What I Own: We pay £450 per month for our £409,950 mortgage-free Hertfordshire flat

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

Roy and Gil Hamilton, both 84, were living in a three-bed flat when, looking to downsize, they began exploring the possibility of living in a retirement village.

They eventually settled on a two-bedroom apartment in Watford, down the road from their previous home. They paid £409,950, leaving them mortgage-free.

Since the couple completed in 2022, they’ve found a community, with Gil taking up Pilates and cheerleading, while Roy enjoys watercolour painting.

They initially paid a £500 reservation fee, and now their monthly costs total just £450, including all bills and service charges.

Here’s what Roy had to say about their property journey…

Tell us about yourself!

My wife, Gil and I, are both 84 years old and in September, we’ll have been married for 60 years.

Gil is French and was working as a translator when we met. I was an engineer before moving into selling high-value computers. We both have separate hobbies, and enjoy socialising too.

How much was your deposit? What is the monthly cost of living here now, both mortgage and bills?

Our reservation fee was £500, and we bought our property at Mayfield Watford Retirement Village outright two and a half years ago, so we don’t have a mortgage.

The service charge, including management fee and services, heating, electricity and water, is roughly £450 a month.

How did you save up for your deposit?

Our first ever property cost £295,000 when we bought it after we got married, in 1964. It was a three-bedroom semi-detached house in Up Holland, which is a village in Skelmersdale, West Lancashire.

I can’t quite remember how much the deposit was all those years ago, but we saved up £50 a month until we were able to buy.

We’ve lived in six properties in different parts of the country since then, most recently the two-bedroom apartment in Watford. The proceeds from the sale of the flat were enough to buy our new home outright.

Whereabouts is your property? What do you think of the area?

We love the area as our previous property was nearby, so we’ve known it for years. We’ve got lots of family here, which is one of our favourite things about it.

There’s a thriving community at Mayfield. There are shops, a riverside park, as well as leisure facilities, such as a pool, sauna, gym, beauty treatment rooms and a café.

When did you move in? How much did your property cost?

We completed on September 30 2022, and the apartment cost £409,950.

Where did you live before this? 

We lived in a flat in Watford with three double bedrooms and two bathrooms.

What made you want to move to a retirement village?

Once we saw what Mayfield had to offer, we were particularly sold on the social aspect. There are many clubs and opportunities to socialise with people. My wife is part of the Mayfield Belles, the village’s cheerleaders, who perform at our big events. 

How did you find this property? What made you choose it?

We received a leaflet in the post and decided to visit. At the time we had no idea what a retirement village offered, but we haven’t looked back since. 

How have you made the property feel like home? What’s the inspiration for your interior decor style?

We didn’t bring any furniture with us, because it was all too big for our new, smaller, space at Mayfield. All of our furniture was bought to fit the available space, so we don’t feel cramped.

We both had the opportunity to pick what kind of wallpaper and paint we wanted, which was mainly chosen to go well with our new furniture.

Do you have plans to change anything within the property?

We’re in the process of redecorating. Our kitchen units are grey, so we’ve repainted the walls in a deep reddish maroon to contrast.

We’ve also added wallpaper in the lounge at the moment, which is patterned grey and silver.

What’s your favourite room and why?

The lounge. It feels like the heart of the home to us. It’s just right.

Do you feel like you have enough space? 

Yes. We’d actually already downsized to our previous three-bed flat, as the home we lived in before that was becoming too hard to maintain. Our Mayfield apartment being smaller means it’s easy to keep clean.

Downsizing is one of the best decisions we’ve ever made. It’s about reassessing where you are in life, and doing what’s best for you, which means changing your attitude – and your furniture! 

Are there any problems with the property that you have to deal with?

There have been no problems with the property and Gil and I are very happy with our decision to move here.

What do you want people to know about buying a home?

Moving to Mayfield is the best thing we ever did. It was a change of lifestyle, and for a better one.

But although buying a home is exciting, it can be a very stressful time. So, my biggest piece of advice is to make sure to support each other throughout the process.

Shall we take a look around?

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