In a poll by YouGov for insurer Royal London, three in 10 people aged between 45 and 54 said they were considering accessing their retirement funds to purchase a buy-to-let property.. Royal London says that such a move can be an expensive mistake. You can’t hold a buy-to-let property through your pension because it is classed as residential property, but you could pull your money out of your pension and use it to purchase one. Property developers have cottoned on to the ‘grey pound’ and are trying to appeal to the ageing population with retirement villages. It’s also worth noting that, as someone on the verge of retirement, you must account for a fixed-income. There are broadly two types of retirement living options. Residents of retirement properties must usually be aged over 55 or 60. Situated on the first floor this bright apartment includes: living room with feature fireplace, fully… Dorset / Bournemouth . The government’s efforts to cool down the buy-to-let market have increased the tax burden. Retirement homes can be a good option for older people but there are things to consider if you want to buy one of these properties. Contact us to learn more about renting a retirement property with our Rent to Buy scheme: Get in touch. Like most retirement developments, it only permits couples aged over 55 or single … With shared ownership, you buy between a quarter and three-quarters of a property. If your lease allows you to sublet, it may have conditions attached to it. A quick sale can be important, as service charges must continue to be paid until the sale goes through. Most retirement properties will limit the category of persons that you can sublet it to e.g. You certainly can buy property in at least some retirement communities to rent. This retirement property for over 60’s offers all the benefits of retirement living with NO service charges to pay. 0800 525 184 . In this scenario, you would be hit with an income tax bill on the money you withdrew (see above). You’ll have more spending money to spruce up your retirement property. Either way, fear isn’t a good reason to buy a house. Option two: Long-term rental. All of the independent retirement living apartments have a dedicated onsite House Manager to deal with any day-to-day matters or concerns. Unlike other forms of retirement investment, you cannot hold buy-to-let property in tax-efficient wrappers such as an ISA, so the tax you pay on your buy-to-let property can be considerable. It may be difficult to attract enough tenants to get a return on your investment. Can you help please? In addition, the friendly House Managers organise a wide range of events to ensure that all those living in our retirement developments, have the opportunity to get involved in their community and enjoy retirement living to the full. Buying a property in either a retirement village or a retirement housing development will be new for most people and there is much to learn before you start looking. The Rent Before You Buy assistance package is offered to buyers who rely on the funds of their existing house sale to fund the purchase of an MHA property. “But the Matthews case does show how vitally important it is not to buy retirement property in desperation, or in a hurry. Retirement living or village? The Myself and my husband wish to buy this property and my grandperant will reside in the property, but we would need a minimal mortgage of approx 50% LTV, on a property worth £70,000. We find that most of our clients looking for a quick property sale due to retirement have a 3-4 bedroom property, this was occupied by 3-4 adults, now there are only 1 or 2 adults living there most of the time. Available on a secure long term assured tenancy. Call us on 01372 383950 Request a free brochure Menu. Retirement property to buy are aimed at older people. I need some advise on buying a property with an over 55 years age restriction on the resident. I am hoping to buy a retirement flat for my mother warden 24/7, communal areas, gated... that sort of thing] but have come across a few horror stories involving these leasehold properties. Most of the homes available are newly built, but some are properties being re-sold by housing associations. You have the option to buy a bigger share in the property at a later date. The terms of your lease will determine whether you can sublet your flat. Andrea Tankel, consultant at SA Law, explains what you need to … Retirement Villages offers a range of high-spec retirement homes, including apartments, bungalows & cottages, at locations across the country with country club facilities . Can I fund my retirement with a Buy-to-Let property outside of London? Ecuador was found to be the best in this category. 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