What is a retirement home and how does it work? Posted on June 4, 2021 (June 7, 2021) by Abi Bousfield-Fry Moving to a new home is often one of the biggest, but most exciting decisions you make in life, and sometimes some of the language used during the process is confusing. So, we are here to answer a few commonly asked questions when thinking about retirement living. What does the term ‘retirement property’ mean? The term retirement property is used for age exclusive housing. These can come in different forms and specifications, from apartments to houses, with a variety of features and services available depending on the community. At Platinum Skies, we offer a selection of 1, 2 and 3bedroom apartments, and a selection of cottages and houses that offer a high-quality finish, alongside some future-proofing features such as wider corridors suitable for wheelchair access, step-free showers and automatic lighting in the bathrooms, and a wealth of leisure spaces that allow our homeowners to live life to the full. Each of our communities offers a communal lounge and bistro where hot and cold food is served. Many also benefit from an activity room where you may find weekly clubs or classes such as yoga, Pilates or chess championships. To keep you looking as young as you feel, many of our communities have a treatment room, this space can be used to book in a host of different health or beauty treatments through the Community Manager. What is the purpose of a retirement property? The purpose of a retirement property is to give you the freedom to live your life exactly how you choose, with the confidence that all the maintenance like gardening or window cleaning is taken care of. This gives you more free time to re-ignite your social life in your new community and spend time with like-minded people. At Platinum Skies, we pride ourselves in creating communities for people to enjoy, and the best part is you can dip in and out as much or as little as you want. Within each of our communities, we have a dedicated Community Manager who can organise social activities, offer emotional support or simply have a natter in the Bistro – they will always be there as a helping hand if you need it. Living at a Platinum Skies community offers peace of mind so that if you need any assistance, there are pay-as-you-go services available, so you only pay for what you need, whether that’s some help with some domestic chores, or if you feel you need some additional care – our skilled and trained professional care team will tailor a support plan to your needs. How do retirement properties work? Once you have decided to make the move to one of our amazing communities, we are with you every step of the way. We can help you to sell your existing property, and if you can’t wait, we offer Platinum exchange which allows you to move straight away! We will offer the FULL market value of your property, and better yet you save on all legal and agency fees. Your Platinum Skies Relationship Manager will make sure you have all the information you need, they will explain the service charge for your chosen community, and they will make sure you are happy with all the details before you commit to a property. When you move into your new apartment, cottage or house, the Community Manager is on hand to make sure you have everything you need, you even get 4 hours of our handy-man service to make sure your new apartment feels like home with pictures being put up on the wall and curtain poles put up above the window – and then it’s time to sit back and enjoy your new life! Are retirement properties a good investment? Often, when you make the move to a retirement property you are downsizing, which allows you to free up some of the money that is tied up in your house, to either invest elsewhere, give some financial support to your children, or perhaps go on that holiday you have always dreamed of. At Platinum Skies, we offer shared ownership which means you benefit from the lifestyle that a retirement property offers, without the expensive price tag. This is a government-backed scheme in partnership with Homes England that allows you to purchase a percentage of the property – typically 50%, and pay rent on the remaining amount, giving you the freedom to live life to the full. Investing in your future When thinking about investment, we often only refer to the financial benefits of downsizing, whereas there are so many more advantages that will benefit your lifestyle. Our communities are always perfectly positioned near local amenities, often within walking distance of doctors, pharmacies, public transport, and shops. Many homeowners find they barely use their cars as it’s easy to just head into town on foot or by bus. Not forgetting that there is a ready-made community on your doorstep so you can pop down to the lounge for a coffee with your neighbour or invite your friends to have lunch in the Bistro. Life in our communities really is as good as it sounds! For more information, we have explained the costs and charges of a Platinum Skies home here. Can anyone buy a retirement home? No, not everyone can buy a retirement property. To buy a Platinum Skies retirement property you must be over the age of 55 and the property you are purchasing must be your sole residence. One of the key benefits of moving into an age-exclusive community is that you are joining a community full of like-minded individuals, who have all decided to make the most of the independence, at a time of their lives where they are heading into retirement and so can spend each day enjoying themselves. For more information and to find out more about our communities based across Dorset, Wiltshire and Somerset, call our team today on 01202 805546.