Why Seniors Should Rent, Not Own

(3 Minute Read)

When a person owns a home for the better part of a lifetime, sentimental feelings and habit often encourage them to stay forever. But for seniors, owning a home can be more trouble than it’s worth. There are compelling reasons for seniors to consider renting rather than owning.

Seller’s Market

Right now homes are in high demand as Millennials settle down and begin families. It’s a great time to sell your house and recoup the investment you’ve made over the years. Look at other homes in your area to see how much they’ve sold for or are listed at and keep yourself competitive.

Less Work

One of the immediate benefits of selling your home and moving into an apartment is that you are no longer responsible for home maintenance. When your garbage disposal breaks or the faucet starts leaking, you can call someone to come deal with it and save yourself the trouble. As some people get older and are affected by arthritis and other issues which impact mobility or vision, this benefit alone is a compelling reason to move.

Mobility

Most apartments are one level, which makes it easier to move around and reduces the risk of falls. Plenty of first floor units are available, and even if you want a better view, elevators will make it easy to reach your front door without dealing with stairs. Choosing an apartment these days also usually guarantees more movement outside as well. Today’s multifamily dwellings are usually at the heart of urban centers within easy walking distance of grocery stores, restaurants, and even doctor’s offices. Depending on the location you choose, you may only have to use your car for long distance travel. Even if you can’t get out and about, some grocery stores offer delivery right to your doorstep.

Expense

While moving might seem like a lot of hassle, renting may be able to save you a lot of money. Your rent may be less than your house payment, and the reduced cost of home maintenance and utilities is also a plus. Not to mention the tidy profit you’re potentially going to make from selling your home. However, there is the question of a security deposit and other moving expenses you may not be able to front all at once while you’re waiting for the sale to close. If you need funds to relocate into a safer and more appropriate residence, consider a life settlement. You can sell a life insurance policy you no longer want or need for cash to help you make that move. Visit our calculator to see if you qualify.

LSA QCal

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