People are living longer and healthier – fact. So, an approach to retirement age for many does not mean the beginning of a decline into old age, but a liberating time of post-pandemic life, full of possibilities.
This new-found freedom, without the shackles of children, jobs, mortgage and university top-ups from the bank of Mum and Dad has caused people to stop and think about the traditional approach to home ownership – especially with so much more life to be lived. Research from the English Housing Survey shows that nearly 1.5 million people over 65 are now choosing to rent.
For many this might mean fulfilling their travel dreams to the extent of not just visiting, but actually living in a different town or country, especially once travel restrictions have fully eased. Renting provides the flexibility to do this, with so many options opening up.
Renting has also enabled a number of mid-lifers to become more fluid in terms of moving to where their children and grandchildren are without the upheaval and cost associated with buying. The huge amount of SDLT (stamp Duty) otherwise payable on a purchase goes a long way towards the rent!
Add to this the time, money and heartache invested in maintenance each year and the figures, as well as the freedom, start to look attractive.
Many dedicated rental lifestyle developments are being built that provide retirees with additional facilities such as gyms, swimming pools, and communal gardens. Would you rather be mowing your lawn, or enjoying a glass of wine while somebody else does it for you? The well-being involved in outsourcing such day-to-day tasks can be considerable, and enables you to really enjoy your new-found freedom.
There is also the capital element to be considered. By freeing up funds from your sale early, your children could avoid inheritance tax down the line. You’ll also have money in the bank to enjoy/invest rather than tied up in bricks and mortar. It may be that you could also move to an area where rentals are affordable, but buying would be too expensive.
So much to consider. So little time. Use it wisely and enjoy! Why not ask us for information about your rental options.