The average life expectancy in the UK is rising, and so is the need for people to rent in later stages of their life. Here we look at some reasons for renting later in life and the benefits.
Lifestyle changes
Many people find they need to downsize. A smaller place that is more suitable for someone older can be very appealing. A small property may have easier access, require less maintenance and cost less. Once children move out and the need for a home office or workshop perhaps subsides, downsizing to a more comfortable property makes sense.
Why Choose a Rental Property?
Flexibility
Renting is a fantastic option if you require flexibility. Maybe you wish to travel or move to a different area in the near future. Renting gives you the option of staying somewhere for six, twelve or twenty-four months. This is perfect if you are looking for something short-term.
Cost
If you are in a small rental that is not in a city centre, you are likely to find that the money you would otherwise be spending on a mortgage and the associated maintenance work of your own property can be used for other things. This is the same for your time – no more home improvements on bank holidays, have a trip instead!
Fill a Gap
Perhaps you have sold your property and are unsure what your plans are next. Many people choose to rent while they make their future plans. It can be rather liberating to have the freedom and time to make these life-changing decisions.
Renter’s Checklist
There are a few things to consider when looking to rent:
- Make a list of things you are not willing to compromise on – the property ‘must-haves’
- Make a list of preferences – these can be things you may compromise on, but ideally, you would like
- Location – List the areas you will consider, and try not to go more than a mile outside of a certain radius to enable you to narrow your search to suit your needs. Then be sure to visit these areas during the day and again in the evening
- Budget – Outline a realistic aim for your budget and do not stray from it
- Agent – Choose a reputable letting agent, such as Hardings Lettings
For more information on the renting services we provide, contact Hardings Lettings on 01277 233400.
