Weighing up the benefits of renting or buying a retirement home
Retirement homes come in all different forms from houses to flats, apartments to bungalows.They are suitable for people who can still live independently, but want to downsize from their home.
There are many benefits of living in a retirement property including being part of a community of like-minded people, finding friendship and companionship, having added security and having the freedom to enjoy doing the things you love – all without having to maintain a house on your own.
If you are thinking about whether to rent or buy a retirement home in later life, read on to discover the benefits of each.
The benefits of renting a retirement home:
- Renting offers flexibility and freedom, with the ability to change location to be closer to family and friends easily, or move somewhere you’ve always wanted to.
- With renting you are able to try something new, without the financial commitment of buying somewhere. A lot of Abbeyfield homes offer trial stays to make sure it’s right for you before signing tenancy agreements.
- By renting, costs such as service costs, ground rent and property maintenance fees are usually included.
- At Abbeyfield, the rental cost can include your electricity, gas and water bills, council tax, TV licence and WiFi.
- You can move in much sooner rather than waiting for a house sale with the added benefit of no stamp duty to pay.
- You can free up equity and the money from the sale of your house can give your pension an income boost.
- You don’t need a mortgage to move house, so with the flexibility to change location you can move to an alternative home without the need to apply for new mortgage.
- You no longer need to worry about the maintenance of a home as all of this will be taken care of by the landlord.
The benefits of leasing or buying a retirement home:
- Gives you the opportunity to still own your own home and potentially live as a couple.
- There is an on-site manager who is on hand to take of your needs.
- A tenancy can be granted for a longer period of time, with smaller ground rent payments.
- You get the benefit of being surrounded by a community with support. Meet like minded people where you have the option to get involved in a range of social activities.
- You don’t have the worry of maintaining your own home.
- Gives a greater sense of safety and security with a group of people rather than living on your own.
- With support, you can retain your independence for longer.
- Some homes offer cooking and cleaning options, so you no longer have to worry about these. Our homes have communal dining rooms, offering you the chance to meet the other residents and find companionship.
- Facilities that you can take advantage of - some of our homes have some fantastic facilities to take care of your health and wellbeing.
- You can choose from a range of property types including flats, apartments and bungalows.
Housing options at Abbeyfield
At Abbeyfield, we have a large selection of housing options, including apartments, that are available to buy, rent or lease. Our independent living option allows you to live in a community where you have your own front door, a fully fitted kitchen and bathroom, communal areas where you can socialise with other residents, and an on-call system for extra peace of mind.
We also offer sheltered housing for older people where you can rent and get the benefit of living in a home, with the reassurance that there is someone on hand, but you can still live independently with your own room. Our sheltered housing homes also have the added benefit of a community where you have the chance to find friendship and companionship, with communal areas and communal meals, where delicious home cooked food is served and you have the chance to catch up with other residents and share stories.
At the heart of Abbeyfield we have a focus on community, and living together as part of a community is what helps make Abbeyfield special.