Choosing between buying or renting a home is different for senior citizens, since their priorities and finances can change with age. Find out which of these options would make your retirement much easier to handle.
If you’re nearing or right at the age of retirement, chances are you’re already considering changing your living arrangement. Now that your kids are out of the house, you won’t need all the extra space. You’ve also left your job and therefore have more freedom to move around. These factors make you the ideal candidate for a new home, but have you decided between buying a home and renting one during your retirement?
To make the right decision, you have to take into account various factors, namely your health, finances and way of life. Here is a breakdown of how each factor might affect your decision to buy or rent.
Renting a home would be ideal for retirees who are plagued with age-related health problems that many senior citizens face. This is because maintenance won’t be your problem; you can always contact the landlord for issues like plumbing leaks and wiring problems. Also, if you choose to live in an apartment or condo for rent, your safety is ensured courtesy of the building’s security, and this can lessen your stress.
If you’re at the age of retirement but are fairly healthy, you’ll have no problem maintaining your own home and can even make renovations that will make living much easier. Not only that, purchasing a home outright will allow you to enjoy the equity that builds with your mortgage.
If you’re living on a budget, you might find it hard to keep up with mortgage payments so it might be better to rent a property. Renting will allow you to choose a residence that you can easily afford, and also lets you easily move out should rent rates get too high.
If you were able to plan your retirement better, meaning you have a retirement fund and other financial resources, buying a house & lot for sale completely could be a possibility. This would mean no monthly mortgage payments, which would be a relief since if emergency situations like illnesses or accidents were to happen, your funds can take a huge hit.
Way of life
Are you planning on spending the rest of your life traveling, or would you rather relax at home? One of the best benefits of retiring is that you can pretty much do whatever you want after working for most of your life. Many seniors choose to use their retirement fund on trips around the country or the world. If this is your plan, having a mortgage to pay for when you’re not even at home may not be the best idea, making renting a better option.
On the other hand, if your plan is to simply settle down and unwind, moving from one rental to another whenever your lease expires might be too much work. Purchasing your own home will eliminate this trouble so you can rest much more easily.
To sum it up
In the end, the choice between buying and renting a home is different for every individual, since aging comes with changes in one’s finances and priorities. Whichever option you go for, the important thing is that you do make a decision based on what will keep your retirement years secure and stable.
Jillian Cariola, Writer
This page: Benjamin Earwicker