Most retirement villages and communities sell their homes to residents; however, some also rent out properties. If you're considering moving to a retirement village that offers rentals, then this can be a good option.
What are the benefits of renting a retirement village home rather than buying one?
1. Renting Is More Affordable
If you don't have a lot of savings, then you may not be able to afford to buy a retirement village home outright. But, if your income from pensions is enough to cover the rent, then you can move into the village anyway.
This also gives you access to any savings you do have — you don't have to tie them up in the property. So, you may have some useful spare cash to spend on treats.
2. Renting Lets You Try Before You Buy
While you can get a feel for a retirement village when you look around it, you won't know what it's actually like to live there until you move in. If you like a village enough to consider moving there, but have some doubts, then renting first is a good option.
This gives you the chance to get to know other residents and to see what it's like to live in the community. If all goes well and you settle in and want to stay permanently, then you can buy a property when the next one is available.
3. Renting Gives You an Easier Out
If you aren't 100% sure that you're ready to move into a retirement village, then you may also worry about making a significant financial commitment by buying a home on the site.
Renting gives you a chance to try out living in a retirement village without paying a large sum to buy a property. If you decide you don't want to live in this kind of community after all, then this is easier if you rent. As a tenant, you just have to wait until the end of your contract and then you can move. You won't have to go through the stress and costs of selling up.
You may have to look around a few retirement villages to find ones that rent properties as well as sell them. If you think you may go on to buy later, ask the site manager if this switch happens often and whether you might get first dibs on a home as a current resident.
Contact retirement communities in your area for more information on your options.