An increasing number of individuals in their retirement years are recognising the benefits of renting over buying a property.
Rather than committing equity into a property purchase, people are releasing this money and preferring to pay a monthly rental fee, keeping their options open and the future much more flexible. This extends to individuals that want to take advantage of like-minded, age-exclusive communities in retirement villages.
While some people want the freedom to try different living options and not be pinned down to one particular UK location for years and years; others will use renting to allow them to keep close to their wider extended family and remain flexible. For others, the option to release a sizeable amount of equity when selling their former home can open up endless opportunities for funding a full and action-packed retirement ahead – from booking far-flung holidays to treating the grandkids! Rental does provide the fluidity to make your retirement exactly what you want it to be.
Advantages of renting over buying
There are various reasons that people are choosing to rent a property once they have retired.
No stamp duty to pay
Like any private rental agreement, tenants at a Retirement Villages Group development are not required to pay stamp duty if they are not purchasing a property.
Many choose to take advantage of the equity released from the sale of a property to provide them with financial freedom, using this to boost their pension or funding travel plans to be enjoyed in their new-found free time.
Helping family earlier
Rather than passing on a property to family, retirees are choosing to sell their home and use the equity to help their family earlier then they had previously considered. This help is often in the form of supporting grandchildren, perhaps through further education, or freeing children from their own mortgages.
Renting provides greater flexibility
Renting provides a certain flexibility that purchasing a property doesn’t. Those that choose to rent their home have the flexibility to move to any location they desire. In our experience, this is often influenced by the places that their family, grandchildren or friends live, or places of familiarity, such as areas they grew up in.
For the more adventurous, it provides the perfect time to explore entirely new locations and parts of the country they never thought they would have a chance to try out.
If you choose to rent a property from Retirement Villages Group you have the added benefit of avoiding any separate service charge payments as these will be wrapped up in the monthly rental fee.
The charges pay for village maintenance, including the staff that provide a housekeeping service (in some locations), laundry service, external property tasks, all the grounds upkeep and ensure the clubhouses look exceptional and the facilities tick over nicely.
Renting in a retirement village
As well as being immersed in a community of like-minded people, the wonderful aspect of renting in a retirement village, is that residents still have access to the same exclusive facilities and amenities.
There are luxury retirement homes to rent, ranging from apartments, cottages and bungalows, designed with our age-exclusive audience in mind, finished to a high-specification and fitted with a 24-hour emergency response system.
Residents will have access to onsite facilities such as clubhouses which can include restaurants and bars, libraries, visiting GP surgeries, treatment rooms, hair salons and convenience stores. The clubhouse is where many of the special interest and activity groups meet. Alongside these features are the beautifully maintained for residents to explore at their leisure.
To learn more about renting with Retirement Villages, please see our Renting a Property page.