Renting vs. Owning: What’s Better for Your Retirement Lifestyle?
When it comes to retirement living, some may envision themselves spending their years living in a paid-off house. Owning a home gives you complete control over your environment, and you have the freedom to renovate and change things as you see fit. However, unpredictable expenses, maintenance efforts and costs, and a variety of other factors can make owning a home unpleasant for retirees.
These expenses exceed your retirement savings, and regular upkeep and home maintenance can fill your days with stress and worry.
On the other hand, renting an apartment in a retirement community provides benefits for retirees who are ready to spend their years relaxing and focusing on the things that matter most to them.
At Village Green Senior Living, we’re dedicated to ensuring that residents are met with beautiful living spaces and plenty of opportunities to enhance their lifestyles. Here’s why renting in a senior living community might be a better option for your retirement, especially if you’ve been going back and forth between owning or renting.
You’re Ready to Enhance Your Retirement
If you’ve finally reached retirement and are gearing up to put your house on the market, congratulations! After years of hard work, you’re ready to find an ideal location to enhance your wellness and focus on your retirement lifestyle.
But figuring out your next move can be a challenge. Renting and owning both come with benefits, and each has distinct freedoms. Renting is a popular choice for many retirees, but for someone who’s lived in their own house for years, it might feel like a bit of a downgrade. But this couldn’t be further from the truth!
In some cases, renting can be a more cost-effective option. When you move to a retirement community, you can access safety and security, amenities, connection, and diverse opportunities to enrich your lifestyle. Here are a few benefits you can expect when you move into a retirement community.
Fewer Responsibilities, More Opportunities
Home maintenance can include anything from basic repairs, updating appliances, cleaning, laundry, and yard work. But as a person ages, keeping up with these procedures and chores can become challenging – and, in some cases, even dangerous.
Fortunately, retirement communities handle home maintenance tasks and repairs, from changing light bulbs to fixing a garbage disposal. In addition, retirement communities take care of yard work and landscaping, ensuring the community’s outdoor common areas and residential porches or patios are freshly maintained and kept beautiful.
Consider Your Retirement Savings
Cost is a huge factor for retirees when figuring out their next move. If you’re already retired, you probably have savings you’ve calculated to meet your needs and compensate for any unexpected emergencies. Selling your current home can give you an extra chunk of money while freeing up equity you can live off of.
Renting may not seem like a cost-effective choice due to monthly rent, but it often means you won’t have to worry about the extra costs that come along with owning a home. For instance, when you live in a retirement community, maintenance expenses, dining options, and utilities are often included in that monthly payment.
Accessibility & Security
Age-related changes are to be expected as we get older. While they may not be a significant cause for concern, they can make everyday tasks harder to complete. For instance, vision changes can impact a person’s ability to drive, or joint and muscle changes may affect mobility, increasing the risk of falls and injury. Whatever the age-related change might be for an individual, it can transform a home that was once comfortable and easy to navigate into a house full of hazards and mounting pressure.
It might seem easy to modify a house to accommodate any future changes by implementing grab bars in the shower, a stair lift that can take you to the upper story, or even installing lever-style knobs and faucets. But the cost of installing these modifications might surprise you. The average homeowner can expect to pay anywhere between $3,000 to $15,000 to remodel their house to accommodate aging in place.
On the other hand, senior living communities are designed for accessibility, keeping in mind the varying needs of older adults. For retirees who want to stay comfortable and safe as they age, renting an apartment home in a retirement community can be a logical solution compared to undergoing a full home renovation.
Village Green Senior Living offers independent living cottages and apartment-style accommodations. Our senior living communities in Federal Way and West Seattle are dedicated to providing an enhanced quality of life in an environment that fosters active living and connection.
We invite you to visit our Village Green Senior Living website and find out how we can enhance your retirement lifestyle.