How to choose where to live as you get older

Yahoo

15-05-2025

Properties for downsizers — or rightsizers as they're becoming increasingly known — are a boom area as the UK has an ageing population and over-65s are the fastest growing demographic. But what's your best option on where to live as you get older?
'In just 10 years' time, one-in-four of us will be over 65, meaning the later living sector has the potential to expand exponentially to help meet this growing need,' says Steve Bangs, CEO at Pegasus Homes.
The Older People's Housing Taskforce Report states that the UK needs to build between 30,000 and 50,000 more age-specific properties each year.
Read more: How to get your children to move out
Paul Adams, director of property at Cognatum, says: 'The UK is on a trajectory to significantly expand its retirement housing options, with numerous developments under way and substantial investments being made.
'The traditional 'retirement options' are changing because people are living longer lives, tend to be more active in later years, and, in many cases, continue to undertake some kind of work during their retirement.'
While many rightsizers find it difficult to sell up the family home, full of their possessions and memories, there is an increasing amount of choice when it comes to their next move. We spoke to seven property experts about the different later life options and who they work best for.
Bungalows, with every room on a single storey, are the traditional option for retirees looking to downsize, particularly those with mobility issues.
Unfortunately, demand outstripped supply years ago, so they can come with a hefty price tag and often attract plenty of interest and sell fast.
'Often sitting on large, underused plots, many have been bought up and extended upwards or knocked down and replaced with bigger dwellings by property investors and developers,' says Robin Edwards, a property buying agent at Curetons.
Alternatively, if you want to maintain your independence but don't want the hassle of a big property, an urban apartment might be your bag.
'For downsizers wanting low maintenance, but also social connections, apartment-based retirement living in town and city centres is gaining hugely in popularity due to their proximity to shops, cultural activities and better healthcare,' says Edwards.
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With planning permissions relaxing in urban areas, post-COVID, many unused retail outlets are being converted into flats.
'I anticipate conversion of commercial buildings in town and city centres to be re-purposed for the 55+ market who want to be within walking distance of facilities and amenities,' says James Greenwood, of Stacks Property Search.
'Developers are expanding into both urban and rural lock-up-and-leave apartments with sophisticated interiors and beautiful landscaping. High-end developers are all looking to maximise on this opportunity and becoming increasingly inventive.'
This desire to live in towns and cities proves that downsizing isn't just about the property itself but also its location.
'[This] is a key consideration — most people want to be close to family and friends when they downsize. The majority of our buyers are local Chelsea residents who value being close to amazing cultural destinations, restaurants and shops,' says Henry Lumby, chief commercial officer at Auriens.
Another huge area of growth in recent years is in retirement villages, which are popping up all over the country. These purpose-built homes can be either rented or purchased and often come with restaurants, gyms, spas, tennis courts and a clubhouse.
'[A retirement village] is a fantastic option for people who are still active and independent, but who want additional peace of mind in the form of on-site support teams and 24-hour support call systems, and without the burden of maintaining the property or grounds,' says Bangs.
Much has been made of the community spirit in such places and people are not just moving into a specially designed home, they are also buying access to the social elements of living somewhere that aims to replicate the cohesion historically felt in a traditional village.
'Our residents want to maintain their independence and also want to feel part of a strong community,' says Lumby. 'We run a diverse calendar of events each week that foster great connections between residents and allows them to maintain an active social life and inclusive community. We also focus heavily on promoting active ageing, with a holistic wellbeing programme run by our in-house team of expert personal trainers and nutritionists.'
Of course, there are lots of different offerings and you don't have to buy into the social life if you don't want to.
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'Some of these places are more lifestyle-led, with a real community feel… Others are simpler and quieter, focused more on ease and safety,' says Sarah Walker of Walker Hall Estate Agents.
'But at the core, they're all self-contained homes, you have your own front door, your own kitchen, your independence, but in a setting that's designed to support you as you get older.'
Sheltered housing is a step up from retirement villages — offering slightly more support to deal with any health needs.
'For those seeking a balance between independence and support, sheltered housing or independent living communities can offer private apartments with the reassurance of an on-site warden and emergency support,' says Edwards.
With both retirement villages and sheltered housing, costs need to be carefully calculated.
'While it can seem expensive at first glance, when elements such as garden maintenance, insurance and lifestyle amenities are taken into account, it may not be directly comparable to a freehold property,' says Bangs.
'In addition, it's important to understand any costs should you leave the development. Some later living developers charge an exit fee, or deferred management fee, payable if you purchase your home and then decide or need to leave.'
Susan Gregory, of Turners Oak Estate Agents which focuses on later life moves, adds: 'If purchasing retirement housing, make sure you know exactly what the monthly service and management charges are, and what additional fees will be due when you come to sell the property in the future.'
Multi-generational living, where different generations live in the same property, has long been popular in countries such as Italy and India, and it's becoming more widespread in Britain too. With the cost of both UK housing and care increasing, generations are pooling resources and moving in together.
There are several advantages — younger generations may benefit from getting a foot on the property ladder, a larger home and from the childcare that grandparents might provide, while the older generation may be able to spend more time with family and are better placed to be supported as they age.
For those opting for this set-up, annexes are a good middle ground.
'You've got the option of family annexes, either converting part of a child's home or building a little flat in the garden. That way, you're nearby but still have your own space,' says Walker.
If you go down this route, it's important to have open conversations with family members about the future. If you need care, are they willing to provide it or do you need to make sure there is space should you require a live-in carer?
It's likely that the opportunities available for retirement living will only increase, both in terms of financing and the properties themselves.
'There are already signs of evolving options such as lifetime leases, rental options, and guaranteed resale prices as the sector continues to listen and learn from their target markets,' says Gregory.
The distinction between sheltered housing and care homes is also set to become thinner — if it doesn't disappear altogether.
'We're already seeing hybrid models that blur the lines between independent living and care home, often with flexible support services that can be increased as needs change,' says Edwards, who adds this will be aided by better technology. '[It] will play a greater role in enabling ageing in place, through features like smart home integration, telehealth and more advanced safety monitoring systems.'
With the market in such flux, it's crucial to make sure you're up to speed with what's available, even if you aren't planning on moving for several years.
'Retirement living options are evolving all the time so try not to make assumptions based on previous experience or anecdotal information,' says Gregory. 'Get out there and explore the options, without pressure, and see it as an opportunity to explore what could be possible.'
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