It is one of the oldest financial lessons that we have all been taught; a financial goal that we all strive towards – to own a home. But as you approach retirement and enter a new lifestyle, it is only reasonable to assume that your living options and needs will change. Some will downsize into smaller homes, move in with family, buy into a retirement village complex, or move into a care facility.
But have you ever considered renting?
Renting in retirement is an affordable and popular alternative with a significant number of retirees taking up the option. Considering that 77% of single people aged over 65 rely on the pension as their primary source of income, the need for rental retirement villages has never been greater.
Renting in retirement does not require any capital buy-in, meaning it is available to any senior. There are also no entry fees, only a standard one-off tenancy bond which is fully refundable upon your exit. With the added bonus of no ongoing management fees and no exit fees, it is one of the most affordable options available to seniors today.
Andrew Heyer is the Operations Manager at Eureka Villages, Australia’s largest provider of affordable rentals for seniors, who says there is an increasing number of seniors choosing rentals. “We have found that many retirees are looking for an alternative to owning their own home or buying into expensive retirement villages. Our model is simple. We provide an exceptional standard of independent community living, available for rent, at an affordable price.’’
Renting gives you the opportunity to stay as little or as long as you need. Decided you want to go overseas for a while or want a change of scene? Not a problem! Renting gives you the flexibility to easily move from your home without any costs. This is especially important to consider if you were to ever experience adverse events and need to move out quickly.
It is the simplicity and flexibility of renting that Andrew believes is drawing so many seniors to the rental market. “Many of our residents found that they could not maintain their family home or could not cope with the huge fees of other retirement villages. Renting means that residents have a simple and fair agreement to secure their home at an affordable rate and that any required maintenance is done so promptly and at no cost to the resident”.