Senior Rentals: Benefits To Renting, Drawbacks, and Tips You Should Know
The period between 2006 and 2016 saw an 84% rise in tenants in their 60s. Although not every senior rents a property in their golden years, for many, it is becoming increasingly appealing. There are some definite benefits to living in a rental property as a senior, and while some prefer to live in their paid-off homes for the remainder of their lives, living in a rental home provides peace of mind and ease of care that an owned home often cannot compete with.
One of the foremost benefits of living in a rental property as a senior is that maintenance and landscaping are often taken care of for you. This isn’t always the case, of course, but many retirement communities and even some standard rentals offer this service. As you age, taking care of home maintenance and exterior landscaping gets more and more difficult, so having this provided is a decided advantage. The only downside is that you often need to pay for this service. Usually, there is a maintenance fee added to the monthly rent associated with the property, or it’s factored into the rent itself. However, as many homeowners also hire landscapers and cleaners, this may not prove to be an additional cost for you.
Security And Stability
Renting has another decided advantage over owning in your senior years, in that it can make life much easier for an elderly person. Many rental properties feature community-style living where your neighbors are not far away. This provides more safety as you age because it’s easy to call for help should you need it. Additionally, if you’re traveling around and visiting children or friends, a property with close neighbors and frequent maintenance is more secure.
Additionally, if you’re not quite sure where you want to settle down for your golden years, renting offers a solution for that, too. A rental property doesn’t need to be permanent, and if you find that the property or the area does not suit you, it’s as simple as letting the lease expire and moving on to someplace else. Leases can have variable terms, so you can stay in one place for as little as one month if you’re still deciding.
Unfortunately, the financial outlay involved in renting a house is one point against it. If you own your home, you’re likely to have paid for it by the time you retire, with many retired homeowners opting to buy additional properties to let out themselves. Renting a place will mean monthly payments are still drawn from your bank account. Additionally, owning a home gives you security in the form of home equity, where renting does not. However, owning a home is not without risk, either, so depending on market conditions, your choice may be easier.
If you’re a senior with a healthy retirement account, the costs may not be an issue for you. After all, it’s worth the expense to spend those golden years living in an uncomplicated, peaceful, maintenance-free place with a supportive community around you.
By Jackie Edwards