Older generation opting for ‘trendy’ apartment living
Regarded as the choice of the younger ‘trendy’ generation, apartment living is now becoming a preferred option for people in their later years, according to retirement property provider Retirement Villages Group Ltd (RV).
The company which has over 1,200 retirement properties across the UK says that demand for apartments is starting to outweigh that for more traditional bungalows and cottages.
“People’s outlook on life is changing undoubtedly as they get older,” explained Sarah Burgess, sales and marketing director at RV. “Instead of putting all their equity into their retirement property, older buyers are looking for a more affordable and easier lifestyle which gives them the freedom to get on and really enjoy themselves.”
The days of owning large properties in retirement are over for many in this generation, according to RV. In a recent survey of residents, it asked top reasons for choosing apartments over other standard properties.
Top of the list of reasons were:
Less upkeep and lower maintenance bills
Better security and peace of mind
Chance to be meet people and have a better social life
“We would expect the first two reasons but the third one – a better social life – was an interesting one,” added Sarah. “When we delved a little deeper we found that in many cases, residents had moved form large family homes in streets where they sometimes didn’t even know their neighbours. For those living alone or without transport, it can become a very lonely existence.”
Downsizing to a retirement apartment is a logical step for many as the benefits are endless. Gaining a social life at the same time is a real bonus and that is a natural part of the package at schemes such as Retirement Villages’ latest project at Great Easton.
There are 26 one and two bedroom apartments now nearing completion and built alongside them is a clubhouse for exclusive use of residents. This will become the focus of village social life.
“This is where residents come to have fun,” added Sarah. “Our residents have better social lives than most of us put together. At some of our villages, there isn’t enough time in a week to run all the classes and clubs residents want to organise. It’s amazing to see.”
Maynard House, the apartment scheme at Moat Park in Great Easton, will be no different. Already, 30% of the apartments have been sold and with the clubhouse now complete and the apartments due to be completed in the next few months, visitors can see for themselves what this village will have to offer older buyers as it really starts to take shape.
