Retirees turn to renting to protect families from the retirement home resale trap
A growing number of retirees are choosing to rent to avoid the risk of leaving loved ones with properties that are difficult and costly to sell, according to My Future Living.
A recent BBC News[i] report highlighted the challenges families face when trying to sell retirement properties. Some have been left paying thousands of pounds a year in service fees on empty homes inherited from relatives. For over-55s, renting in a retirement community is an attractive alternative; it removes the uncertainty of leaving an unsellable asset to heirs while freeing the resident from the ongoing burdens of homeownership.
Joanne Couch, Director of Finance and Operations at My Future Living, said: “Renting is gaining traction because it’s flexible, enables homeowners to release capital, and removes the burden of property maintenance. This all allows people to focus on the things that really matter to them and simply enjoying their lives. With predictable monthly costs, it provides the peace of mind that comes from living independently within a supportive community, without leaving families the future stress of trying to sell a retirement property.”
One retiree who chose to rent after a lifetime of homeownership is Ken Girling, 87, who lives at Homeport House in Southport. A retired Forces veteran and former dairy industry professional, Ken spent 20 years in Spain before returning to the UK five years ago to be closer to his daughter.
For Ken, moving into a retirement rental was a first. “I’d always owned a property before, in Harrogate and Spain, but didn’t want to buy at my age,” he explains. “Renting was straightforward, convenient, and suits me perfectly.”
Renting also provides financial predictability. “I know exactly what I’m paying each month, which makes budgeting simple. And there are no unexpected repair bills, everything’s taken care of,” Ken says. This freedom from maintenance and mortgage worries allows him to focus on staying active and living his life.
Like Ken, Robin and Valerie Greenfield chose to rent at Waverley House in New Milton ensuring their children wouldn’t inherit a financial burden.
Valerie Greenfield said: “We were adamant we wanted to find a home which would enable us to grow old in, so we weren’t prisoners in a flat having to go up flights of stairs and we did not want to become a burden to our children. We are really happy to have found the perfect place which has ticked every box for us.”
My Future Living continues to set the standard for retirement rentals, and as an advocate for the Renters’ Rights Act[ii], the organisation expects even more retirees to embrace renting for the peace of mind it can offer in later life.
To find out more about available homes and retirement rental options, visit: www.myfutureliving.co.uk