Many 55+ seniors prefer the less demanding task of renting homes because they do not wish to spend all their savings on the purchase of a home. Some 55+ seniors are just not interested in making a long-term investment that goes with buying a home. Whatever your preference, there are four categories of renting that you should be aware of. These are short-term rentals, long-term rentals, weekend getaways, and rent-before-you-buy. If you are interested in renting a home, you will be benefited by understanding what these four categories entail.
These are rentals that you can consider for a few weeks to a few months. Unfortunately, very few active adult communities allow you this option. All rental communities prefer you to rent your home for more than 12 months. In addition, short-term rentals are not listed in the Multiple Listing Service (MLS). This means you or your agent will find it very difficult to search for these types of rentals. Most agents prefer spending their time on seniors who buy homes and therefore, are unable to spend much time helping you find your short-term rental.
This type of rental option is usually for longer than 12 months. You may or may not find a few communities that allow you this option, but don’t get your hopes up. Most communities prefer long-term 25-year lease rentals. So, your chances of finding a long-term rental for a little more than a year or so will be a difficult task. You may find agents willing to help you in this regard providing you are a qualified renter. However, once again, don’t get your hopes up.
Luckily for you, this option is available in many active adult communities. These are also referred to as “Try-Before-You-Buy” packages. This is a great way to check out a prospective community. You can try out the amenities, see the community, check out the homes, meet the community members and basically get an idea of what’s in store for you if you lived in this community. The cost of the weekend getaway package depends on the builder and community. However, if you decide to rent a home in the community, you may be refunded some of the cost of the weekend getaway package. Keep in mind; not all communities offer this package.
Rent Before You Buy
This option is a good one if you need time to make your decision. This, as with the weekend getaway package enables you to test out the community before you dive into purchasing. However, this too may be difficult as very few communities enable you to try out renting before buying. This is because most homeowners prefer the hassle-free feeling of selling than involving themselves in renting to you or anyone else.
Whatever you choose, you need to speak with your agent and find out all you can about the community and home you wish to rent and the terms and conditions. Keep in mind; most agents prefer dealing with sure-buyers instead of short-term or long-term renters. However, if you are considering a purchase any time soon, you are sure to find an agent willing to help you make the transition.
Join the AAL Newsletter
Get the best content in your inbox every Monday morning. Stay up to date with the latest featured communities and updates.