We downsized to a one-bed retirement flat and shaved hundreds off our bills

Paul Jones, 68, and his wife, Lindsey, 63, decided to downsize after their old house became too expensive and difficult to manage. The couple, who had rented the Victorian three-bed property, said the rising cost of living had an impact on the couple’s ability to live in the property comfortably. Paul told The i Paper: “It was a lovely house with a garden, but became too much work to maintain. Shorts “The house was over two levels, so there was a lot of going up and down the stairs. There was a lot of upkeep, cleaning and general work involved.” Paul, who worked as a landscape gardener before retiring, and Lindsey, who works part-time as a medical equipment technician and was a nurse, said the rent on the house in Exeter rose to over £1,000 a month. The couple now live in a rented retirement flat in Exmouth. Paul said: “The rent had gone up, the bills were more expensive and in winter it could be quite hard to keep the house warm. We were also paying for gas central heating and water.” After the couple’s rent increased, they decided to start searching for a new property to rent. They wanted to continue renting as it meant they could live close to their family. Paul said: “We decided it was time to find a home that was cheaper and easier to manage. We started looking online at retirement properties and came across My Future Living homes.” After decluttering their former home, the couple moved into their one-bedroom retirement flat with shared grounds in Exmouth two years ago and now pay just under £950 a month in rent which includes their water bill. The service charge for the flat is included in the cost of the rent. The landlord covers ongoing costs for maintenance and buildings insurance. The couple said they save approximately £100 a month on their energy bills living in the flat, compared to their previous home. Paul said: “We only have an electricity bill to pay for the flat and our council tax is a lot cheaper. The flat is also easier to warm because it is smaller and sits between flats above and below, which helps with insulation. We use a storage heater in winter which we find very economical.” At the flat, the couple park their car on a gated driveway rather than on the road. Paul said this had shaved £40 off their car insurance bill. “We like the fact that the flat is smaller, all on one level, easier to manage and more economical to run. It’s good having someone else take care of all the maintenance. There’s also a pull-cord system available in case we get into difficulty.” The couple enjoy the social aspect of the retirement flats. Paul said: “There is tea three times a week in the lounge, as well as bingo nights, music and a Christmas party and meal. There’s always people around. Downsizing has enabled us to spend more time doing what we enjoy. It’s made our lives easier.” What to consider before renting or buying a retirement home Anyone considering renting or buying a retirement property must scrutinise additional charges and fees carefully, particularly service charges. The more facilities that are on offer, such as a pool or 24-hour staffing, the more you can expect to pay for the service charge. Ask to see a full list of all the charges involved and get a solicitor to review them. If you rent a retirement property, there is a chance you could end up facing above-inflation rent increases. You also would not have the security of tenure you get when you buy. If you buy a retirement property, be aware that selling it on could be difficult. Nigel Bishop, of buying agency Recoco Property Search, said: “Whilst everyone has their personal reasons for downsizing, the majority do so to release equity or reduce utility bills as well as physical maintenance associated with a larger property. “All too often, it is a financial decision whilst others take the step to move closer to family or because they feel uncomfortable living in a home of which some rooms stand empty. “A smaller property can therefore be a highly attractive alternative with many housebuilders creating properties specifically aimed at the 60-plus demographic. These homes often benefit from spacious floorplans and an array of onsite or nearby amenities. “Whatever your reasons for downsizing, it’s important to find a property that really meets your needs going forward.”