Many reasons why the over sixties are choosing to rent
- 14th Jul 22
The landscape for renting is constantly evolving, resulting in a change of demographic. More and more older people are choosing to rent for lifestyle choices and according to a report from The Centre for Ageing Better, more than a third of over sixties could choose to rent by 2040. We look at some of the reasons for renting, some of the pitfalls and why Build to Rent may offer the perfect solution.
A more manageable home
The constant upkeep of a home can be stressful and costly. As you get older, you want to be able to enjoy the finer things in life, not worry about replacing a roof or the upkeep of a garden. Renting takes away this stress, handing it over to the landlord.
Changing location
Perhaps you have always been tied to a certain area with schools or work. As you get older, there is the opportunity to live in new areas and try a different pace of life. Perhaps you have always fancied a more rural location, or you want to be in a city to enjoy easy access to the cultural and leisure pursuits, renting gives you the option of seeing if you enjoy living in different locations before making a more permanent move.
Increased flexibility
The future is unknown for us all but as we age, it’s important to grab hold of all opportunities when they present themselves. Perhaps you want to live abroad for half of the year to escape the cold winters or you want to live closer to a grown-up son or daughter who has had their first child, whatever the reason, renting gives you the flexibility to live the life you want.
Financial benefits
If you are a homeowner moving into a rental property, you will invariably free up capital that can then be used for another form of investment as well as enjoying some special holidays. You may decide to gift some of the money to your children to ensure they won’t be liable for inheritance tax and in addition it may be that renting is more cost-effective when compared to the maintenance and upkeep of a house.
Finding a community
With retirement on the horizon, it is time to really make the most of your freedom years by meeting people and enjoying new experiences. By choosing the Build to Rent option there is a ready-made community to enjoy where you can participate in fitness classes, cinema nights, rooftop barbeques and supper evenings to name just a few.
What could go wrong
Renting does not come without its downsides but many of them can be avoided when you choose the Build to Rent sector.
Maintenance issues
This is probably one of the biggest inconveniences and annoyances for anyone renting. When something goes wrong, you want it to be sorted straight away but not all landlords are proactive and this can cause huge resentment.
Build to Rent benefit: professionally managed and maintained, the sector prides itself on its extremely high level of customer service and care. There is a high specification of fixtures and fittings, but should anything go wrong or need replacing, tenants have access to 24/7 support.
A lack of stability
While renting has benefits to the tenants in allowing them to move on, a lack of permanence is also shared. Owning your home means that if you pay your mortgage, you are unlikely to be forced to leave. With renting, this power is in the hands of the landlord that can pull the property off the rental market when they choose.
Build to Rent benefit: tenants call the shots in the Build to Rent sector with flexible tenancies and long leases. You may want to try out an area for a couple of months or stay and put down roots. Whatever works best, the Build to Rent model will accommodate you.