Why do 55+ Seniors Prefer Renting Homes to Buying?
Several things change when you reach retirement age. Out of all the changes that overtake your life, the most significant is your decision of housing. You may decide to relocate to quieter areas which are more scenic, or areas which provide you better chances of living an active life. Either way, you may have to make the decision of renting or buying a home. In my opinion, many seniors prefer renting a home than buying it. This choice has been baffling me for some time, and I decided to ask a few seniors about it. Below is a list of my findings on why 55+ seniors prefer renting their homes to buying.
Maintenance and Repairs – Not having to worry about maintenance and repairs is one of the main reasons why seniors prefer renting. When you rent a home, all your breakdowns are handled by the landlord or the renter. This means when your water heater is broken or your ceiling leaks, all you have to do is speak to your landlord and he/she will have to handle it.
Location – You may wish to live in high-demand areas closer to various amenities. However, this may be an issue as homes in these areas can be expensive. What do you do? You rent. Instead of paying through your nose to live in homes in high-demand areas, you can rent the home and enjoy everything the area around you has to offer.
No Major Withdrawal for Down Payment – As someone pretty close to retirement age myself, I find that I am reluctant to withdraw from my nest egg to make large payments. Buying a home means withdrawing a large amount of money for your home. This can make a heavy dent in your savings. However, if you rent, you don’t have to worry about your large withdrawal. The most you will have to worry about is a minimum 6 to 1-year payment.
Market Movement – The housing and real estate market is extremely fickle. It can be high one day and down the next. When you are a homeowner, this factor can give you many sleepless nights as you are constantly worried about the real estate market and the value of your property. However, if you rent, this factor gives you an edge as you benefit from the market decline.
Ease of Upsizing and Downsizing – When you rent, it is easier to upsize or downsize to another home, without any problem, when your tenancy ends. Sometimes, renters lower the rent to keep you if you are a good tenant.
These are just five reasons as to why 55+ seniors prefer renting to buying a home. There are many active adult communities that enable you the ability to rent a home in various areas. For example, The Evergreens at Smith Run in Fredericksburg, Virginia, and Heather Gardens in Aurora, Colorado are some rental communities that you can consider when renting a home. These rental communities offer you everything you need to make your retirement easy and pleasant. Many more rental communities can be found by visiting ActiveAdultLiving.com®, our website for all your retirement community needs.