal reasons and service charges to your freeholder.
While your service charge fees will be put to good use, providing you with the maintenance and amenities mentioned above, they can add up. It’s important to carefully review contracts and financial commitments to ensure you’re prepared for any costs involved.
Difficulties reselling a retirement property
Retirement properties can be harder to sell compared to traditional homes, and this can be an important factor to consider when deciding to move into a retirement village.
For one, the market for retirement properties is often limited to older adults or retirees, which reduces the pool of potential buyers. Additionally, some retirement villages have specific rules about who can purchase properties within the community, further narrowing the market. This can also impact the resale price.
If you pass away before the property is sold then your family members will be responsible for continuing any service fee payments until it’s bought.
Prepare for exit fees
Exit fees, also referred to as event fees or deferred management fees, are typically outlined in the lease agreement of a retirement village property. These fees are triggered upon the sale of the home, which may occur after the owner moves into full-time care elsewhere or after their passing.
Exit fees can be fairly steep, reaching tens of thousands of pounds in some cases, but are common practice in many retirement communities.
Adjusting to a tight-knit community
Living in a tight-knit, supportive community has many benefits but can take some getting used to. Personality clashes, group dynamics or even feeling pressured to participate in social activities can create stress for some individuals. It’s important you find a balance between socialising and maintaining personal space and rest if you feel like you need it. Developers all highlight that you’re free to get involved in community events as much or as little as you want, with the freedom to choose being part of the independent lifestyle.
Moving to assisted living homes may feel daunting but can actually provide greater independence, enabling you to do the things you love, like go to the salon or take a stroll on the grounds, in the safety of the community.
Finding the best retirement village for you
At OnTheMarket, we partner with the best new build developers specialising in retirement homes, including McCarthy Stone and Churchill Living. Find your dream retirement home today.
