Renting usually conjures images of a young person attempting to begin the steps to adulthood, maybe saving for a mortgage deposit, ready to get a foot on the property ladder. Obviously, young people don’t have a monopoly on renting – there are many people from all walks of life, renting for a myriad of reasons. A growing number of older people are choosing to rent in their retirement years challenging the view that owning property is the only way to go.
It is common for older people to downsize in their later years, going from houses to bungalows or flats, simply for ease. It helps as mobility reduces and there is less to clean. More people are choosing to rent in retirement villages, usually cash buyers following the sale of their previous properties. There are also usually part exchange schemes to be taken advantage of too. The number of renting retirees is rising, with many considering renting to be a positive choice, changing the perception that renting is a last resort as one gets older. Companionship and financial freedom are the driving force behind this change. A lot of older people see renting in a retirement village as a way to financially help out their families earlier by releasing the money tied up in the property and gifting it – avoiding that pesky inheritance tax.
Retirement villages are a great way to stave off the loneliness that many older people experience. These villages promote social interaction; the central clubhouse hosts a variety of activities and mixers. Most villages also have their own leisure centres, restaurants and coffee shops. There is always something to do to keep busy. Many residents report forming close friendships in these places.
Renting also removes the stress and worry over maintaining a property. Most retirement villages have a staff of handymen to uphold the standard of living; they preserve the often-picturesque surroundings. Renting gives the freedom to move anywhere without a long-term commitment, for example, there are some beautiful retirement villages Devon. Live out your twilight years by the beach, why not? A retirement village has all the homely features desired, however, there is no strenuous upkeep and there is a like minded community just outside the front door. One can also take advantage of the laundry and cleaning services, how nice would it be to finally be taken care of?
Finally, one does not actually need to be retired to move to a retirement village, despite the name. If you choose to continue working into retirement age it won’t rule you out. You can qualify purely based on age. It can vary from region to region but largely you only have to be over fifty-five or sixty to get in, although there can be waiting lists, so it is best to plan. It can be easy to put off planning until you are forced to due to mobility issues or other care requirements, but this can actually make the process more difficult and stressful. Planning your move early and getting on the list can somewhat circumvent this and the move can be easier and without too much upheaval.