What Is a Retirement Home? Everything You Need to Know
Estimated Reading Time: 5 minutes
What is a retirement home? Many people aren’t aware of this umbrella term which refers to a wide range of property types that aim to give retirees an enjoyable and relaxing post-work living experience (and one that caters to any additional care needs).
Whatever your circumstances, retirement homes can provide a safe, luxurious and comfortable environment for those in later life. Continue reading to learn more about the different types of retirement homes, the benefits and how much they cost.
Where would you like to live?
Browse the best retirement homes near you through Lottie.
In this article on retirement homes:
- What is a retirement home?
- Who can buy or rent a retirement home?
- What are the benefits of a retirement home?
- Buying or renting a retirement home - what’s the cost?
What is a Retirement Home?
Retirement homes are specifically designed for those aged over 55-60. The idea is that retirees are given a comfortable living experience through modern developments that are spacious yet also easily accessible. Many people move into a retirement home once they've passed the retirement age.
Because these properties are often found in custom-built developments, they aim to bring retirees together in a supportive and like-minded community. Retirement homes will often boast luxury facilities and additional personal care options. These top-notch facilities could include on-site restaurants, cafes and health clubs.
Who Can Buy or Rent a Retirement Property?
Retirement properties are available to people above a certain age. This is most commonly 60, but the market can also be aimed at over 50s and over 55s. Depending on what type of retirement property you’re interested in (more on these below), this can be a pretty expensive purchase/monthly rental cost so it isn’t for everyone.
What are the Benefits of a Retirement Home?
It isn’t hard to see the appeal of retirement homes. Here are some of the benefits that help to further explain why they’re an increasingly popular option in the UK:
Properties that have been built specifically for your needs
Having a home that caters to your growing needs - whether this be mobility problems through conveniently laid out living spaces or on-site maintenance to help you take care of the garden - will go a long way to providing you with a seamless retirement experience.
Your personal living space
The independence of a self-contained living space is understandably appealing to many. Some schemes even allow for redecoration so you can put your own creative mark on a room by decorating in any style you like. Taking charge of your room is a great way of promoting independence.
On-site facilities and managers
Having a heap of convenient services within spitting distance will make life much easier as you age. These facilities could include restaurants, cafes, gyms, swimming pools, a library or even a hairdresser! There’ll usually be a manager as well who will be responsible for catering to your day-to-day needs.
Lots of social opportunities
It’s fairly common for retirement homes to put on social events to help residents meet one another. Popular activities include quizzes, book clubs and film nights. In general, retirement homes provide easy access to a supportive community of like-minded retirees, helping to ease any feelings of isolation or loneliness in the process.
Stress-removing services
A range of services - from gardening and window cleaning to general maintenance - means that you have very little upkeep to take care of and can instead kick back and relax.
Added safety and comfort
There are plenty of features that have your safety in mind. Private door entry systems and modern fire alarms mean that retirees can feel secure in their home.
Guest rooms
Having somewhere comfortable for your family and friends to stay is essential, especially if they have to travel a long way to get there.
Pet-friendly
Though not always the case, many retirement living homes allow pets to move in with their owners. Here, providing advanced notice to the housing development will hugely boost your chances of getting approved.
Buying or Renting a Retirement Home - What’s the Cost?
A UK directory of retirement home providers can be found through Housing Care.
Property prices will vary hugely, depending on location, size and what facilities are available. Generally though, retirement living properties tend to be 5-10% more expensive than their standard home counterparts.
Rightmove research from June 2021 shows that the average asking price for a new-build retirement home was £472,281, while the average asking price for a resale retirement property was £285,445.
Retirement homes usually come with additional fees as well, including a service charge, bills (gas, electricity, water, council tax, TV licence, broadband) and extra care if needed. This varies from village to village however, with some opting to cover these costs.
Retirement homes offer secure, vibrant and luxurious housing with state-of-the-art facilities for older adults. Request a free retirement living shortlist and we’ll recommend retirement properties matching your budget, location and desired facilities.
