RoyaleLife is the largest provider of bungalows in the UK. These luxurious homes are not only affordable, but much more manageable than larger properties. Easier to clean and maintain, less space can paradoxically provide more freedom to those who choose the single storey option.
So, perhaps, it's not surprising that bungalows are in demand for the over 45s who are looking for a more relaxed way of living - with cash to spare. However, there's been a clear shortage in these single-storey properties, despite an increase in popularity. In a new White Paper from RoyaleLife, the company explores this contradiction and a way forward. CEO Robert Bull also explains about how he's trying to improve the lives of his residents and help them live more fulfilling lives.
New Whitepaper From RoyaleLife
RoyaleLife polled 1,000 residents (all aged 50+) from the UK and Northern Ireland about the housing market. Researchers combined this data with Government statistics and the opinions of estate agents and industry experts from institutions like the National Federation of House Builders and the National Custom & Self Build Association.
The company discovered developers simply weren't providing enough single-storey options for people, even though they offering a practical option for many. "From our findings, it has become clear that bungalows have slipped down the housing agenda, no doubt due to UK land prices remaining high, forcing developers - being pushed by the planning authorities - to build as many homes as possible to address the nationwide housing shortage," said CEO Robert Bull.
How RoyaleLife is stepping up
RoyaleLife builds one-storey, luxurious bungalows for those aged 45 and older. RoyaleLife also offers the Home Part Exchange scheme as a way for owners to capitalise on the value of their current homes. With this programme, RoyaleLife will buy a property at market value and deliver the cash balance to the owners. So, a person selling a Pound 500,000 home to purchase a Pound 300,000 RoyaleLIfe bungalow would have an extra Pound 200,000 to start their new life.
People might choose a bungalow for any number of reasons, but it usually comes down to the cost benefits. One-storey homes are both less imposing, and they ensure that people of a certain age don't have to worry about traveling up and down stairs.
A New Way of Life
This is a difficult economy for many people not least because of COVID but particularly those inching their way toward 60. The companies that are hiring are choosy, and there's often little room for people who are likely to retire in just a few years' time. When many businesses are already downsizing, it's natural for individuals to consider downsizing too.
The pandemic has sped this up, and left people questioning themselves about what really matters. RoyaleLife has been sensitive to these shifts, and the firm's analysis has made it possible to serve people on a different level.
Focusing on what matters in life - your health, your family, and your hobbies - doesn't require a mansion. In combination with the Home Part Exchange, CEO Robert Bull is trying to infuse more resources into people's lives as they get ready to transition from chapter to the next.
The extra money can also go a long way, particularly when a person's retirement fund could really use a boost. It can be just the financial security a person needs if they happen to run into unexpected health problems down the road. As people consider their options and how each one will affect their legacy, RoyaleLife bungalows can play a big part in how they live on a day-to-day basis.
The benefits of smaller homes
Equity in their home has a lot to do with a person's wealth, particularly when it comes to funding their retirement. Some people look to it as a safe harbour, choosing options like equity release if they run into unexpected expenses.
Yet this is not always the best plan when it comes to protecting your financial future. Giving up your equity today may stave off economic hardship for a time, but it ultimately it could endanger not just your own finances but what you leave to those you love.
A RoyaleLife bungalow and the Home Part Exchange scheme still allows you to leverage equity and gives you extra money to do whatever you like. People of a certain age can avoid the many frustrations of selling a home, so they can focus on packing up and moving on.
Providing hope during the pandemic
When the pandemic engulfed the world, Robert Bull moved quickly. Leading the UK's largest provider of bungalow living, he couldn't afford to put anything on the back burner just because of COVID-19. It's why programmes like the Home Part Exchange scheme have helped redefine what the moving process can (and should) look like.
As people get closer to retirement, it's common for financial realizations to creep up on them. Those who were told to save for this time their whole lives can still be found wanting. While not everyone will have contributed as much as they wanted to savings or pensions it doesn't mean they shouldn't still have options.
RoyaleLife gives people a simple way to free up cash and give themselves an advantage they otherwise wouldn't have. CEO Robert Bull wanted to give people a turnkey solution and offer the kind of certainty that they're unlikely to find anywhere else.
Not only is the move streamlined because people can pare their possessions down to the necessities, but people are starting with a financial cushion. This kind of liquidity makes it possible to identify when and how to use the money. For instance, if a grandparent wanted to fund their grandchild's education, they wouldn't have to borrow against the equity of their home.
The RoyaleLife Lifestyle
RoyaleLife community residents are motivated to try new things and open themselves up to new opportunities, which is one of the best ways to stay young at heart. The safety, amenities, and support of these neighborhoods are every bit as valuable as the actual real estate. It's yet another way Bull has prioritised the over 50s to help them lead more fulfilling lives.