More pensioners are choosing to rent in later life rather than buy retirement properties, as concerns grow over the financial burden that can be left behind for loved ones.
Some families who inherit retirement homes have found themselves paying thousands of pounds a year in service charges while struggling to sell properties that sit empty and unsold, according to retirement housing provider My Future Living.
Speaking exclusively to GB News, 87-year-old Ken Girling said fears about creating future complications for his family played a major role in his decision to sell his home, give most of the proceeds to his children and become a renter.
For those aged 55 and over, renting in a retirement community can offer an alternative to ownership, removing the risk of leaving behind a property that proves difficult to sell while also eliminating many of the responsibilities that come with maintaining a home.
Mr Girling is among a growing number of older people embracing this approach to retirement.
The former Forces veteran, who also worked in the dairy industry, now lives at Homeport House in Southport after spending two decades in Spain.
He returned to Britain five years ago to be closer to his daughter and, despite previously owning homes in both Harrogate and Spain, decided against buying another property.
“I had always owned property, both in Harrogate and later in Spain, but at my age I didn’t want the hassle of buying another home,” he explained.
“Renting was much more straightforward. I also wanted to avoid creating future complications for my family. If you own a property, someone eventually has to deal with selling it, whereas renting removes that responsibility.”
Mr Girling’s day-to-day finances rely entirely on his State Pension combined with a private pension, which together fund his living expenses.
When he sold his previous home, the 87-year-old made a deliberate choice about what to do with the proceeds.
The 87-year-old made a deliberate choice about what to do with the proceeds
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GBNEWS
“I have three children and wanted to treat them equally, so I gave most of the proceeds of the home to them as part of their inheritance early.
“I kept some money back for myself, but the majority was shared between my children.”
He said selling his home was not driven by concerns about having too much money tied up in property, but by a desire for a simpler life.
“Selling the property was more about simplifying things and making life easier than increasing my retirement income,” Mr Girling said.
The predictability of rental payments has proved beneficial for managing his monthly budget.
The predictability of rental payments has proved beneficial for managing his monthly budge
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GB NEWS
“Renting has made it easier to manage my monthly costs and budget in retirement as I know exactly what is going out each month, which makes budgeting straightforward,” he said.
“One of the biggest advantages is that there are no unexpected maintenance or repair bills. If something needs fixing, it is taken care of, so there are fewer financial surprises.”
Mr Girling was also keen to prevent potential disagreements among his children.
“I didn’t want my family to have to deal with selling a property or potentially disagreeing about what should happen to it. Renting felt like a much simpler solution. If there’s no property to sell, there’s nothing for anyone to argue about!”
His experience reflects a wider trend identified by retirement housing provider My Future Living
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GBNEWS
His experience reflects a wider trend identified by retirement housing provider My Future Living, which says more older people are choosing rental accommodation rather than ownership.
Joanne Couch, Director of Finance and Operations at My Future Living, said: “Renting is gaining traction because it’s flexible, enables homeowners to release capital, and removes the burden of property maintenance.
“This all allows people to focus on the things that really matter to them and simply enjoying their lives. With predictable monthly costs, it provides the peace of mind that comes from living independently within a supportive community, without leaving families the future stress of trying to sell a retirement property.”
Robin and Valerie Greenfield made a similar decision when they moved into Waverley House in New Milton.
“We were adamant we wanted to find a home which would enable us to grow old in, so we weren’t prisoners in a flat having to go up flights of stairs and we did not want to become a burden to our children,” Mrs Greenfield said.