Reasons to Consider the Rental Model
December 21, 2021
Perhaps you have believed the conventional wisdom around buying vs. renting—that building equity is the ideal route. While this approach often makes sense for young families and individuals with the bulk of their working years ahead of them, those embarking on a retirement lifestyle have other factors to keep in mind. In today’s post, we’re spotlighting a few reasons the rental model makes sense for retirees. Rightsizing to a senior apartment in Charlotte can elevate your lifestyle and provide freedom from the responsibilities of homeownership.
Home Maintenance Can Be Costly
Casey Bond and Mike Cetera for Forbes.com touch on the time and expense of home maintenance, asking readers, “Do you like the idea of spending weekends at Home Depot and DIYing projects around the house?” They go on to discuss the convenience of having a predictable rent payment that doesn’t involve handling property maintenance yourself. As for the cost of home maintenance, the average homeowner will need to set aside an estimated $3,192 a year, not including $1,640 for emergency expenses.
Bypass Renovation Challenges
Making your home work well for your needs can bring additional costs into play, especially when a home lacks a bedroom and a full bathroom on the first floor. Other projects add up, such as modifying an entry or adding a lift to stairs. Amy Fontinelle for MassMutual cites The Joint Center for Housing Studies of Harvard University, which found that “while 76 percent of homes are single-story, only 42 percent have no-step entryways, and only 8 percent have extra-wide hallways and doorways or lever-style doorknobs and faucets.” A Home Advisor True Cost Report outlines the cost of home renovation projects; bathroom and kitchen remodels often come with significant price tags ($13,401 and $35,317), as does roofing, fencing and still others.
Fewer Estate Planning Headaches
It can be difficult to imagine, but there is always a possibility that children will have conflict around dividing up the assets of your estate. Barbara Weltman for Investopedia writes, “sibling disputes can result in lengthy and expensive legal actions.” Although some of this can be avoided with careful planning, selling your home before these decisions must be made eliminates potential conflicts down the road.
Renting Translates Into a Simplified Lifestyle
Fontinelle emphasizes two significant benefits of renting as a retiree, writing, “renting can often reduce expenses and simplify a retirement lifestyle significantly.” Fontinelle discusses what having more flexibility may look like, such as living closer to family, choosing to travel part of the year and ease of moving into “gradually easier housing” as time goes by.
When making the decision to move to a senior apartment in Charlotte, The Barclay at SouthPark is an upscale community that comes with a host of pluses, such as luxury amenities, over 40 spacious floor plans ranging from 760 to 1,828 square feet, a maintenance-free lifestyle and the ease of healthcare onsite.
The Barclay at SouthPark is a remarkable new retirement community with unparalleled offerings, including elegant independent living apartment homes, high-end amenities, distinctive dining options, concierge services and an engaging lifestyle that emphasizes whole-person wellness. Request your free brochure online or contact us at 980-224-8540.