If you’ve been talking to your parents about moving during retirement, perhaps so they can be closer to you or to downsize to a low-maintenance, manageable home, then you’ve probably thought about how you can make the move easier and financially viable for them.
One generous option for children is to buy a retirement property for their parents to live in later in life. We’ll take you through your options when buying or renting a property for your parents.
Who can buy a retirement property in the UK?
While many older people do buy or rent retirement properties in their own names, anyone over the age of 18 can technically buy one. The buyer will need to meet affordability checks in line with the usual process of buying a property, but as long as the person or people living in the home meet the development's age requirements, there’s no issue with you purchasing for someone else.
Age restrictions on residents
The residents of the retirement home you buy will need to meet age restrictions, which vary between provider and development but are typically somewhere between 55 and 70.
For McCarthy & Stone properties, our age criteria is:
- Over 60 for our Retirement Living developments, designed for independence. At least one resident needs to be aged 60 or over; if there’s a second occupant, they must be aged 55 or over.
- Over 70 for our Retirement Living Plus developments, designed for assisted living. One resident must be over 70; if there’s a second occupant, they must be aged 65 or over.
Can I buy a retirement property to rent out?
Many retirement communities can offer your parents the option to rent a retirement home themselves. Another option is to buy a retirement property yourself and then rent it out to them. With this option, you can set the rent cost to suit yourself and your parents. You may even wish to let them live there rent-free. All we ask for is advance notice of the proposed rental agreement, as well as a reasonable contingency fee for any necessary repairs to the property.
Our helpful team is on hand to explain the process and to make it as simple as possible, so feel free to reach out with any questions.
Can I rent a retirement property I own out to anyone?
Yes, you can rent a retirement property you own to parents or anyone else who meets the age criteria for the specific development.
If your parents unfortunately pass away while living in a McCarthy & Stone retirement property, you have several options around renting. If you don’t meet the age criteria to move in yourself and don’t want to sell it, you can rent the property out to someone else over 60 or 70, depending on the property restrictions.
Can I pay my parents’ rent instead?
Yes, of course. If purchasing a home for your parents isn’t an option for you, whether it's affordability or you prefer the flexibility of renting, you can pay part or all of their rent while they live in a McCarthy & Stone property.
What’s the benefit of buying a retirement property over a regular property?
Retirement properties are specifically designed to support your parents' needs now and in the future. Comparatively, when buying a regular apartment or bungalow for your parents, you might need to pay extra to install adaptations or pay for carers to visit.
Benefits of McCarthy & Stone properties include:
- Energy efficiency and convenience: Our properties are specifically designed to lower living costs, reduce household maintenance and energy bills, and maximise comfort.
- On-site amenities: Services and amenities help people live life to the full as they get older, and are also very cost-effective. For instance, our subsidised restaurants (only available in our Retirement Living Plus developments) offer delicious, nutritious meals at impressively low prices.
- Care costs: You can also save on domestic and care support costs, as you only pay for what you use.
How can I buy a retirement property for my parents?
Buying a retirement property for your parents is easier than you think. Exact processes will vary between providers, but this is how it works with McCarthy & Stone.
1. Find the ideal retirement home
The first thing is to find a retirement property for your parents that suits their needs and wants. There are a few things you’ll want to consider with them when looking for properties.
- Property type: Discover low-maintenance retirement apartments, bungalows, and even cottages.
- Location: Our retirement developments are in desirable locations across the UK, in the heart of communities and close to local amenities.
- Care and support: All our retirement communities are designed to provide independence combined with peace of mind for you and your parents. If they’d benefit from additional services, such as 24/7 staffing, domestic support, and personal care, Retirement Living Plus developments could be the right choice.
Sign up for an open day at a nearby development so your parents can see the properties and facilities for themselves. If they find a property they like but want reassurance that it’s the right one for them, they can enjoy a complimentary overnight stay to experience the lifestyle before they move in.
2. Secure their new retirement home
Once you’ve found an ideal retirement property for your parents, the next stage is to put down a deposit to secure it.
Our friendly team will work closely with you and your family to ensure you’re all well looked after throughout the purchasing process and beyond, and will answer any questions you might have.
3. Enjoy a smooth move and a lovely home
Moving is a huge step, but we’re here to support you and your loved ones. We’re experts in making moving as simple and stress-free as possible.
We offer moving packages to help things move along more easily, including free specialist removal and monetary contributions towards estate and legal fees. We can even provide a handyperson to help with small jobs when your parents move in, like putting up shelves.
Once your parents have moved in, they’ll have everything they need on their doorstep. That includes a friendly community and a calendar packed with optional social activities.
You and your family are encouraged to visit at any time and make full use of the development amenities. You can eat in the restaurant if there is one, and even stay in our hotel-style guest suites.
Buying a retirement property for parents with McCarthy & Stone
You want the best for your parents – we want that too. Retirement living properties take care of all the things that might have become a hassle for them, such as maintenance and gardening, so you and your parents can relax and enjoy your time together as a family.
If you want to find out more about buying a property for your parents, please get in touch online or call 0800 201 4811.
