Renting

If you are considering selling and renting to free-up capital and improve your retirement lifestyle, talk first to someone with financial knowledge. You need to know the cost of renting for the rest of your retirement. Compare this with the capital in your home before making your decision. If you still think it's a good idea, compare the advantages and disadvantages.

The main advantages of selling your home and renting are:

• You free-up money tied up in the house
• You have no more maintenance and repair costs
• You can move more easily when you want to

The main disadvantages are that:

• You lose the feeling of security that home ownership brings
• You must pay rent and that will probably increase as time passes
• The home and garden can be an important retirement hobby
• Your home might be the legacy you want to pass on to family or whanau
• You can no longer count on staying in the same place or even neighbourhood. A private landlord can always sell your home.

Your options for renting include housing provided by Housing New Zealand, local authorities, various religious and welfare organisations, local marae and private landlords.

Some low-income earners are entitled to an accommodation supplement to help cover the cost of rent or board. This is available through Work and Income.

For more information about renting and your rights as a tenant visit Tenancy Services.

Now, read about what retirement villages offer and the Retirement Villages Act, rest home or private hospital care, the Residential Care Subsidy or home ownership.