Research by lending experts Ocean Finance found that three-quarters of those surveyed suffered at least one major house maintenance issue a year, which comes at a hefty cost to homeowners.
The most common maintenance repairs in the home are boiler issues (34%); damp (22%); and water damage (16%).
One way that retirees can avoid having to worry about things like this is to consider downsizing and renting in a retirement development, something we’re finding many older people are choosing to do.
In a survey we carried out in autumn last year we found that 74% of respondents said that one of the main benefits of renting in a retirement development is no longer having the burden of ongoing property maintenance. Often people just want to get on with enjoying their lives rather than having to worry about the upkeep of a home.
For Girlings properties, most maintenance costs and the development service charges are included in the rent. Plus utility bills are often much lower as people have smaller and fewer rooms to heat. Stepping off the property ladder can also save 43% off people’s budget for day-to-day living costs too, according to Ocean Finance.
One of our residents, 69 year old George Clement from Burnham-on-Sea has made big savings on his utility bills since moving into a retirement development six years ago.
Previously George lived in a house on the seafront, but as he got older he wanted to downsize and temporarily moved into Homelane House, a retirement development for over 60s.
George explains, “I was only moving in for six months whilst I looked for somewhere else but I ended up loving the apartment and the development so much that I decided to stay. One of the main reasons for downsizing is I wanted to cut my utility bills. I was paying quite a bit for gas and electricity, but now I pay just £25 per month.”
George has lived a very full and varied life. During his life he has been a soldier, a sailor, a mountain climber, an adventurer and an entrepreneur. One of his last jobs was an energy advisor for the Carbon Trust. This role made him more energy conscious and to a degree influenced his decision to move somewhere smaller. He still advises people on all aspects of heating and carries out free surveys.
George’s one-bedroom apartment in Homelane House is located close to shops, transport routes and other amenities in Burnham on Sea. The rent includes services and maintenance, plus there is a 24 hour emergency careline in each apartment and services of an onsite manager during the day.
He says, “I’m really happy living here. There are lots of likeminded people and it’s also a very quiet and peaceful place to live. There is a communal lounge and lots of people to socialise with which is good, although I tend to keep myself to myself.”
George really appreciates the benefits of living in a retirement development such as the assured ‘lifetime’ tenancy and having a manager on site. George says, “When I first moved in I was on a shorthold tenancy but now I’ve moved onto an assured tenancy, which means I can stay here as long as I wish. I have no intention of moving as I’ve found a place I want to stay, so having the assured tenancy gives me peace of mind.”
If like George you would like to save on utility bills and no longer have to worry about ongoing maintenance of your property then why not consider renting in one of our retirement developments in 2020?
Call us free for more information: 0800 525 184
Ref: Ocean Finance research Blog – https://www.oceanfinance.co.uk/blog/time-to-step-off-the-property-ladder/
