Many of us look forward to the day we get to hang up our work boots and enjoy all the things that retirement living has to offer. Like any other big life change, there are a lot of big decisions that you must make with one of those being where you’re going to live.
Many people in retirement may choose to stay in their current home but if you’re thinking about moving - whether that’s to be closer to family, to release equity or to downsize - choosing whether to rent or buy a new home can be a tricky decision to make.
There are different benefits to each option, but to help you with your decision we’ve put together some points on whether you should choose to buy or rent in retirement.
The benefits of owning a house in retirement
There are many benefits to owning your own home in retirement, including:
- You have the security of owning your own home.
- You don’t have to pay rent.
- No need to worry about landlords increasing the rent or escalating costs.
- You have the freedom to decorate your home however you please.
- It could be a great investment; house prices tend to go up each year so owning your home might give you more money year on year.
The benefits of renting a house in retirement
There are also many benefits to renting a home in retirement, such as:
- If you own your current home, selling your house could release equity which you can use to enjoy your retired life.
- You don’t have to worry about maintaining or paying for home maintenance-related costs.
- Have more freedom and flexibility to move around if you wish to.
- Renting tends to have fewer outlays, due to fewer maintenance costs.
To find out more information, please read our blog on renting in retirement.
The choice of whether you rent or buy a house in retirement is completely up to you and what you want from your retirement - there is no right option. Renting may give you the freedom to move around whenever you want, or some extra money to spend on travelling to places you’ve always dreamed of. But a mortgage can give you the security of your own home and a great investment to pass onto your children and grandchildren.
Why should you consider renting or buying a home in a retirement village?
Moving into a retirement village has many benefits, from an increased level of security to a greater sense of community. Retirement villages have changed the way we think about retirement living and have a key role to play in combating loneliness amongst older people.
Living in a retirement village allows people to be part of a community; easing loneliness and helping people feel safer as everyone is looking out for each other. Retirement villages often have facilities on site for residents to use - from gyms and saunas to restaurants and shops - this provides a great opportunity to make friends and develop new hobbies without having to leave the safe haven of your lovely village.
To find out about what life is like in a retirement village, read our blog on the benefits of living in a retirement village or to find out what facilities are available in our Inspired villages, take a look at our retirement village pages. You can also hear from a resident who rents an apartment at our Warwickshire village Austin Heath.
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.
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