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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