As the population of the elderly increases in the UK, the need for suitable living arrangements is essential. With the UK’s ageing population currently estimated at 11.3 million, senior living options become increasingly important.
One of the most popular and safe options available today is retirement villages and the benefits that come with living on one. This article will look at the various benefits of living on a retirement village in the UK and how to budget for such a move.
What is a Retirement Village?
A retirement village, or a retirement community, is a residential area designed for older adults. It generally has secure housing and grounds and offers independent online support, assistance, activities and transportation for seniors.
There are many different types of retirement villages. Some provide their residents with a wide range of leisure activities, such as swimming pools, golf courses, and fitness classes. Others offer more specialist services including care and support for seniors’ day-to-day activities, such as meals, cleaning, laundry, medicine organization, and social events.
In the UK, the average age of those living in a retirement village is 74 years old, with most offering a combination of sheltered housing, retirement apartments, and aging-in-place homes.
Benefits of Living in a Retirement Village
Living in a retirement village or community offers many advantages to seniors seeking a safe, secure, and comfortable standard of living.
One of the key benefits include social interaction and a sense of community with both neighbours and staff. Many retirement villages are built in areas with other activities and amenities closeby, so there is always a good selection of company and places to go.
Additionally, living in a retirement village ensures security, providing an extra level of safety with CCTV monitoring and 24/7 emergency support.
Retirement villages also offer health and lifestyle activities such as exercise classes, cooking workshops, and craft classes. These activities encourage seniors to stay engaged, active, and involved with their community.
Budgeting Considerations
Living in a retirement village can often be costly, with certain fees and payment plans often available. It is important to understand the fees associated with the particular retirement village in order to budget effectively.
The most common type of fee associated with a retirement village is an Entry Fee. This fee is normally a percentage of the property’s value, which can range anywhere from 30% - 50%. This fee is then discounted when the resident leaves the retirement village.
Some retirement villages also charge an additional exit fee upon moving out of the village. This is not always the case, so it is important to research which fees are associated with the specific retirement village.
The final cost consideration is in regards to the monthly maintenance fees, which vary from village to village. This fee covers the cost of services such as cleaning, maintenance, and other community services.
Finally, some villages may require that residents take out Home Insurance to cover any damage that may occur to the property. It is important to double-check the details of the policy and make sure that it covers all eventualities that may arise.
Conclusion
Retirement villages in the UK offer safe and secure living options for seniors, with a variety of benefits such as social interaction, leisure activities, and a sense of security.
The cost of living in a retirement village will depend on the village and the fees and services associated with it. It is important to research all fees, charges, and costs associated with a specific retirement village, and to factor these into a budget when making a move.
Regardless, living in a retirement village is a great option for those who are looking for a secure and supportive living environment that caters their needs as they age.