14 Dec

Rent out the family home

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."ADNFCR-1222-ID-801239658-ADNFCR

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