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Our Loddon Office Manager, Neil Russell’s Latest EDP Article 13/11/2015 – Retirement Living

Monday 16th November 2015

Neil Russell

For my article this month I thought I would write it about the same subject matter to be shown in my interview on Mustard TV, the excellent property show ‘Home to Home’.  The interview was based on ‘retirement living’ to be shown this month and we looked at the options that are out there for people who want to find suitable accommodation for their retirement.

Not all ‘retirement living’ accommodation is necessarily for the less mobile.  More and more people are living longer into their retirement and are extremely fit, so we have many retired people planning for the future so looking for properties such as single storey dwellings close to amenities but also close to the countryside for walking, maybe the Broads network, and have an active community such as that in Loddon and surrounding market towns where our offices are located.

Broads Smaller

Another favourable option we are finding is people looking to live with their relatives in retirement.  The benefits are numerous as it provides a reduction in expenditure generally, i.e. there is one less property to cover running costs on and also ensures someone in the family is close by if ever needed (Grandparents are the best babysitters!).  Plus a huge benefit is the equity being released from the sale of the additional property when a family comes together; which could be quite a substantial sum, and if ‘assisted living’ was to be taken as an option at this stage then the equity would soon be spent over time with no assets to show when the inevitable happens.

Considerations when moving to live with a sibling or vice versa are property size and location. A property may need some adaptation such as an annexe to provide additional living space. Further considerations when looking at this option are the property footprint; is it large enough to be utilised as required, are there extension possibilities? Would it be better to find a more suitable property elsewhere and move; is it financially viable to convert? Properties with outbuildings, double garages or attached garages make ideal conversions as the main structure of the building is already in place and the cost can be minimal compared to a total new build. 

The top tips I can provide are to research fully beforehand; register with agents like ourselves, but provide a full criteria and requirement list so we can be pro-active in our search, don’t just rely on the internet; seek financial advice regarding any tax implications when moving in with family; and also what benefits/care could be available if required; speak to the local planning office if there is a property you locate that you may wish to extend or convert. The word ‘retirement’ is defined as ‘the action or fact of leaving one’s job and ceasing to work’…and the word ‘living’ means exactly that, it is the start of an exciting new chapter…

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