Weighing it up

The cost of living is a very important issue to consider. When you weigh up whether to move out of your existing home and into a retirement development, it is important to compare the likely differences in the costs of living, with the advantages each can bring.

Costs you need to consider:

• Service Charge - This is an annual charge for the upkeep of a retirement development, the communal areas and gardens and the provision of a House Manager. It also includes buildings insurance.
• Ground Rent (not applicable in Scotland) - This is an amount you (as the leaseholder) pay each year to the freeholder who owns the land on which a retirement property is built.
• Contents Insurance - You will need an insurance policy to protect your home’s contents. For many people, the premium for a retirement property will be lower.
• Council Tax - This may be lower as the retirement development may be in a lower band.
• Utilities - You will still be responsible for water, electricity and gas bills within your home, but these will normally be lower in a retirement development.
• Telephone/Internet - You will usually have a telephone and be responsible for paying for line rental, the cost of calls and any internet access.

Compare the cost of living in a managed retirement development with those of maintaining your current home – you will be pleasantly surprised!