Buying or Renting a Retirement Home?

As with everything in life, there are a few choices to make when we enter a certain age. Although I believe our choices become simpler, some of these decisions may give few initial considerations that sometimes cause great stress. One of these great stressors is the question of whether to buy a retirement home or to rent one. Although there is no easy answer to this, there are a few tips you can use to weigh your choices to guide you in the right direction.

Pros and Cons of Buying a Retirement Home

If you have the nest egg to consider buying a retirement home, I suggest you go for it. Of course, this depends on the current market trends and conditions. There are a number of retirement homes where you will be able to buy a home for cheap in an active adult community where all amenities and facilities are high in quality.

Here, homes are priced reasonably, starting at $150,000, and have all the comforts and amenities you wish for in your community. Owning a home is a great investment too and changes can be made to the interior and exterior of the house so that your home is one of a kind and suits your personality. However, it is not without disadvantages. For example, there are property taxes to pay, upkeep, maintenance, and many more expenses.

Pros and Cons of Renting a Retirement Home

There are loads of rental communities you can consider if you don’t like to spend the majority of your nest egg in a home. This is also an option if you don’t have a nest egg. You should check out rental communities, such as Solera at Oak Valley Green in Beaumont, California, and The Evergreens at Smith Run in Fredericksburg, Virginia to name two. The advantages of renting a home are numerous. You don’t have to worry about the maintenance of your home as this is all the responsibility of the landlord and you have the freedom of leaving your rental home, without a backward glance, if you are not satisfied with the place. Furthermore, renting also gives you the benefit of seeing different places. You are not rooted in one place and you can take your belongings and travel wherever your heart takes you. The only problem with renting a home is your rent can increase every year, and sometimes, in the long run, you may be paying less in the purchase of a home than renting one.

The choice of renting or buying a retirement home is mainly your call. You may be a person who likes knowing that you have a home to call your own. Or you may be happy with having the flexibility and freedom to stretch your wings. Whatever you decide, it is beneficial to take time to weigh the pros and cons before you sign on any dotted line.

This article is brought to you by ActiveAdultLiving.com®, a website where you will find the right community and home for you irrespective of whether you decide to buy or rent.