Financial Benefits of Living in an Over 50’s Retirement Village

There are a number of reasons why someone approaching retirement may start to consider moving home. A large family property can become too much upkeep and too costly to maintain. Downsizing to free up equity to spend on your retirement is an option many choose. Others look at the practicality – it’s time to move to somewhere with no stairs, before they become an inconvenience! You may also consider a community aspect. A residential park like Red Deer Village, an exclusive over 50s retirement village in Glasgow, Scotland, is ideal for those looking for like-minded neighbours and a community spirit. Or, the financial upsides of park home living may peak your interest. We take a look below at some of the financial benefits of living in an over 50s retirement village.
Financial Benefits of Purchasing
The first benefit of purchasing a residential park home is that they are exempt from stamp duty. That means there is no SDLT to pay when factoring in the costs of your new lifestyle.
Furthermore, you can reserve a park home at Red Deer Village with just a £1000 deposit, followed by a 10% deposit to hold your park home for up to 6 months. We do our best to work with you and make your move to Red Deer Village run as smoothly as possible.
Park homes tend to be less expensive to purchase than bricks and mortar properties. This allows you to free up cash tied in your current home to enjoy your retirement the right way – whether that be holidays, activities, or just some extra spending money.
Red Deer Village offer a part exchange scheme. Not only could this be a financial benefit, but those struggling to sell their home could see this as a huge stress relief.
Financial Retirement Living Benefits
Residential park homes are often more energy efficient than traditional properties. This leads to lower gas and electricity bills, a great financial benefits of living in an over 50s retirement village. Council tax at Red Deer Village is applicable, although it falls into Band A, which is the cheapest bracket. Park home insurance is also often cheaper than traditional home insurance.
Other maintenance costs are also relatively low. Park home exteriors are required to be painted within the first 2 years of manufacture and every 3 years after to maintain manufacturer warranties. Retirement villages do have monthly pitch fees, which go towards the general maintenance and upkeep of the park. This ensures your surroundings are always looking their best.
However, you’ll find that as long as you budget for these main expenses, there shouldn’t be many others that take you by surprise. Certainly, it is known in the industry that residential park homes have lower running costs than traditional properties!
Living in an Over 50s Retirement Village
Taking the financial benefits, community spirit and stress-free maintenance of living in an over 50s retirement village into consideration may just lead you to purchasing a residential park home. If the retirement village lifestyle is something you could envision, take a look at our retirement park homes for sale! To find out more about park home living or Red Deer Village, please contact us. A member of our friendly team will be happy to help.