Renting Property To Elderly People
It will probably not come as a surprise to you to read that, on average, people are living longer here in the UK and this presents an opportunity for landlords. We all need to live somewhere and for some this could mean having to rent somewhere whether through the local authority or privately.
If you are a landlord then an option open to you is to consider renting a property to an elderly person or couple. There are both positive and negative factors in renting to this sector of the community.
For instance, on the positive side, someone that is in the latter stage of their life may be more likely to want to stay in the same property for the remainder of their life as many older people prefer the idea of a settled environment in which to live. As a general rule, they are less likely to cause trouble for the landlord than a young tenant in their twenties in so much as they are unlikely to damage the property and are more likely to pay their rent on time and not fall into arrears with their rent.
On the negative side, an elderly tenant may require things like a stair lift installed in the property. They may also need to have a ramp outside the home leading up to the front and back door so that they can get into and out of the home if they are in a wheel chair. It may be necessary to have wider doorways made to accommodate someone that is in a wheel chair. The option of having a bedroom and bathroom downstairs may be of benefit as someone becomes more infirm and unable to get upstairs.
So, as you can see, there are pros and cons of renting to elderly tenants. As a landlord, renting to this sector is a decision that only you can make but we hope that what we have had to say above has been of some assistance.