More and more retirees are deciding to sell the family home and rent. Retirees benefit in many ways by becoming renters, both financially and in terms of their lifestyle. Homeownership is not only expensive, but, as any homeowner will tell you, can be a lot of work. Along with the heavy financial burden that comes with owning your own home, comes the burden of maintaining it. From replacing old and failing appliances and fixing miscellaneous things around the house, to outdoor maintenance like lawn care and snow removal, owning a home is a LOT of work.
Choosing to forego homeownership and instead deciding to rent in retirement alleviates these burdens. As a renter, you’ll finally be unburdened of a monthly mortgage and property tax payment. You’ll also no longer have to pay hefty homeowners insurance bills. Though you’ll still have to pay monthly rent, you’re only bound by a lease (oftentimes only 12-months), which affords you much more financial freedom. If you decide you’re not happy living where you are, you have freedom to move somewhere else and can easily pickup and go.
Many people look forward to the freedom to travel once they enter retirement. Homeownership can make travel difficult and expensive. You have to consider who will take care of your home while you’re gone and pay them to do so. Renting alleviates this problem, as you no longer have to keep up with the typical maintenance of a full house. You have the freedom to stay longer or extend your travel plans by adding another location to your itinerary. You also don’t have to incur the cost of employing someone to take care of your home in your absence. Apartment or condo living comes with the added benefit of a property management company whose responsibility it is to take care of the property both when you’re there and when you’re away. Even when renting a single family home, the property management company responsible for the property will handle all maintenance needs while you’re away.
And when not traveling to some far-flung destination, maintenance is never your burden. Being a renter comes with the added benefit of acquiring a property manager that is responsible for maintaining your property 100% of the time. C.A.B. Group, LLC makes submitting maintenance requests as easy as 1-2-3. Simply login to your Tenant Portal and click on the link to submit a maintenance request. Provide the necessary information and hit submit. Consider your maintenance request done! Your work is complete.
If you move into an amenitized building or community, you might gain access to things you didn’t have in your previous home such as a fitness center, pool, spa or even concierge service. More and more rental buildings and communities are adding such things as valet parking, room service style meal order & delivery service, and dog walking to their list of amenities. Renting in such a community is sure to make your retirement feel like you’re on vacation, even when you’re not. After all, haven’t you earned it?