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7 Reasons to Rent a Home in Retirement

Renting in retirement offers a fast, flexible and economical way to enjoy our lifestyle. Discover seven reasons why you should rent a home in retirement.

A senior couple looks happy as they discuss the next steps towards their rental retirement property with a McCarthy Stone professional
Property advice
Posted 22 May 2024
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Should I rent in retirement?

Whether you have plans for an active retirement or a quieter life in the countryside, renting in retirement can be a great option—particularly if you don’t want to commit to owning a home. Renting can help seniors achieve their retirement dreams with a degree of financial freedom and often the process is a lot quicker too. This makes renting in retirement the ideal option for those who want to move into their new home sooner rather than later.

 

 

If you’re looking for an alternative to buying a retirement home, discover seven reasons why you should rent a home in retirement instead.

7 reasons you should rent a home in retirement

A speedy move and no property chains are just some of the benefits that make renting in retirement a popular choice for many. Discover seven key reasons you should rent a home in retirement instead of buying.

1. A fast and flexible move

With fewer logistics involved in renting a retirement property, you’re able to move in—or out—more easily.

Moving into a rental retirement property is usually quicker than buying a home as there’s no need to wait for drawn-out sale and purchase processes. Once you’ve reserved a property, our team aims to provide a quick turnaround time between the necessary checks and your rental agreement. All being well, you could move into your retirement home within a couple of months!

Professionals packing up belongings to move from the current home into a rental retirement property

2. Reduced maintenance

Unlike owning a home, with a rental retirement property, many maintenance tasks are taken care of. All those odd jobs, like fixing a leaky tap, or bigger issues like a boiler breakdown, become someone else’s responsibility. Help is a phone call away and any problems are swiftly sorted for you.

In a rental retirement, it’s unlikely you’ll be responsible for:

  • The gardens and grounds
  • Gas and electricity safety checks
  • The outside of the property
  • The interior décor
  • Fixtures and fittings
  • Potential risks or hazards (e.g. loose handrails and cracked bathroom tiles)

It’s worth noting that different retirement rental properties offer different levels of maintenance support, so be sure to ask what your chosen property includes.

3. On-site amenities included

If you choose to rent in a McCarthy Stone development, you’ll also have access to communal areas, such as a lounge and garden. These shared areas enable you to enjoy a change of scenery and socialise with others—as explained by old friends, Barbara and Dorothy.

Alongside access to communal areas, our Retirement Living PLUS developments provide an on-site bistro or restaurant and one hour of domestic assistance per week.

McCarthy Stone doesn’t make a penny out of running the amenities and services that make up the development’s monthly service charge—and, if you rent, the service charge is already included in the rent you pay each month.

An older couple dancing at a McCarthy Stone event

4. More money in the bank

Selling up and moving into a rental property can free up additional capital. For many seniors, this provides a financial safety net and/or a means of affording a more luxurious lifestyle—allowing them perhaps to travel or take up new retirement hobbies.

5. Freedom to move

Want to swap city living for retirement by the coast? Renting allows you to do so with ease. Unlike when you buy a home, renting in retirement means you’re not tied to a single place. You can end your tenancy and move to a retirement home in a different location.

6. Hassle-free budgeting

With a single monthly payment, renting in retirement makes it easy to manage your outgoings. Each monthly payment includes maintenance costs and service charges—so you know everything’s covered and how much left you have to spend. Whether that’s money for a new fitness activity or a special meal out, renting gives you full control.

7. Peace of mind

McCarthy Stone retirement rentals are protected by an Assured Tenancy Agreement means you can stay for as long as you like (subject to the minimum term).

Can I rent in a retirement village or development?

We offer a range of rental retirement properties to suit you. Whether that’s standard renting, part buy, part rent or Shared Ownership our array of rental options means there’s something for everyone.

If you’ve found a retirement home that’s right for you, the first step would be to reserve the property with a (refundable) deposit—offset against your first payment. Our team will then conduct standard checks, take you through the rental agreement and make sure your new home is ready. Once you’ve signed the rental agreement, you’re free to move into your new home!

Rent in retirement with McCarthy Stone

Are you ready for the financial freedom that comes with renting in retirement? Start your search for a rental retirement property now.

Do you have a question about renting in retirement? Contact our friendly team today on 0800 201 4811 or send us a message online. Alternatively, take a look at our FAQs for more information.

 

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