Another view of retirement living

27/05/2008

 The British have an almost unique attachment to home ownership. In other countries in Europe, renting is the norm; but here the belief that it’s better to put your resources into owning a home is deeply ingrained.

But for a lot of people, renting is actually a highly attractive option - including many in retirement.

Renting allows homeowners to sell their property outright in order to release capital and invest it, rather than entering equity release arrangements. Equally, you can choose to gift family and friends during their lifetime, instead of leaving a will - thereby avoiding inheritance tax.

You are also free to move wherever you like, whether it’s closer to family and friends or to another part of the country. And you often have a wider choice of properties you can move into - including apartments in period and character houses.

Stanley Turner is a typical case in point. “At the time, my wife and I were living in Australia where we owned a leasehold property,” says Stanley.  “When my wife sadly passed away, I made the decision to move back to the UK and find alternative living arrangements to suit my new circumstances.

“I had decided not to purchase my own property as I did not think it would be worth going through the whole process at my age. After exploring my options, I decided to view an apartment in the Wirral with Girling Retirement Options as it looked like a lovely area.”

Girlings lets its properties out on an assured tenancy basis, which allows the tenant to stay in their property for as long as they wish, providing great security and peace of mind.  In the private rental sector, it is common for properties to be let on an assured shorthold tenancy basis which allows the landlord to regain possession of the property after the initial agreed fixed term.  An assured tenancy is the only rental contract that gives the resident security of tenure.

Renting on an assured tenancy basis offers the same security of tenure as most social housing providers, only without the associated waiting lists. What’s more, service charges, ground rent and maintenance costs are included in the monthly payments. The properties are available to rent at affordable market rates which are reviewed every 12 months in line with RPI and capped at 6%, enabling easy financial planning.

Stanley says:  “I live in a lovely one-bedroom apartment which is just the right size for me, with views to the beautiful hills of North Wales.” The Homebank House development has 60 apartments and features a communal residents’ lounge - which is used to socialise and to entertain guests.

Girlings Retirement Options has over 2,500 private retirement rental properties situated across the UK. For more information