Buying VS Renting after Retirement

by Tom Simplot

Jan 31, 2016

More and more retirees don’t want to live far away in communities that are programmed for only other people their age — they want to be where their families are and where their life is. Following the Great Recession, many of these investors have seen their portfolios and home values slowly recover, but the thought of adding another home may be daunting. The rental market offers a great solution and more benefits than traditional second home ownership.

 1. Better locations. Whether you are looking to rent in a more urban core or lease a single family home near the kids and grandkids, there’s likely a wider array of more desirable neighborhoods in the rental market.

 2. Resort amenities. Visiting the grandparents’ apartment has never been better with resort-style pools, gyms, barbecues and theaters in the clubhouse.

 3. Lower maintenance costs. When you are renting, most of the major maintenance is the responsibility of the management company or the owner. Pest control and outdoor maintenance are usually included too.

 4. Lock and leave lifestyle. In traditional apartment communities, it’s easy to lock up your place and know that your home is safer while you are away.

 5. Peace of mind. Signing a six-month, one- or two-year lease is a much easier commitment than a mortgage.