Renting in a retirement community appeals to all sorts of people and is fast becoming an attractive alternative to buying. Whether you are a homeowner looking to downsize or are already renting in the private sector here are some key benefits of renting:
Security of tenure
At My Future Living we offer assured or ‘lifelong’ tenancies which gives you the same security of tenure as home ownership. Unlike renting in the private rental sector, where shorthold tenancies are commonplace, and landlords could ask you to leave at any time, assured tenancies mean you do not have to move out unless you choose to do so.
Freeing up capital in your home
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.
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.
Avoids investment risks
If you are renting instead of buying a retirement property, there are no investment risks. Re-sale prices of retirement homes are often less than what was originally paid, and they can be tricky to sell on. This can be an issue if you want to move again and can be a problem for family if left as an inheritance. The property will incur charges, regardless of whether it is occupied or not.