Women, Renting Over 50
Renting over 50 and potential homelessness? Do you know your choices?
Did you happen to see the newspaper recently that featured Debra Byrne?
It discussed her potential homeless situation. I read that and thought ‘wow’. A successful performer for many decades, her life has had its ups and downs (as has many of our lives). Currently renting her landlord is selling and she will be joining the hundreds of renters seeking a new home.
Over a third of landlords have been selling up in Victoria – a combination of factors, electrical and gas compliance, land tax, changes to property management legislation, rising interest rates and the cost of living have overwhelmed many investors and it is easier to sell and financially they are better off.
Where does this leave our renters? In particular, where does this leave our older renters?
Renting Over 50 and Your Future
Rent increases annually impact when you are on a limited income or pension This is when you realise that you should have bought a home a long time ago. Now that you have limited income, lenders will be looking at how you will repay them, and what is your exit strategy (exit strategy – how will you pay the mortgage out within a reasonable time frame). Lenders run through their own scenarios, sure, most of them will never happen but they have to cover all eventualities, they have shareholders to appease.
This has been one of my biggest shocks. Banks have been throwing money at us for decades and now, all of a sudden it seems, we are a risk for them. Gah! Infuriating The loyalty shown for all those decades and now because we have hit 60 we have somehow become ‘less’.
Back to Debra Byrne. How will she sell a landlord that she is the best prospect for the landlords property? Can she pay a few months upfront, does she have a regular income or is it inconsistent? Does she have great references from her previous landlord? Will the tenancy ledger show that she has paid her rent on time and in full each and every time?
Renting Over 50, Renting Over 60
Renting is hard when you hit 60. Renting is hard at many ages but once you hit over 50 then it’s even harder. It’s why Ms. Property focuses on women over 50. I want women to consider their housing options whilst they still have choices. Trying to buy a home when you are 60 is almost impossible I would think unless you have a lot of cash and can buy without a loan.
Is there a Solution?
So, what do you do when you are older and want to retire and are renting? There are a number of organisations that may be able to help including HAAG. Get the right advice and where possible talk to me about your options before you hit 60. I am a buyers advocate and a sellers advocate, I work with women when they are buying and/or selling their own home. Often, unfortunately, women call me when they are in grave danger of losing their home and there are limited options.
Women need to consider their future, earlier. That becomes more obvious the older we get. When I speak with women I want them to think about their future. We are so focused on our children, our careers, our parents that age sneaks up on us. Owning our own home, securing the roof over our head, legally protecting the roof over our head should, in my opinion, be discussed with our friends, relatives, nieces, daughters, every female we know. The stats scared me and created a career shift, I work to create discussion and education, optimistic that we can create change to the stats, change the stats, change the story of renting over 50 to owning our own home.
