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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.