Pros and Cons Of Renting vs Buying Your Home As A Senior

Pros and Cons Of Renting vs Buying Your Home As A Senior

Everyone needs a place to live. As you get older, though, what you need out of your home will change. Most seniors are in a position where they’re trying to figure out not just where they’re going to live for now, but where they will stay for the rest of their lives. For many, that means taking a look at the pros and cons of renting versus buying.

Buying Pro: New Homes for Sale With Everything You Need

New homes for sale can provide you with everything that you might want in a home. One of the best parts of looking at new construction is that you really can find something that will be suitable for you as you contemplate your retirement. Getting this level of customization—and personal ownership—is something that’s definitely appealing to many seniors.

Renting Pro: Fewer Responsibilities

The big benefit of renting, though, is not having to deal with the problems that come with ownership. You don’t have to worry about mowing the lawn, fixing the fence, or even dealing with broken appliances. Some of the issues that tend to be harder to deal with as you age are actually the responsibility of your landlord, which can give you more time to enjoy your retirement without putting your body in danger.

Buying Con: Dealing With Maintenance

The downside to buying, then, is that you have to maintain the property. It’s not just that you’ll have more physical labor to perform, but that you might be faced with any number of surprise expenses that can cause major damage to your retirement plans. All it takes is one major system failure to completely destroy the budget of someone who might rely on very limited funds.

Renting Con: Fluctuating Prices

Finally, renting can become problematic because it too fluctuates in price. Unfortunately though, rental expenses can almost always be expected to rise, what you can’t determine is by how much they’ll go up. This makes it very difficult for anyone on a fixed budget to plan for the future.

Buying and renting are both worthwhile choices for some seniors. They both have their benefits, of course, but they also carry with them some very significant downsides. It’s always a good idea to look at your retirement plans and your budget to figure out which type of living arrangement is going to work for you today and which type might make more sense in just a few years.

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