Renting in a purpose-built retirement development on an assured tenancy offers new financial opportunities for you to enjoy
The over 50s are increasingly excited about the prospect of retiring and many are busy planning to travel more, spend more time with family and friends or on new hobbies.
Recent research from Girlings Retirement Rentals looking at the aspirations of the over 50s found that almost three quarters (70 per cent) wanted to travel more when they retire, with more than a third wanting to travel at least two to three times a year.
However, fewer than half of people (43 per cent) thought that their money would see them thought their 80s or 90s.
[pullquote1 quotes=”true” align=”right” variation=”purple”]We didn’t want the responsibility of having to maintain our home as we got older so thought renting would be a good option.[/pullquote1]
One solution is for people to downsize when they retire and rent, freeing up capital in their home to fund an enjoyable retirement removing stress and worry.
Renting in retirement offers many social benefits, particularly if you rent on an assured or ‘lifetime’ tenancy. This means that you have security of tenure and won’t need to move unless you choose to.
Downsizing from the family home can also free up capital which you can use to make the most of your retirement, whether that’s enjoying more holidays, eating out or taking up a new hobby.
Renting also takes away the worry of maintaining a larger home, which can be a strain as people get older and result in reduced bills.
One couple who recently downsized and moved into a Girlings retirement rental property are Gary and Wendy Robinson who are both 69 and live in Clacton-on-Sea. They chose to downsize because their house was too big for them and they didn’t want the worry of maintaining it.
Gary said: “We had a lovely split level house, but it was just a bit too big for us. Also whilst the house was new when we moved in, it needed work doing, including having a new roof and a new boiler.
“We didn’t want the responsibility of having to maintain our home as we got older so thought renting would be a good option.”
They now live in a lovely one-bedroom apartment in a purpose-built development with a sea view and a 100-metre walk from the beach.
Downsizing and freeing up capital means the couple are able to enjoy an active life. Apart from the activities offered at the development Gary is a keen bowler and is out several times a week playing. The couple also love to travel and last year enjoyed holidays in Cyprus, Jersey and Majorca.
Girlings Retirement Rentals is a family-run company which deals exclusively with renting private retirement property to the 55+ market throughout the UK. They have over 2,500 properties in 600 developments from seaside apartments to rural retreats. For example Bower House in Upton, Wirral (pictured above) which is set in beautiful grounds.
Visit www.girlings.co.uk or call on 0800 525 184 to find out what properties are available in your preferred area.
ADVERTISEMENT FEATURE
