The joy of renting is having more money to spend on fun and knowing you are free to move again if you want with the minimum of hassle
One of the main barriers to renting in retirement is the worry of having to move if the landlord suddenly wants the property back.
Renting can be perceived as just a temporary housing option, especially to those that have always owned their own home.
But not if you rent a home with Girlings Retirement Rentals.
Most retirement properties come with assured tenancies, also known as lifetime tenancies, which offer the same security of tenure as owning a home.
An assured tenancy is a long term tenancy with increased protection from eviction, provided you abide by the terms of the tenancy agreement.
This means you can stay as long as you wish and leave any time you want if you give the required notice.
The landlord however can only regain possession by obtaining an order from the Court if there is a breach of the contract.
For people downsizing in retirement assured tenancies can be a game changer.
Renting becomes a viable option and, financially, it can be a better option for some.
Instead of investing in bricks and mortar, you can spend your money on enjoying yourself. And save on stamp duty too.
One couple for whom renting was the ideal choice are Keith and Teresa Davy, both in their 70s who have been renting a retirement apartment in Homewest House in Bournemouth through Girlings for the past year.
The couple previously owned a retirement flat in Torquay; however, they weren’t happy and wanted to move.
The couple are also keen travellers, so to fulfil their travel ambitions, they decided to sell their property and rent, freeing up capital to allow them to travel more often.
They realised that as renting was more affordable it would enable them to live in a nicer area too.
The apartment was available on an assured tenancy which gave the Davys assurance they could stay in the property for life if they chose.
Since selling their retirement flat and moving into their Girlings apartment, the couple have already been abroad on holiday four times and are looking forward to another holiday in Mallorca in a few weeks.
Another benefit of living in a retirement development is it is totally secure, so they don’t have to worry about the safety of their home when they are on holiday – even though they are sometimes away for up to six weeks at a time.
Keith says, “We love the location, it’s in a lovely area in Bournemouth near the shops and we can walk to the beach and into the town centre. The bus service is so frequent and convenient it’s like a taxi service. We couldn’t afford to buy the flat we’re living in, so renting has enabled us to live in an area we really like.”
“We also like the security of having an assured tenancy agreement. At our age we don’t want to worry that the landlord might decide to sell and give us a month’s notice to move out, renting with Girlings means we know we’re going to be able to stay here for the rest of our lives.”
Renting enables the couple to budget more efficiently.
They don’t have any maintenance bills or service charges which they had to pay as homeowners.
Their monthly rent includes these charges and the water rates. Keith also enjoys not having to maintain the home.
The Davys moved into a newly refurbished apartment.
They decided to get rid of all their old furniture and treat themselves to a new, modern look.
Keith adds, “The whole building has been completely redecorated recently and looks absolutely beautiful, especially the communal lounge.
The development has lovely private gardens too. When the weather’s nice we take a couple of chairs down and a tray of tea so we can enjoy them.”
“We really enjoy living here, we considered moving back to Australia for the weather but since moving into Homewest House we’re confident we made the right decision to stay. We’ve lived in a lot of different places over the years, but this is the best move that we’ve ever made.”
To find out more about renting in retirement visit www.girlings.co.uk