What is a retirement property and is it right for you?

Are you dreaming of the perfect place to retire and secure your future as you enter your golden years?   

If so, then retirement properties offer a unique blend of independence and support, helping you to live a relaxed and fulfilling life. Moving into one can be a transformative decision, providing comfort, security, and peace of mind.  

Whether you're planning for your own future or searching for a loved one, understanding what a retirement property is, the services offered, and the benefits can help you make an informed decision.   

This blog will guide you through everything you need to know about retirement properties, including the services they provide, the associated costs, and tips on finding the ideal home for you or your loved ones.

What is a retirement property?

Exactly what is a retirement property, and what can you expect when considering one? At its core, a retirement property is a specially designed living space that caters to the needs and preferences of older adults. It provides a comfortable and secure environment, allowing elderly people to live out their twilight years with peace of mind.

Unlike traditional homes, retirement properties are for those with a high level of independence, who do not need 24-hour care. They offer accommodation in the form of apartments, bungalows, or homes. Alternatively, there are also retirement villages which usually refers to a housing development with a mixture of different properties for elderly people.

What services do retirement properties provide?

In order to provide a more comprehensive answer to the question ‘what is a retirement property?’ we will also outline the unique services that they provide.

They typically offer various amenities and services tailored to support residents’ needs. These can include features like:

Community facilities: In many retirement properties, you can find common areas such as lounges, gardens, or libraries to promote social interaction, which helps residents to build connections and friendships.

Activities: Retirement communities often provide a variety of activities to promote physical and mental well-being, including walking groups, gardening clubs, exercise classes, and bridge nights.

On-Site services: Many retirement communities offer additional services, such as housekeeping, meals, or laundry, allowing residents to maintain a higher quality of life without the burdens of daily chores.

Communal dining: Some retirement homes provide food and communal dining to residents that live in their properties.

Leisure facilities: Many retirement properties and villages offer leisure facilities such as gyms, therapy suites, sensory gardens and more.

Maintenance services: Retirement properties may also include help with maintenance such as cleaners, gardeners, and housekeeping.

However, it is important to note that the amount of care and amenities provided by retirement services can vary widely depending on the home.

Benefits of a retirement property

Now we know what a retirement home is, what are the benefits of a retirement property?

Some of the main things they have to offer are:

A sense of community

While retirement properties respect the independence of the elderly residents that live within them, they also offer a sense of community. Residents have the option of participating in activities, attending communal meals and going on outings.

Support and security

Although residents have a high level of autonomy, they also benefit from knowing that there is additional support and security if they need it. Some retirement homes have onsite staff and care teams that can provide medical supervision, plus help with personal care and housekeeping if needed. Retirement homes also come with secure entrance systems and safety protocols to protect their residents.

High standard of living

Another major advantage of living in a retirement home is the standard of living that these properties offer. The combination of onsite facilities, security and community really help the wellbeing of residents that benefit from having easy access to everything they need to live a high quality of life.

For more information on some of the other perks associated with retirement living, check out our blog, ‘The benefits of living in a retirement home.’

How much does it cost to live in a retirement home?

The average cost of a retirement property depends on the location, space, accommodation type, services offered, plus associated fees and management costs. As a general rule, the price you pay to live in one is typically more expensive than a conventional property, due to the additional amenities and facilities offered.

While it is not possible to predict the exact cost of a retirement home, you can generally expect to pay upwards of £350k for a one-bed apartment in a retirement community, rising towards the £5 million mark for high end developments in London. However, the price for the same type of property may vary in other areas of the UK.

For a more detailed breakdown of retirement living costs, check out our blog: ‘The real costs of a retirement village revealed.’

How to find the perfect retirement home for yourself or your loved ones

Thankfully Autumna makes the process of finding a retirement home easy. All you have to do is select ‘Retirement Living’ from our search bar and type in your preferred location.

It will then bring up a list of retirement properties in or near your selected area.

For more specific help, you can also use our FREE Shortlisting Tool to receive a list of retirement properties that match your requirements.

Alternatively, feel free to contact our team of in-house experts for independent and impartial advice.