Retirement villages are becoming increasingly popular each year, with more people opting to live in a retirement community. Traditionally, the only way to live in a retirement village was to buy the property you’d be living in, but nowadays there are many different options from buying to renting to shared ownership.
With the number of people renting in retirement on the rise, we’ve put together a blog to share how renting works in a retirement village.
What is the process of renting in a retirement village?
Renting a retirement property in a retirement village is very similar to the process you’d experience if you were renting any other property.
Once you have found a property you would like to rent, you will follow a similar journey which will include applying for the property, booking a viewing, completing an application, providing references from the bank, signing contracts and moving into your new property. Most rental agreements are 12-month fixed-term contracts with the option to renew before your tenancy ends.
The price of the rental will also include any maintenance of the communal grounds, buildings and equipment in the village, but you will be required to cover the cost of council tax, utility and any other household bills.
If you would like to find out more about the process or if you have questions then please get in touch and one of our friendly village advisors will be happy to help.
The benefits of renting in retirement
There are a number of different benefits to renting in retirement, with one of the main reasons people choose to rent in retirement is to release equity from their homes. If you’ve owned a house your whole life, selling it and choosing to rent in retirement can free up some savings to spend on fully enjoying your retirement to the fullest.
Renting a retirement property instead of owning it can also free up a lot of responsibility, for example, if your boiler breaks or the windows need replacing, it's no longer your financial, or personal burden.
Renting in retirement also means that you have more flexibility to move around. Depending on your lease, you can move to a different retirement village in a different area or move to a different property within the village you currently live in.
Find out more about the benefits of renting in retirement.
What type of property can I rent in a retirement village?
At Inspired Villages, we have a number of different properties to rent in our retirement villages. Whether you’re looking to downsize and enjoy one-storey retirement living or still enjoy the space of a three-bedroom house we have the property for you.
How we can help!
Here at Inspired Villages, we have many different types of properties all over the UK, from Exeter to Warwick. Whether you are looking for a manageable home that offers security, the freedom to pursue dreams that have been put on hold, or just fancy a fresh start somewhere new with beautiful surroundings and interesting activities on offer, then moving to a retirement village may be the perfect decision for you.
If you’re looking to move and considering a retirement village, we can help you find the perfect property whether you choose to buy or rent. Please get in touch for more information or if you have any questions.
Want to find out more?
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