In general, renting is on an upward trend in Wolverhampton. Ongoing increases in house prices, stagnant incomes, and a change of attitudes towards renting have all been key factors when it comes to growth in the rental market. Nevertheless, many people still believe renting a property is something you should only do if you’re young.
However, it may come as a surprise to discover that at Austins Estate Agents, we’re seeing more clients than ever before coming to us looking for rental properties during their retirement.
So, is renting in retirement right for you? Let’s take a look at some of the advantages and disadvantages.
1. You Can Release Equity
If you’re already a homeowner but you’re approaching retirement age, you may be considering releasing the equity in your home by selling it and choosing to rent a property in Wolverhampton instead. If you release equity in your property, you can bolster your pension and enjoy having the resources and freedom you need to enjoy your retirement to the full.
2. You Won’t Be Tied To A Mortgage
Although you’ll still need to pay your rent every month if you’re renting a home in your retirement rather than owning your property, you won’t have the same kind of ties to a mortgage. You’ll, therefore, enjoy more flexibility to move to any area that takes your fancy. Perhaps you may choose to explore a new location, or relocate nearer to your children or grandchildren? You’ll have more freedom to do this without the burden of homeownership.
3. You Won’t Need To Deal With Maintenance Issues
As a homeowner, if your boiler breaks down, your roof leaks, or you develop a mould problem, you’re the one who has to sort it out. It can become expensive, but it can also become time-consuming and stressful, especially as you get older. If you rent your home, though, those hassles become your landlord’s problem.
4. You Could Rent A Property With Amenities On Your Doorstep
Growth in the rental market has led to greater competition among property developers and landlords, which has led to some impressive facilities being added to rental complexes in Wolverhampton. Swimming pools, concierge services, gyms and rooftop terraces, are all becoming more common and are usually included in your rent. Alternatively, if you’re concerned that you may need a little more help and support during your retirement, renting a property in a warden-assisted development is a great way to remain independent but with the added peace of mind that comes with knowing someone is on hand to help in an emergency.
The Downsides Of Retirement Renting
Of course, as you might expect, there are a few disadvantages that come with renting during retirement too, not least of which is the cost of paying rent on a monthly basis. Your pension is a fixed income, whereas your landlord can increase the rent every time they renew your tenancy, and this could end up causing you financial difficulties.
While renting a property in retirement gives you more flexibility about living arrangements, you’ll also have less security. Your landlord could ask you to leave your property at the end of your tenancy, leaving you with no option but to pack up and move on – and that will be inconvenient and stressful.
Should I Consider Renting A Home On A Pension?
There’s no one-size-fits-all answer to whether or not you should consider renting a home on a pension. However, if you’re seriously considering it, it’s worth talking to our team at Austins Estate Agents. We can give you our expert advice and guidance and help you come to a well-informed decision. Give us a call today on 01902 244200.