While in our forties we look forward to our time of retirement, we suddenly find ourselves trying to fill the hours in the day after that time finally comes. Retirement rewards us with rest after a lifetime of working tirelessly, but the sudden lack of activity can...
Pros and Cons of 55+ Communities
For some people, deciding to finally make the move to an adult community is difficult. If you’re having a hard time to decide how you want to spend your golden years, this list will help you make up your mind. Learn the Pros and Cons of 55+ Active Adult Communities...
A Deeper Look: Charlotte’s Urban Neighborhoods
Already half-convinced that Charlotte, NC is the next place you should call home? Here’s an article that will take you by the hand through the neighborhoods of the original streetcar suburbs that keep the distinctive visuals of a pre-World War II Charlotte....
Lake Wylie: The Perfect Getaway in Charlotte
Lake Wylie: a man-made lake in the U.S. states of South Carolina and North Carolina that extends to around 13,400 acres and features 325 miles of shoreline, from which residents of nearby cities including Charlotte, Fort Mill, and Rock Hill can spend days enjoying the...
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...
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.