Anybody Out There Who Are Approaching Retirement Sold Their Home And Gone Into Rented?

[dave50]

Has anyone out there who are approaching retirement sold their home, put the money in the bank and gone into rented? I know a few that have and they say it's the best thing they ever did.
Any thoughts?

[emmie]

i wish my flat belonged to me, it doesn't, but i would sell it in a heartbeat and move to somewhere quieter.

[Barmaid]

Renting is all very well as long as you have a decent landlord. Mine is a really nice guy, he is just hopelessly scatty and I really have to stamp my feet to get anything done.

[Bazile]

Why do you rent, Barmaid ?

[sunny-dave]

Seems a bit 'short term gain, but possible long term pain' to me.

Yes, you will save on maintenance and hassle, but you will also be paying out dead mony in rent.

Using local figures for N'hants, I reckon you'd be paying £1000 a month for a house that would net you £250,000 by selling.

With rents sure to increase (much) faster than the rate of interest on your cash-pile, I reckon you could be skint in 15 years or less ...

[Barmaid]

Because I escaped from hell and I had to go very very quickly and by stealth, Bazile. Next year I shall decide where I want to go and put down some roots.

[Samuraisan]

Sounds intriguing Barmaid.....

[Prudie]

I'm not in that situation but was renting in the private market for several years. The worst thing for me was it was never secure and got notice to vacate twice because the owners wanted to sell up or something. It left me constantly paranoid about getting that phone call or letter with notice.

[Barmaid]

No intrigue Sam, it's all very dull and boring and in the dim and distant past now.

Something else you may want to think about Dave. If you are married and one of you requires care, the house cannot be taken whilst one of you is living in it. Effectively the fees are deferred until after the last person living in the house either dies or goes into care.

Also, as you get older, you may find that you need adaptations done to your property to help with mobility/safety. Its not always that easy to get adaptations done in rented accommodation.

[ummmm]

What about downsizing?

My mother sold her house and bought a park home by the sea. She loves it.

[-SharonA-]

I've downsized and it is the best thing we've done. No more worries over large heating bills as we had a 4 bed house before,We have a nice compact flat.

[hereIam]

To be honest, I much prefer living in my own home, mortgage free now. I wouldn't like to have to pay out rent for the rest of my life.

[mikey4444]

It doesn't seem to make any financial sense Dave.

When my State Pension kicks in next June, that will bring about £500 a month, and that is the very least I could expect to pay to rent a similar house. So why would anyone want to do it ?

[Sqad]

dave........that is a very personally pointed question and a very good one.
Why do you want to rent?
If you own your house and your pensions provide the lifestyle that you require...............then why rent?
However if want to sell you house, to maintain a lifestyle then you have 3 options:
1) Sell and rent.
2) Equity release
3) Downsize.

I will only comment on 1)....selling and renting.
If you asked that question to people on the continent, they would say "why hang on to £250,000 worth of property which you have worked hard to achieve, to leave to somebody else when you die?
Property is only an investment, when you sell it.
The majority of folks on the continent....rent.

mikey/sunny Dave.....you seem to forget that dave will sell and invest.....bringing in 1or perhaps 2% interest, that is approximately £4,000 a year....not enough to cover his rent but a significant help.

Renting is not necessarily a commercial venture but one of choice depending upon what is wanted in one's life.