Over the past decade, there's been a sharp rise in the older generation selling up their homes, and choosing to rent. The change is so significant that the Centre For Better Aging claims as many as a third of all over 60s in the UK could be renting privately by 2040...
With renting traditionally seen as the poor relation to buying, or a suitable option for young adults flying the nest, the housing market has changed dramatically in recent years. As it continues to evolve, perhaps not a surprising consequence is growth and improvement of serviced apartments available to rent with a focus on lifestyle - being in the moment and living your best life. The baby boomers entering retirement are smart, savvy and not prepared to miss out. The benefits are clear.
Here are 3 advantages to choosing to rent in your golden years:
#1: Renting releases cash for you to enjoy
According to The Mortgage Finance Gazette, and Equity Release Council, homeowners aged 55 and over unlocked £971 million from their homes during the second quarter of 2018.
This marks a 39% rise from 2017, and is expected to continue to grow by 11% each quarter.
More and more people are recognising the benefits of releasing equity in their homes, to invest in their later years. And opting to rent is the simplest way to access the capital you’ve invested in your property over time.
As people live well for longer, retirement provides a unique freedom, with the opportunity to try new hobbies, explore new places and invest in new experiences. The extra funds allow you to experience retirement to its fullest.
#2: Renting removes the burden of upkeep on your home
As we get older, our homes may become unmanageable - more of a burden than a blessing.
Research shows the percentage of people having difficulty with at least one Activity of Daily Living (washing, dressing, etc.) increases from 16% at age 65 to around 50% of those aged 85. And in late 80s, over 1 in 3 people have difficulty undertaking five or more activities of daily living unaided.
Houses can quickly become unmanageable.
Despite this, according to Property Wire, two-thirds of people in Britain over 60 have never even considered downsizing.
Then, there are factors to consider like keeping up with bills, repayments, and maintenance.
Renting in tailored accommodation that's serviced and clean is easier to upkeep as you get older. Plus, all the house admin is the responsibility of the landlord and so there is no need to worry.
If the boiler breaks or the windows need replacing it's no longer your financial, or personal responsibility...
People are on-hand to help you whenever you need, so you can focus on enjoying life.
Retirement should be as fun and care-free as possible - renting is the perfect way to make that happen!
#3: Renting gives you the flexibility to move around!
Unlike homeownership, you can pick and choose where you want to live at any given time.
There is freedom and flexibility to tailor your new accommodation to the retirement lifestyle you want to lead.
For example, renting in a retirement community, like Inspired Villages gives you everything you need to fully enjoy your golden years.
You can become part of something truly unique – a vibrant community of people who all want to get the most out of life together! Make new friends, discover new hobbies, spend time enjoying the exceptional facilities and explore the world around you.
We noticed the trend of more and more of the older generation wishing to rent and acknowledged the major lack of options in retirement communities nationwide.
Our new rental schemes mean you can have it all - without worrying about mortgages, maintenance, or money-restrictions! You can even ‘try before you buy’ in a rental property before you commit to selling your existing home.
We believe you should never be asked to take any risks in your retirement, and this is our way of ensuring you make the right decision for you, and your family.
If you'd like to find out more about us, our revolutionary retirement rental packages or our properties to purchase, request a FREE brochure today.
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