Retirees looking for a fresh start in the New Year should consider the many benefits of renting in retirement, which can give them the chance for a fresh start in a new home that will better suit them in later life.
Renting in retirement is growing in popularity. Recent research from Paragon Bank[i] has revealed that over the last decade, the number of English households in the 55-64-year-old age category in the private rented sector with an Assured Tenancy has risen by 118%.
The reasons were that 68% of over 55s said that renting suited their needs or they enjoyed renting, and 63% said they were pleased they don’t have to worry about repairs.
Jamie Turnbull, Business Director at Girlings Retirement Rentals says renting in retirement offers several benefits, including no longer having to worry about ongoing property maintenance and giving people a safe and secure living environment.
He says, “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help. Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership. Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotpots such as by the sea or close to lots of amenities. Renting can be a great option for retirees considering a fresh start somewhere new in 2021.”
Girlings has properties available to rent throughout the UK. For example, they currently have a studio apartment at Homebeech House in Woking, ideal for those that want to be close to attractions in London and the south coast, as well as Heathrow and Gatwick airports for holidays abroad. This is £750 per calendar month on an assured tenancy, including service charges and maintenance.
Or there is a large one bedroom apartment at Homeclyst House in Exeter. Located on the outskirts this development is walking distance to Exeter’s historical quayside and close to amenities. It’s also a great base for exploring further afield in Devon. The rent is £785 per calendar month on an assured tenancy, including service charges and maintenance.
One resident that moved into a retirement development this summer is 80 year old Jackie Corrigan who, after living in a private rental after her husband died, decided it was time for a change. She was lonely and there were few retired people living close by.
After doing some research she moved into Homemoss House in Buxton, not far from where she was living. Jackie absolutely loves living there and has quickly made friends.
Jackie says, “Since moving here I’ve been much happier. I’ve made new friends and a few of us regularly meet for a natter and cup of tea. There is a communal lounge where activities such as afternoon teas, bingo and quizzes take place, as well as security measures which gave me confidence in my choice of moving here.”
“I highly recommend moving into a retirement community. As a woman living alone it’s really reassuring to know I have people I can speak to and socialise with, plus the development manager is wonderful.”
For more information about Girlings Retirement Rentals visit www.girlings.co.uk.