Property investments are on the verge of becoming a necessary reality for many homeowners. Indeed, protecting your family and your budget is all about diversification of income. At a day and age where some of our favourite brands are forced to shut down – including Thomas Cook –, it’s fair to say that we can’t be sure of anything anymore. Is your workplace the next in line to be hit by an alarming series of closures? You can’t know. To prevent dramatic consequences, more and more homeowners are considering property investments as a way to address the uncertainty. Should they find themselves suddenly unemployed, their rental can help to make ends meet. Additionally, there’s no denying that Brexit is bound to drive a significant increase in everyday costs. Most shops have already warned that Britons need to prepare for steep grocery shopping costs in case of a no-deal. In other words, a property investment portfolio that can free up some cash is a no-brainer in today’s Britain.
While a lot of landlords prefer students or young working population, there is a lot to be said about senior tenants. Seniors can be fantastic tenants for your property. More importantly, you can build a mutually beneficial relationship with them. Here’s why:
They are the ideal tenants
As a new landlord — or landlady –, you have to understand that every tenant is different. However, the type of property you choose to rent can help to define who your ideal tenant should be. For instance, you’re more likely to appeal to the elderly population if you focus on one or two-bedroom homes. Keeping the property on one level only – aka no stairs – makes it more appealing for the senior community. Indeed, a small property is ideal to support their day-to-day needs. In other words, you don’t need to invest in a bigger and more expensive buy-to-let. Senior tenants tend to choose long-term tenancy agreements, as many of them can’t afford to become homeowners anymore. From a landlord’s perspective, older tenants are, therefore, an ideal choice. Additionally, unlike younger tenants, the elderly population is more likely to behave responsibly and treat their surroundings with care. In short, your property will be in good hands.
You can make their lives easier
What makes your relationship with your senior tenant so unique is the fact that you can easily make their lives at home a lot more comfortable and manageable. Indeed, we all know a technophobic senior who can’t get their head around everyday gadgets. Unfortunately, in 2019, technology is an integral part of our routines. But you can keep things manageable with the introduction of intuitive and controllable solutions in your rental. For instance, smart tech can let you, as a landlord, help your tenant control their temperature or light settings, for example. You can even sort out issues directly via the app in a matter of minutes. Additionally, automated light sensors can control the light at home, which will keep elderly tenants safe when they get up at night. Simple touches, such as cordless phones in the bedroom and the lounge, lets you introduce simple and user-friendly technology in the household. More importantly, if you ensure they live in an environment where technology is accessible, your rental can play a huge role in maintaining their independence.
They are not ready to lose their independence
Getting old is not easy. For a lot of people, old age has become synonymous with reduced mobility and interactions. People who grow old alone and isolated are more likely to struggle with mental health issues, which can only be exacerbated with the move to a nursing home. Maintaining their independence is crucial to their psychological and physical health. A rental that is equipped to support the needs of a senior can offer them the possibility to stay in control for longer.
It lets you use a new type of property
When you make independent living your priority as a landlord, you can be tempted to discuss a different property investment with your relatives. Indeed, you may be worried about your ageing mother living alone and struggling with the increasing cost of living. Instead of buying a property from the market, you could consider building a granny flat as an annexe. While you may not be able to generate a regular source of income, you can help your parent to sell their home to complete their pension.
Senior tenants are vulnerable on the property market. Many are forced to downsize their home and struggle to find a suitable property. Targeting the old population can not only help them maintain their independence for longer, but it’s also the guarantee of long-term income as a landlord. If you are not ready to become a landlord, a granny flat is the best approach to ease senior living.