Retirement is a period when people reside in a house availing a mortgage. However, renting can prove to be a better option for many of them. It’s like someone else looks after the maintenance and, along with it, the unpredictable costs that might be tough to pay for in case of a fixed income.
There is a rent bill that arrives every month, and the landlord can even increase the rent. That could be a cause of concern for someone who lives off a fixed income. However, renting might make sense for retired individuals in some instances. You will get everything you need to know about why renting might be a viable option for you if you are retired, below.
If you own a property, there are a lot of complications involved. After the death of their parents, children tend to fight over the property. While one might want to live in it, the other might intend to sell it off. However, selling the home, that once belonged to their parents can be stressful and might take a toll on their emotions. Aside from that, selling it might take up a lot of time. Retirees should opt to sell their home to any kid who wants to buy it.
However, if the kids do not want to buy it, they should try to sell it off through a retailer. Once they sell their home, they can relocate to housing that suits them. As they have rented the place, they have the option to move into any other place if they don’t find it convenient. As renters, retirees have the option of downsizing. Do away with all the clutter, and donate their possessions if they want to, while they are alive.
For renters, flexibility is the key. To older retirees, flexibility is staying close to their kids, the opportunity spends their time at different places, and the option of moving into more comfortable housing as they grow older. All retirees want flexibility,, and they hardly miss the chores they need to shoulder while maintaining a home. Moreover, preferences change with time.
Retirees might look for a change. Therefore, renters find it easy to move out from one house and look for a better one. Landlords don’t have the freedom to prevent you from moving out frequently. However, the lease contract might make them shell out a fee before leaving. Selling a house is time-consuming, and it might take several months and even years. The house’s condition and the surrounding environment count a lot.
Fewer Accessibility Problems
As people get older and are retired, physical challenges might crop up. The house that was once comfortable to them might seem tough to access. According to the United States Census Bureau, around 40 percent of retirees over 65 might have a disability. The most common ones are difficulty in walking and climbing the stairs.
Climbing a snowy path can be risky as slipping or falling at old age will lead to injuries and even deaths. Even getting in a bathtub and coming out might get tricky for those who are 65 and above. In a few cases, modifying the home might be a good option. A modification and inclusion of various user-friendly features to the house will make it easier to access. But, a rental unit still has easier accessibility and offers comfortable solutions.
Renting Costs vs. Owning Costs
A survey conducted in the year 2016 states that retirees who have no concern regarding leaving the property for inheritance prefer to rent a property rather than buying it. Financially, it is a pretty practical decision. Renting has its advantages, like the retirees do not have to shell out the maintenance and renovation costs and worry about the taxes.
Renting can bring the expenses down and make the retirement lifestyle a lot simpler. Selling a home means they would have money. They can even invest at some fruitful place. At least, the returns would certainly come in handy.
Renting a home might seem a far practical option than staying as a homeowner. But, one cannot overlook the emotions of being a homeowner. However, both these options have their pros and cons. And what suits one person might not suit the other. So, discuss with your partner and family before you make a pick on your accommodation post-retirement.