Explore the upsides of renting over buying
It may interest you that renting, once seen as the preserve of the young, is proving vastly popular with people in later life – thanks to the flexibility and benefits it offers. The appeal may not be immediately obvious to those accustomed to home ownership, but late-life renters believe it uplifts their whole quality of life. They feel liberated and can enjoy a lifestyle with less responsibilities, more freedom and financial flexibility, and experience opportunities for personal growth and exploration.
Renting opens up all sorts of possibilities for people who might otherwise be excluded from retirement living. They may want to pass wealth on to their children or move to a more expensive area to be closer to them. Or may just feel they’ve left it too late to manage the daunting process of buying another home.
Birchgrove, the leading retirement rental properties specialist, is transforming how people view renting by making it as hassle-free as possible. Flexibility is one of the reasons residents of Birchgrove find renting so attractive. Such is the case with Diane, who told us why she chose to rent rather than buy.
“Flexibility. I’ve moved into a two-bedroom apartment but I can move into a one bedroom if I want to. I’ve also got the flexibility to move out and into a different retirement facility if I don’t like it here. I really don’t know what my needs will be in the future but renting here gives me the flexibility to move quickly without the burden of the house to sell. As I found out, it can take time to sell a property, retirement or otherwise. Which means your funds are tied up and not immediately available when you need them. In short, flexible, not inflexible.”
Another reason rental is popular with older adults, is many have already built their wealth. They see a lot of money going into the maintenance and repair of their family home and think that money could be put to better purpose. Perhaps into retirement funds that benefit the family or using it to enjoy a better quality of life. So, whilst some argue that paying rent is throwing money down the drain, the truth is this more applies when you are building your wealth. Late renters have a different perspective, they are working out the best way to disperse their accumulated funds and planning and preparing how best to enjoy their future years.
If you are ready to rethink how you live and discuss what’s important going forward, we’d love to help you find a home that works for you.
The team at Birchgrove can answer your questions and help you consider what’s right for you.
If it helps, they’re happy to visit you at home to understand better what’s important to you or bring you for a tour of one of their show suites.
To find out more about you can get in touch with the team
on 020 3929 5599 or visit www.birchgrove.life