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Buying Retirement Housing

Source: Age UK

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Source: Age UK
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Sheltered Housing is often called retirement housing schemes, both to rent and to buy. Prices and types of houses vary enormously. A small second-hand flat can be found for £100,000 in some parts of the country. Brand new properties cost more. Once all the properties in a new sheltered or retirement housing scheme have been sold the ongoing management of the scheme is usually transferred to a management company, which may be either commercial or non-profit making. The scheme manager and other services are paid through a service charge, ranging from a few pounds a week in a scheme with no manager to £100 or more a week if meals and extra amenities are provided. However in the majority of ordinary sheltered or retirement schemes the charge is in the range of £20-40 a week. In addition you will have to pay ground rent which could vary from £50 a year to £300 or more, council tax, water charges, contents insurance, telephone & fuel bills.