Surrey Advertiser 28 May 2021
‘Families who inherit retirement properties have been left facing financial disaster as homes have proved hard to sell and hefty maintenance fees and ground rents have stacked up.’ This is the headline of an article published in The Telegraph in March 2021 evaluating the often costly and financially crippling experience of people purchasing retirement homes and the impact on their families.
The current housing options for people over 65 exclude a large section of those who don’t want to manage another house purchase. As a result, some people stay in their large family homes for longer than appropriate to their needs.
An alternative for those who intend to remain independent is to move to a retirement community, where they can rent their own home but have assistance on hand should they need it. Assisted living homes for rent are the missing piece of the housing puzzle.
Retirement living specialist Birchgrove is offering a new kind of assisted living that provides high-quality apartments for rent where older people can live independently, but also be part of a community and have access to an array of communal facilities and services, such as, restaurant, wellness suite, club room, bar and landscaped gardens.
Unlike most other assisted living developments in the UK, Birchgrove works on a rental model. It believes that renting a home instead of owning is the most liberating form of tenure, offering the benefits of independent living, whilst removing the complications of home-ownership.
With its lifetime tenancies, also known as Assured Tenancies (subject to terms and conditions), these agreements entitle you to stay in your home for life if you choose –providing security of tenure and essentially the same level of security as home ownership, but without the hassle.
The inclusive rent give you control of your money without surprise bills, service or maintenance charges. And there are certainly no exit fees!
When Stan’s wife died, he decided to downsize and rent at one of Birchgrove’s retirement communities. Stan said:
“I was living on my own and never would have considered moving out of the family home until I saw the Birchgrove hoardings. Nothing else came anywhere near Birchgrove, unless you wanted to buy and pay anything up to £500,000 for a flat – and word on the street is they are extremely difficult to get rid of.
“One of the first hurdles I had to get over was renting. The word rent indicates nothing at the end and that’s not the way people of my generation think. However, I put it to my two boys, told them what I was thinking of doing and once they got over the initial shock and we’d looked at it together, they said “yes, it’s a very good idea”.
“I am in a different world now, very happy I moved here. I didn’t want the hassle of buying, selling and all that effort that goes with a house and garden. I’ve got what I had before but plus – and it’s a big plus.”
To find out more about Birchgrove, please contact the team on 020 3929 5599 or visit www.birchgrove.life