Renting in retirement is enabling retired people to afford to travel extensively and live in dream retirement destinations!
Renting in retirement is becoming more popular. Research from the Centre for Ageing Better[i] has highlighted there are 414,000 older people privately renting, up from 254,000 in 2007.
The UK market leader in retirement rentals, Girlings Retirement Rentals, has seen its enquiry levels rise each year. It attributes the increased popularity of later life renting to the fact it makes financial sense for older people to downsize and step off the property ladder completely. No longer having to manage property maintenance, it allows more freedom to test out new locations. With the added security of assured tenancies, rather than the usual shorthold tenancies available in the open market, it is a big attraction.
Sell and Go Travelling
Keith and Teresa Davy are in their 70s and decided to sell their property and opt for renting in retirement. Their intention was to free up money to fulfil their travel ambitions. They realised too that as renting was more affordable it would enable them to live in a nicer area – their dream retirement location by the coast in Bournemouth. The couple are keen travellers. They have owned and lived in 23 properties in the UK, Australia and New Zealand. When they first retired they travelled around the UK in a motor home for around eight months.
They previously owned a retirement flat in Torquay, however, they weren’t happy living in the area and wanted to move. They really liked Bournemouth and after viewing a lovely retirement apartment in Westbourne, they decided to take it. The apartment was available on an assured tenancy, which gave the Davys assurance they could stay in the property for life if they chose.
Renting in Retirement and Downsizing
Since selling their retirement flat for £55,000 and moving into their new apartment, the couple have already been abroad on holiday four times. They are also looking forward to another holiday in Mallorca in a few weeks’ time.
Teresa is originally from London and the couple met there, so they like to visit the capital several times a year. They like to go out for dinner and visit old haunts as well as tourist attractions. As Girlings residents, the couple can stay in a guest room in other similar retirement developments for £25 a night. That’s a lot cheaper than a hotel. Another benefit of living in a retirement development is the fact it is totally secure.
No Safety Worries
That means they don’t have to worry about the safety of their home when they are on holidays – even though they are sometimes away for up to six weeks at a time. There is also a manager on site to look after the development and the couple feel comfortable to just lock up their apartment and leave it.
Keith explains, “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 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 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. Also, if I were to die first I’m confident there are people here who would keep an eye on Teresa. She wouldn’t be alone and I find that very reassuring.”
Renting also 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 of £775 includes these charges and the water rates. Keith also enjoys not having to maintain the home. If ever anything needs doing he just makes a call and they get it sorted out straight away.
The Davys moved into a newly refurbished apartment and decided to get rid of all their old furniture and treat themselves to new furniture to go in their new home. Keith says, “The whole building has been completely redecorated in the last couple of months. It now 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 did consider moving back to Australia for the weather. But since moving to our new place, 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. Renting in retirement has definitely worked out well for us!”