Charlotte, NC: What’s All the Fuss About?

Charlotte, NC: What’s All the Fuss About?

As a retiree looking for a place to settle in your golden years, you’ve probably heard or read about the increasing population in North Carolina’s cities such as Cary, Raleigh and especially Charlotte, the ‘Queen City’. For both young families and the older...

Reasons to settle in Charlotte, NC

Reasons to settle in Charlotte, NC

The Queen City of the state has experienced a new phenomenon in recent years: not only retirees, but now young families have found a jewel nestled in the Piedmont region, conveniently located between the Appalachian mountains and the beautiful white sands of the North...

North Carolina Facts: Get to Know the City

North Carolina Facts: Get to Know the City

If you clicked this article, maybe you’re thinking about moving to North Carolina. This beautiful state has something for everyone, and in the last decade has seen a significant increase in its population due to its high quality and serene living, perfect for...

Interested in Lake Living? Here’s what you need to know

Interested in Lake Living? Here’s what you need to know

Picture yourself waking up to the glistening reflection of the sun on the lake surface. The crisp morning air fills your lungs as you step out of bed and the chirping of the birds and the soft waves of the lake escort your steps as you drink the first sip of hot...

How to stay happy and active during the winter months

How to stay happy and active during the winter months

For many retirees, these are the months of the year when the magic happens: loved ones come from all over the country to visit and the house is filled with warm smiles and laughter and the smells of freshly-cooked food and spices.  However, the activities of a retiree...

rent or buy in retirement

Should you rent or buy your home in retirement?

As with anything in life, the choice to rent or buy has its advantages and disadvantages. Read on to consider some of these to help you get closer to your final decision.

Buying a house will always get you more for your money but it comes with its own risks. It’s necessary to consider that the market value of your property may vary, and investment in insurance, property taxes, mortgage payments and unexpected maintenance costs represent expenses that might be superior to the average renting costs for your area. However, if you go into retirement without a mortgage, these are things you wouldn’t need to worry about. Ownership, means having more stability and control. Tenants, on the other hand, have the continuous worry of their landlord increasing rent, selling their residence or in extreme circumstances – evicting you. 

Some people believe that leaving an inheritance to their families is crucial. The fact is that being an owner gives you an asset to then be able to make loans, receive lines of credit or apply for a reverse mortgage giving you room to plan for the future, especially if the property values are increasing in your area. 

Renting might be more comfortable in many ways. Maintenance and repairs are more demanding the older you get and you don’t have to worry about expenses after natural disasters; they are all covered by the landlord. For empty nesters and people that consider downsizing, it makes a lot of sense to rent. With more time, energy and less money invested in one place, renting gives you flexibility and allows you to move easily if you’re not sure where you’ll spend your retirement. It also allows you to be closer to health centers or family members quickly if needed. 

Location, as you’d expect, plays a big role in deciding whether to rent or buy. The costs of renting might be inferior to buying depending on the zone. A 2016 report from Trulia shows that renting was less expensive in 98 out of 100 cities with a large population of +65 residents. But consider, for example, that in the South owning is typically less expensive than renting. Reading the lease carefully before you sign is imperative to make sure the landlord is responsible for maintenance and repairs and that your rent won’t rise dramatically when you least expect it. 

The perks of renting might be very attractive and what you need at certain times in your life, such as retirement, but owning your home might come with game-changing advantages for many +65. Ultimately, base your choice on what’s right for you in terms of comfort and quality of life that each option provides you.

If you decide to buy, Corbinton Living has the best options for you to live in an active adult community in North Carolina. Please call 888-523-9070 to schedule an appointment.