London Retirees Should Think About Renting Out Property Rather Than Downsizing
People in retirement could supplement their income by renting out their home rather than downsizing says the Association of Residential Letting Agents (ARLA).
The body believes that with rental returns seemingly on a continual increase, now is a good time for retirees to take advantage of the market.
In the past many elderly people have either been forced to downsize when a property becomes too much for them to run or have had to sell up to fund the cost of care, but option would provide them with finances as well as ownership of the family home.
"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,” said ARLA president Tim Hyatt.
"ARLA members report that achievable rent levels are increasing, while demand for good quality rental properties remains high.”
Research conducted by specialist mortgage provider Paragon in October found properties let to students provide a landlord the highest possible yield, with an average of 7.62 per cent.
Properties let on a shared basis by professionals was the second best performer at 7.56 per cent.
For more information on how to let your property in retirement, or at any time of life, with Martin & Co, email or call us on 020 73497117 today.
(Source: Paramount-Magazine 16/12/11)