7 Reasons Why Residents Love Corbinton at Kildaire Farm

7 Reasons Why Residents Love Corbinton at Kildaire Farm

In the past, the idea of retirement was much less exciting compared to now. These days, seniors are taking a fresh look at how they want to approach this new stage in their lives and are coming to find a great deal of appeal in the easygoing lifestyle that a retired...

The Golden Years in Cary, NC: Activities Ideas For Seniors

The Golden Years in Cary, NC: Activities Ideas For Seniors

Reaching a certain age doesn’t have to mean playing bingo and watching daytime TV for the rest of your days. Quite the opposite, in fact. While we tend to have a pretty pessimistic view towards aging, in reality, retirement can be an opportunity to invest in self-care...

A Happy Retirement: A Small Guide to Living Big

A Happy Retirement: A Small Guide to Living Big

Throughout life, we envision a time when all our years of professional and academic investment pay off. A time when we can sit in comfort and quiet knowing we’ve earned it, having put in the hard work, effort and long hours. It’s all too common that frustration and...

National Volunteer Week at Corbinton Living

National Volunteer Week at Corbinton Living

Happy Volunteer Week! In honor of this week dedicated to giving back, we wanted to share with you how are employees gave back this year! Blue Heel Development and our employees are committed to celebrating and contributing to local organizations who make a positive...

Active Adult Lifestyle: breaking it down for you

Active Adult Lifestyle: breaking it down for you

An Active Adult Community makes reference to neighborhoods of homes owned exclusively by individuals or couples age 55 and older. The main objective with this concept is to directly meet the special needs of this portion of our society that have achieved so much in...

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.