Monday, August 31, 2015

Retirees and Renting

It used to be that practically no one would advise any person, of any age, to rent if they could help it. Renting has long been looked at as kind of a “money sinkhole;” you pay your rent, but in return, you get nothing except a place to stay for a month.

In recent years, however, people have started thinking differently, and it’s now becoming more and more common for financial advisors to tell retirees and seniors to rent if they can.     


One of the reasons for this is that home ownership is not nearly as secure as it once was. Many people are finding themselves in debt and losing their homes to foreclosure or losing out as a result of short sales. 

That’s not to say that buying is always a bad idea. Some people, seniors especially, really value living in the privacy of their own home and being able to do whatever they want with it. Others, however, prefer the freedom that comes with renting; they can pick up and move at any time, and they’re not bound by upkeep responsibilities.

Despite the fact that there are some good things about home ownership, the trend these days is for seniors to rent. A lot of them are doing it just for the freedom while others honestly need the money from the sale of their home in order to retire more comfortably.

When seniors do choose apartment living, especially in a community geared toward them specifically, they often enjoy more social interaction. Plus, since apartments tend to be more urban than homes, they also have access to more forms of recreation. Also, they can avoid contractor fraud, a rampant problem affecting the elderly. No home that needs work means no risk for fraud.

For those seniors who want these benefits and who are considering renting, it’s important to choose a place that’s affordably priced and likely to remain that way. A senior citizen will often be on a fixed income, meaning he or she won’t be able to handle a sudden spike in rental rates.

For this reason, apartment communities just for seniors or that offer rent control are the perfect choice.


In the end, there are positives and negatives to both renting and owning a home, and it’s up to seniors and their families to choose the best option for them.

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