Blog
When You Retire Rent or Buy
You’ve probably been looking forward to retiring for a while. Now you are thinking about moving but don’t know if you should buy a new home, or rent one. With Royal Canadian Realty, we can help make this decision easier, and get you into a home that suits your lifestyle and your goals.
When you retire, you will still have housing costs whether you rent or own. The choice is up to you. Many retirees downsize or want to move closer to family.
Let’s look at things to consider.
There are three things to think about:
Taxes: look into the perks of both renting and owning a home.
Risks: what are the risks and perks of renting and owning?
Investments: is a new home an investment opportunity or will you find it to be another expense?
Goals: what are your retirement goals? Will you be traveling? Will you be at home most of the time? Would renting or owning a home be better for your planned lifestyle.
Buying to Own
If you plan on owning a home after you retire, there are several benefits. You will have a valuable asset, tax benefits, and equity. You will have stability, and less stress as you won’t have to worry about landlord issues or raised rent costs. If you own your own home, you will be able to fix things up the way you like and need them to be.
Renting
If you are considering renting after retirement, you may enjoy having the flexibility of a renting lifestyle. Renting can be cheaper if you don’t have to pay for repairs or maintenance, or spend time dealing with those issues. With less worry about maintenance issues, it will be easy to find a place in any city you want, and you will be able to move if you don’t end up liking the place.
Keep in Mind
There are many retirement communities that are set up for those who rent and those who own, with renting becoming more popular with older retirees. Do your research. You will want to research things like location, communities, and access to medical care and cultural areas. Look at renting fees and any additional renting costs. Also, think about the length of time you plan on staying in one place. If you plan to only stay up to five years, buying a home may not be the best option for you. If you are downsizing, and just want to stay in your home for the rest of your days, buying would benefit you.
With either choice of renting or buying a home, you will want to make sure your retirement is one to enjoy. Let Royal Canadian Realty help you decide what is the best choice for your lifestyle. With our qualified and helpful agents, you will be able to find the perfect retirement home stress free. Let us go over your options so we can give you the best home-finding experience possible. It’s time to enjoy those golden years in a home you love.