14
Dec
Rent out the family home
Elderly people who are looking to downsize but do not want to sell
the home they saw their children grow up in can make themselves
additional income for their retirement through renting it
out.
With rental demand at an all time high, and Savills recently
reporting that it expected 20.5 per cent of people to be living in
rented accommodation by the end of 2016, the elderly with
property to rent in Brighton can make a substantial income from
their home.
According to the Association of Registered Letting
Agents (ARLA), letting can be the best investment in the
current market, with a return of 6.1 per cent, higher than most
other investing opportunities.
Many older people look to move into sheltered accommodation, but
face a need for equity to do so, which renting out their family
home could provide.
ARLA's President, Tim Hyatt said: "While market conditions remain
so inclined, it could be prudent to let out the family home, and
use the monthly rental income to invest in renting a smaller
retirement home."