I sold my £140k flat and started renting in my sixties – I save £12,000 a year and don't pay energy bills
HANDING the final paperwork to the conveyancing solicitor completing the sale of his £140,000 two-bedroom flat Ian Horton, feels a wave of relief.
After months of stress, Ian is swapping home ownership for renting as a property guardian at the age of 61 to beat the high cost of living and save for his impending retirement.
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'I sold my flat due to Covid and skyrocketing energy costs,' Ian said.
'If I kept the flat, I'd face a debt crisis caused by rising electricity, fuel, and household bills.'
Now Ian is renting as a property guardian living in a pub in London's commuter belt.
He pays just £350 a month including electricity, water and council tax, saving £1,000 a month, or £12,000 a year compared to owning his own home.
'It's a miracle cure for OAPs battling the cost of living,' Ian said.
'I could never have done that if I hadn't sold my two-bed flat in my sixties.
'It may sound bonkers but becoming a property guardian is the best financial decision I ever made.'
Self-employed courier Ian lives behind the bar in the former hotel in Bedford, Bedfordshire - an hour and a half outside of London with his partner Maureen, 61.
The retired admin staffer and Ian pay £350 each as part of their property guardian rent.
They're among 10,000 people in Britain who have become property guardians due to the rising cost of living, the rental crisis and property shortages.
P roperty guardians live in an empty building or part of a building that would otherwise be empty to ensure it is not broken into and safeguarded.
In return, guardians like Ian get to rent the property at up to 70% below its market value often with the cost of gas, electric, water and council tax included.
When Ian first heard about the scheme through a friend, he knew it was the 'miracle cure' he needed to be able to cut costs and save for retirement.
Ian said: 'I know people will say selling a property at my age to start renting again is crazy at my age.
'I discovered it's not bonkers but bankable because being a property guardian actually covers your costs and allows you to rent amazing properties at a tiny fraction of market value.
'It made the decision to sell my two-bed first floor flat so much easier,' he said.
The self-employed courier and former postie bought his two-bedroom leasehold flat in Dunstable, Bedfordshire, in 2006 for £100,000.
'Like most people my age I was told buying was critical to retirement.
'But when the lockdown hit and energy prices and food costs started skyrocketing, I knew I had to find a solution to making the money I earned stretch further if I ever was to retire.'
Ian admits he was terrified about skyrocketing gas and electric prices.
As a courier Ian was also hit with escalating fuel costs.
How Ian's costs changed after becoming a guardian
WHEN Ian sold his flat in 2022, he was paying £300 a month for his mortgage, £50 for electricity, £30 for water and his council tax was £100 with a single person's discount.
Ian also had to stump up £100 a month leasehold fee for his flat and budget another £50 a month for extra leasehold fees including roofing and emergency funds.
His other monthly fees include Wi-Fi at £25 a month, phone bill of £30, groceries cost £150 and fuel was more than £300.
Plus, he was paying property and vehicle insurance costs of over £200 a month, £100 for repairs and £100 in parking costs.
In total, Ian was faced with monthly costs of almost £1,900 a month.
After moving to the pub, he pays £900 a month including all living costs, fuel, insurance on his van and accommodation.
Ian's new home
As Ian completed the £140,000 sale of his two-bedroom flat in 2022, he also applied to be a property guardian.
He signed up with Live in Guardians, which works with property owners and potential guardians to find the right property for the right person.
'I filled out a questionnaire, provided my renting history, exchanged questions and was acccepted,' Ian said.
'It was like applying to rent a property. I didn't need any special skills.
'The fact I was older, had owned property and was dependable was a big bonus for me.
'Once I was approved to be a guardian on their books, I got to apply for the range of properties they had on offer,' he says.
His new home is a pub earmarked for redevelopment, but Ian can live there until redevelopment begins which isn't expected for at least two years.
Ian said: 'Live in Guardians can find me a new property whenever I want.
'They have properties all over the country from old fire stations to former nursing homes, pubs, posh houses and form office blocks available as a place to call home.'
The traditional British pub with the familiar white facade, dark brick tints and red door has leaded glass windows, an original bar, wood floors and fireplaces.
There are four rooms available to rent, but Ian said they don't always see the other guardians.
Included in Ian's rent is the gas, electric, heating, water, council tax, insurances, parking costs and hotel repairs.
Ian and Maureen have got their own Wi-Fi for £35 a month, but they share a big kitchen and bathroom and separate toilets.
In return for the cheap rent, Ian keeps Live in Guardians informed of any repairs which need doing until developers begin their work.
Ian said: 'The energy bills are thrown in. I can enjoy a long shower and turn on the food whenever I want.
'It's a huge relief to not worry about the electric or gas bill.
'Before I was a property guardian, the cost of living meant I had to stop making monthly private pension payments so that on top of my government pension means I can have a little extra.
'It's not a huge amount but just being able to make monthly payments means I can breathe again.
'The fear of monthly bills has gone, and I can budget sensibly.
'I don't know when I will retire. I know it's years off.
'I do know when I finally stop working it will be possible thanks to living locally at 'my local.'
Live in Guardians says it has 700 guardians currently in properties, although it has 32,500 in its database alongside £500million worth of property.
Property terms can range from three months to seven years.
Arthur Duke, its managing director, said: 'People are seeking out new and affordable places to live.
'We also have more companies than ever before wanting us to provide live in property guardians to stop their empty properties being scattered in, vandalised or not properly being cared for,
Property guardianship agencies say the scheme allows businesspeople to pay reduced insurance and maintenance costs, generate an income on the empty premises, diversify its portfolio, and ensure the properties are well cared for.
How to become a property guardian
First research the different property guardian agencies.
It's also important to know you're not a tenant.
Instead you're a licensee which can mean fewer rights, and that it's easier to be evicted.
You'll need to be over 18 years old, while some agencies prefer over 21.
You'll need to be employed, self-employed or a student with income.
Families are not suitable but single people or couples are accepted - but in some cases guests or pets aren't allowed.
Then simply apply online via the guardian agency website - you'll need to provide ID documents, proof of income/employment and sometimes references.
You might also need to attend an interview or information session.
If accepted, you'll be offered viewings of available properties - most are advertised on the agency's websites.
You should be prepared to move quickly if a place becomes available — unusual properties go fast.
Once moved in, simply keep the agency updated on any concerns and issues with the building.
How to choose a guardian agency
Make sure the company is a member of the Property Guardian Providers Association (PGPA) or has good reviews.
Here are some of the more established agencies:
Live-in Guardians - www.liveinguardians.com
Property Guardian Protection - www.propertyguardianprotection.com/
Dot Dot Dot - www.dotdotdotproperty.com
Global Guardians - www.global-guardians.co.uk
Lowe - https://thelowegroupltd.com
Blue Door Property Guardians - www.bluedoorpropertyguardians.co.uk
Ad Hoc - www.adhocproperty.co.uk
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