Dec 29, 2020
Retirement Living: Renting vs. Homeownership
Getting flexibility and a maintenance-free lifestyle in your golden years
Benefits of Renting
If you currently rent a 55+ apartment home or a townhome month-to-month, you already know these benefits. But if you are a homeowner contemplating a change, here are some reasons to consider as you weigh the pros and cons of the lifestyle you want to live.
Many Options
Renting may make sense if you are an empty nester, ready to downsize, experiencing loneliness or unsure of where you will spend your retirement years. It is also the best option for those who want to spend their time traveling or want to spend summers at the lake or winters in the South. There are so many floorplan options with an abundance of amenities and life enrichment opportunities for you to enjoy.
Comparing Costs
It is important to compare the cost of renting versus owning in the community that you would like to move to. From the many reports we have read online and comparing average homeownership costs in our market to our costs, renting at The Elmwood typically comes out ahead. With the high-end finishes—granite countertops, stainless steel appliances, floor to ceiling windows—The Elmwood is luxury living at an affordable price.
*Ask about our Cost Comparison worksheet so you can compare our costs to homeownership
Less Maintenance, Less Responsibility
When you rent an apartment home at The Elmwood, you will not have to pay for maintenance. No painting, roof and gutter repairs, windows, sprinklers, carpets, dishwasher repair, you name it – we take care of it all. No major-league, structural maintenance and ongoing seasonal maintenance like shoveling, landscaping, or raking. Plus, park your car in our heated underground parking, and never worry about scraping your windshield again! On average homeowners spend between 1% and 4% of their income each year on upkeep. The older the home, the higher this percentage. Residents of no-maintenance communities can rest easy knowing they will always be living in a beautifully kept home with a beautifully kept yard…without having to lift a finger.
Freed-up Capital
Renting may free up money that you can invest. That keeps your finances liquid and can increase your overall income during your retirement years. Investments often grow at a quicker rate than real estate appreciates, making them an better use of your financial assets. Also, ownership could put you at risk in the event of another housing-market crash—something renting does not do.
So, sell while the market is HOT, get what you deserve out of your home and come live The Elmwood lifestyle. New friends, fun and adventure awaits.