Recently several leading magazines have published articles on why retirees should consider renting as opposed to owning. Some of the main reasons are:
- Gained capital. When you sell your home and begin renting you gain capital that is able to produce and earn income. You no longer have maintenance costs or property costs, and sometimes your utilities are included.
- Lowering your cost of living. You no longer need to live in an area that is expensive because it is in a good school district or near your office.
- Downsizing. Big spaces and lots of stuff are no longer necessary. This move to be a renter presents the perfect opportunity to get rid of all that extra stuff.
- Maintenance. You no longer have the responsibility to mow the lawn, plow the driveway, take care of the exterior of your home and replace appliances.
- No time wasted in searching out the perfect company for the repairs that you might need. Call the landlord. He takes care of everything.
- Live within walking distance of the amenities that are important to you. It’s a wonderful advantage for retirees to be able to walk to churches and synagogues, shops and theaters.
- An opportunity to move near your children and grandchildren thus eliminating travel expenses. You can also be helpful in childcare and they are there to help you with elder care.
- More flexibility. By renting you now have the flexibility to experiment with a place to see if you like it. If not, you have the opportunity pick up and try another location because you are not bound by a long-term commitment.
- Age-appropriate features. Apartments can be selected that will allow for independent living for as long as possible. That could mean conveniently located laundry facilities and few stairs, for example.
- Availability of extra help. For the aging retiree there is the option of renting in a senior housing type of community. You can start with independent living, and then when you need it move on to assisted living.
The choices are many, and the decisions can be difficult. For help in deciding if you should downsize, speak with the elder law professionals at Kabb Law: 216- 991-KABB (5222).