Due to the continued low Bank of England base rate, many elderly people are struggling to cope with the reduced returns of their hard gained savings. Allied to this Council Tax, gas and electric and other day to day living costs continue to rise. How is an elderly person on a fixed income supposed to meet these ever challenging needs ? Many turn to the thought of selling the family home and downsizing , but would rather keep it to pass onto their children. Local letting agent Martin & Co. has a novel solution that will tackle all issues head on and will produce an additional income. The solution is explained by Director Andy Powers. "Most people are not aware that you can rent retirement accommodation and just assume it has to be bought. This couldn't be further from the truth, and in fact there are properties that are owned by investors that are available for long term renters. This allows someone to rent out their own home, and use the proceeds to pay for a smaller, more efficient property within a retirement complex. This can therefore lead to cash surpluses each month but also keeps the family home within the family to be passed on at a later date. For example a four bedroom detached house in Solihull rented out at £1000 pcm could generate an additional £200 pcm after paying all fees"
Martin & Co. currently have such a property available located at Blythe Court, Grange Road. It is a one bedroom apartment and is available immediately at a rental of £628 pcm including service charge. To discuss, and to arrange a free market appraisal for your own property call Martin & Co. now on 0121 709 3923.