10 reasons why you should move and rent in a retirement community
Posted 31st May 2023
What are the main benefits of renting in a retirement community?
1. Easy to budget
Fixed monthly costs help you manage your outgoings. You simply pay rent, utility bills, council tax, home contents insurance, TV, phone and internet subscriptions. The landlord is responsible for any development service charges. Things go wrong in homes – boilers break, roofs leak and fences fall – all of which you need to deal with if you own your home. Renting takes away all this hassle and cost, as it is the landlord’s responsibility to take care of all these things.
2. Reduced maintenance
The cost of fixing things that go wrong in the home is a big worry and many of us don’t want to spend precious time doing DIY. Many of our residents living in our retirement rental properties tell us they love the fact they don’t have to worry about maintenance!
3. Beat loneliness
and get a better social life! – Living alone in a large home without like-minded neighbours or a community can feel very lonely and empty at times, by moving to a retirement community you can choose to join social events from coffee mornings to fish & chip suppers. The communal lounge & gardens also provide many opportunities for residents to meet and socialise.
4. Peace of mind for you and your family
A 24-hour emergency alarm system is installed in each apartment which is either a pull cord, button or personal pendant alarm and allows residents to call for help from their apartment at any time of the day or night. Also there is usually an on-site manager available on weekdays who manages the building but also checks in on residents.
5. A home fit for retirement
As people age, they often need a property more appropriate for their physical needs. Most retirement developments have lifts, so you won’t have to struggle with stairs. Physical chores can become more difficult to complete as we get older, a smaller property may reduce housework, creating free time and energy for you!
6. Release equity
For those with a home to sell, renting offers the opportunity to release capital from a home sale that could be used to supplement your pension, invest for the future, fund your retirement lifestyle or help out the family. Rather than putting the money back into bricks and mortar, the capital can be used to enjoy your retirement years.
7. Feel safe and secure
Most developments have secure door entry systems which help people feel safe, especially those living alone. Plus the on-site manager gives added peace of mind when you are away on holiday or visiting family.
8. Dream location
Renting is a more affordable way to move to your dream location if property prices are out of reach. That move to the coast, a pretty market town or close to glorious countryside, is more achievable without the costs associated with buying such as stamp duty.
9. Flexibility
Renting is completely flexible which means you can move easily and quickly if your situation changes, you decide to move to a new area or want to be closer to family. All you need to do is hand in your notice. If you own your home, it can take much longer as you need to find a buyer and go through the selling process. This takes time and comes with additional costs such as estate agent fees, and legal fees.
10. Smaller bills
With fewer rooms not only will you reduce your carbon footprint but will also reduce your energy bills, water charges and council tax.
Want to know more about renting in retirement? Read all about My Future Living.
We also have lots of support articles and guides about renting in retirement.
Or simply search for your dream retirement community.