Why homeowners say the sums add up

For many homeowners, the idea of downsizing brings mixed emotions. There’s the promise of a simpler life, fewer worries and more freedom, but that is often set against the realities of moving costs, service charges and the emotional pull of a long-held family home. 

However, for many, once everything is laid out clearly, the numbers and the lifestyle start to make sense. 

Across our communities, some homeowners speak candidly about money. They talk about weighing-up the numbers carefully, involving their families, and making conscious decisions about how they want to spend their later years. It’s true that not everybody can afford this way of life in their retirement, but many say it has been the right choice for them financially as well as emotionally.  

What service charges actually replace 

For homeowner Pam, it was about reframing how costs are viewed. Her partner Mike explained: “There’s a tendency to look at it in isolation as a charge that you didn’t pay before, but when you sit down and work out all the different services that you paid for at your previous home, it’s actually not bad.” 

Pam had a gardener and a cleaner before she moved. “Here the service charge covers both of those and building maintenance, buildings insurance, water utilities. Obviously, the whole idea of this type of independent living is the fact that you don’t have to worry about these things.”  

Gloria and Peter took a pragmatic approach. “The thought of service charges may worry some would-be movers,” Gloria says, “but if you invest the balance from what you sell to what you buy, it can produce the money you need to pay for the service charges.” 

She adds that the day-to-day costs surprised them in a good way. The energy efficiency of their new apartment means the electricity bill is ‘surprisingly reasonable’. 

Several homeowners described comparing their service charge with the combined cost of gardening, cleaning, buildings insurance, maintenance and utilities at their previous home, and being surprised at how close the figures were.  

Certainty has a value of its own 

For some, the biggest financial relief is not having to worry about chains and delays when selling their property, and once they’ve moved, no longer worrying about the unpredictable costs of maintaining a large property. 

David chose to use part exchange when selling his home: “I agonised over it because I was very aware that financially you get about 10-15% less than the market value of your property. But I said to my daughter Helen, ‘I’ve thought about it, and I’m at an age that if I can move to somewhere where I’d really like to live, without me having to put more money into it, then I can accept that.’” 

Trevor reached a similar conclusion after months of uncertainty: “My house didn’t sell for six months, so I looked at a part-exchange and although I took a financial hit compared to the original asking price, from my point of view the peace of mind was worth every penny.” 

For Trevor, the alternative was continuing to pour money into a house that no longer suited him: “I knew that when I had it painted last time it was nearly £3,000. I needed new decking on the balcony and that was going to be another £10,000 or something. It all mounts up.All that worry has been taken away from me now.” 

Homeowner Dr Trevor enjoying a cup of coffee

Talking openly about inheritance 

Though not easy conversations, homeowners often tell us they take time, advice and reassurance before feeling confident about the inheritance they will leave. One theme that comes up again and again is the importance of involving family early, not just emotionally, but financially. 

Maura is very open about this: “You are spending their inheritance, which obviously affects them. It’s better to include them so they know.” She explains how transparency changed everything: “They saw everything. Every expense, where the money would go, how much it would affect their inheritance, and they were happy.” 

Maura and David enjoy relaxing on their private balcony

Margaret sat down with her children and went through everything in detail: “Before I committed, I sat down with my children and went through all the charges to make sure it was affordable. They were wonderfully supportive. They said, ‘Mum, it’s your life, your money. Enjoy it.’ That gave me confidence. 

“I’ve always kept a ledger since we were married. I know exactly what’s coming in and going out. It’s worked all my life, so I still do it now.”  

When value is about more than money 

Several homeowners are clear that while retirement living does come with costs, it also replaces a long list of hidden expenses and ongoing worries. 

Rob is refreshingly direct: “Service charges are money, of course they are, but weigh that against a leaking roof, gutter cleaning, gardens and security alarms and it is good value.” 

Cath reflects on what those costs maintain: “One thing that might put some people off is that you pay a percentage back when you sell the apartment but there again, you can understand that that’s important to maintain the quality of the building.” She compares it to what she saw elsewhere: “When my daughter and I went to look at other retirement properties, you could tell that some of them were looking a bit tired.” 

Dr Cath, homeowner, gardening

For Cath, the decision came down to peace of mind: “We certainly took the financial side of things into account but felt at the end of the day, for what you were paying, you were getting good value for money.” 

Trevor puts it simply: “Some people think that the service charges for retirement communities are expensive, but when you consider what you get for it, I think it’s fine.”  

Not for everyone, but right for many 

Most homeowners are quick to acknowledge that this lifestyle isn’t universal. David says: “I think you have to get your head around the financial details.” Maura advises future movers to “Bring your family along with you.” As Rob puts it: “You keep your independence, you gain companionship, and you shrug off the worry.” And Gloria offers one final piece of advice: “Move while you are fit enough to enjoy it, because the lifestyle is worth every penny.” 

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