Buying a retirement property for parents
If you’ve started to talk to your parents about moving, perhaps to be closer to you or because you think they’d benefit from downsizing to a lower maintenance and more manageable property, then you’re probably wondering how you can make it easier for them to move. If you feel it would make sense for you to buy, or even rent, a retirement property for them, we’ll take you through the possibilities.
Who can buy a retirement property in the UK?
As a general rule anyone can buy a retirement property in the UK, but age restrictions usually apply to the people who live there. People living in McCarthy Stone retirement properties have to meet an age-criteria, but as long as your parents are old enough you can buy a home for them.
McCarthy Stone’s age criteria
The age criteria in our retirement communities can vary but typically:
- For independent living in a Retirement Living development, one person has to be over 60 – if there’s a second occupant they must be over 55.
- For assisted living in a Retirement Living PLUS apartment, one person has to has to be over 70 – and if there’s a second occupant they must be over 65.
You can find out more in our FAQs.
Can I buy a retirement property to rent out?
Some McCarthy Stone communities will allow your parents to rent a retirement home but you can also buy a retirement property yourself to rent to them (or anyone else who meets the age criteria). You can set the rent to suit yourself and your parents but McCarthy Stone will need advance notice of the proposed rental agreement and we will also ask you for a reasonable contingency fee. This is held in case of repairs to the property. Our helpful teams are on hand to explain the process and to make it as simple as possible. Just get in touch.
Why are retirement properties cheaper to live in?
One of the benefits of downsizing to one of our stylish and energy efficient retirement properties is that they have been specially designed to lower living costs, reducing household maintenance and energy bills while maximising comfort. Our on-site amenities and services are designed to support people to live life to the full as they get older and are also very cost effective. For instance, our subsidised restaurants (available at our Retirement Living PLUS developments) offer delicious and nutritious meals at impressively low prices. Your parents could also save on the costs of domestic and care support too, as they only pay for what they use. Compare the costs of retirement living versus assisted living and care homes.
How can I buy a retirement property for my parents?
Buying a retirement property for your parents may be easier than you think. Follow our four simple steps:
1. Find your ideal retirement home
The first step when buying a retirement property for your parents is to find their perfect pad. There are three things you’ll want to consider with them.
Choice of retirement property
Choose from low maintenance retirement apartments, coach houses, cottages or bungalows. Encourage your parents to a visit a local McCarthy Stone open day to see the properties and facilities for themselves. If they find a property they like but want extra reassurance that it’s the right one for them, they may be able to enjoy a complementary stay in the development guest suite. Ask them to subscribe to our weekly newsletter to get a sense of life in the communities – and hear about special offers too!
Convenient locations
From coastal to inner city living our retirement villages can be found in premium locations across the UK in the heart of the action and close to local amenities.
Care and support
Safe and secure, with managers on-site and emergency call out, all our retirement communities are designed to provide independence combined with peace of mind – for you as well as for your parents. But if they’d benefit from assisted living services – like 24/7 staffing, on-site bistros and independent lifestyle support such as domestic cleaning, laundry and personal care, then Retirement Living PLUS developments could be the right choice.
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 team will work closely with you and your family to ensure you’re all well looked after during the purchasing process and beyond. We even offer Part Exchange to make selling their current house even easier.
3. Support a seamless move
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. Ask about our Smooth Move package which offers free specialist removals, £2,500 towards estate agent fees and £1,000 towards legal fees. We can even provide a handyperson to help with small jobs, like putting up shelves, when they move in.
4. A good life
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 activities from yoga to jazz nights – although participation is optional. 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 stay in the hotel-style guest suites if you wish.
Bringing you closer with McCarthy Stone
You want the best for your parents – we want that too. Retirement living takes care of all the things that might have become a hassle, like building maintenance and gardening, so you and your parents can relax and enjoy your time together as a family.
If you have any questions, please get in touch online or call 0800 201 4811.
