For seniors who are thinking of downsizing or relocating in retirement, the question always comes down to rent or buy. Some seniors may be selling their family home and others may have rented for years but still the question remains. Seniors want to feel secure in their final years. Most only want to move once and then put down roots wherever that is. There are pros and cons to both renting and buying. In the long run, it’s a decision that only you can make.
Rent or buy?
- How healthy are you? Many retirees are still in their fifties. They are probably in good health and active. For them, buying may be a good choice unless they wish to spend a lot of time travelling. Condo buyers and renters tend to be those who don’t want to be tied down all year long looking after property.
- Look at your finances. For some seniors, selling their home is the only way they can ensure they will have enough money to live on during retirement. They could either purchase something much smaller, much cheaper, relocate or rent.
- Housing costs. You may live in an area where homes are selling for exorbitant prices. While this may mean you will get a fair amount for yours, you will also be putting out quite a bit for another one. At the same time, rents may also be high. Look around. Sometimes moving just outside of your preferred location can bring down the price of housing. At the same time, add up other living costs associated with home ownership. Are taxes high in your city or only in certain areas?
Before you decide to move, look at the pros and cons of home ownership versus renting. Maybe you prefer to be freer and able to come and go as you like. Does the thought of not owning bother you? Maybe a condo then or a smaller home would be a better choice. To read more on buying versus renting when you are a senior, click here.
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