Things senior citizens should look for when renting a house

Indian real estate is experiencing rapid growth in the senior living segment, as many elderly citizens now prefer independent living. While there are many senior living projects available for investment, many seniors still consider renting as a viable option. Renting provides flexibility and minimises the liabilities associated with property ownership. Yet renting can offer the same convenience as owning a property, provided thorough research and planning are done beforehand. It is important for elderly renters to understand that properties that suit younger tenants may not be ideal for them. In this guide, we list the various factors seniors should consider when renting a house.

Location and neighbourhood facilities

Location is a major factor influencing property decisions, whether buying or renting. Prospective tenants avoid locations that require travelling far for essentials. This can be even more difficult for senior citizens. Choosing the wrong location can lead to inconvenience and higher long-term costs for the renter.

Senior renters should choose a house that is within easy reach of basic amenities, such as convenience stores, pharmacies, and markets. Moreover, when evaluating a neighbourhood, they should ensure that social infrastructural facilities such as hospitals, clinics and diagnostic centres are easily accessible. Checking whether public transportation is available nearby is also important.

Which area should you choose to rent? This is a big question that arises when seniors look for rentals. This can be answered by identifying the social environment in which one is comfortable. Proximity to friends or family members provides a familiar and secure environment for seniors. Moreover, areas with less traffic congestion.

Senior-friendly features

When exploring rental options, seniors can check whether a project offers senior-friendly features. Some essential facilities to look out for include lifts, power backup, wheelchair access, etc. When inspecting apartments or houses, it is essential to check for grab bars, nonslip flooring in bathrooms, adequate lighting, and other accessibility features. Another important consideration seniors should check before renting is the availability of emergency call buttons, which provide a sense of security in times of need.

Some senior-friendly projects include senior citizen clubs and amenities such as parks, walking tracks, yoga rooms, and community halls. Renting a property in a dedicated senior living project can be a good option. However, if that is not possible, ensure these basic facilities are available in the property.

Safety and security features

Like most gated communities, senior-friendly communities should have the latest safety and security systems to ensure a secure environment for the residents. Key features to check include 24/7 security personnel, CCTV cameras and video doorbells in houses, advanced door lock systems, and fire safety systems.

Apart from these security features, a gated community must ensure a comfortable living experience for seniors. This can be gauged from the presence of facilities such as efficient housekeeping and maintenance services, parking areas, open spaces, and greenery.

Rental affordability and financial considerations

Moving to a rented house can involve high costs for a tenant. Seniors with limited income sources often struggle to manage these costs. Before renting a house, they must assess rental affordability in the area. Rental affordability is evaluated by considering several factors. These include monthly income and household expenses, rental trends in the location, property size and facilities.  

When negotiating rent with landlords, prospective elderly tenants must discuss terms such as rent increases, security deposits, and the landlord’s flexibility regarding home repairs and maintenance. They can even consider signing a long-term rental agreement to minimise yearly rent increases. Prior budget planning can go a long way toward understanding hidden costs and minimising rental costs.

When should seniors consider renting a house over buying?

Senior citizens must choose renting for the following reasons:

Flexibility: Unlike property ownership, renting offers the flexibility to relocate whenever and wherever one wants. Most elderly citizens prefer living close to their children and in well-developed localities with healthcare facilities. Therefore, it is essential to consider personal preferences when choosing a rental location. Moreover, renting allows them to choose a home based on their space needs, and they can downsize if needed.

No property maintenance liabilities: In a rented home, the landlord is responsible for major repairs and maintenance. So, seniors can stay worry-free about repairs of appliances, replacements of fittings, etc. This also puts a lesser burden on their finances.

Financial benefits: Renting is more affordable than buying a property at a certain age. Senior citizens, especially those with limited income sources, may find it difficult to get affordable home loans. Property ownership can involve a lot of expenses. On the other hand, renting allows them to secure their funds and use them for other needs, such as healthcare.

Housing.com POV

Whether to rent or buy is a decision senior citizens must take after carefully assessing their financial situation and personal needs. Property purchase gets more expensive with age, especially with rising property prices across cities. So, renting is a practical solution for older citizens. However, when renting a house, it is crucial to consider factors such as a good location, the presence of senior-friendly features, and rental affordability to make an informed decision.

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