When it comes to retirement, the less problems you have the better so you can fully enjoy your golden years. These potential problems you need to figure out now, way before you head into your prime years, are the housing situation you’ll have when you retire, including the cheapest places to live and retire. This is because you have two options: either you rent or own a home. Both of these options have key benefits that may prove to be well-suited for your lifestyle.
If you want to find out if you should own or rent a home in your retirement, continue reading the benefits of both plans here.
Renting in retirement: Pros
Generally, renting in your golden era may be looked down upon as not a safe option. However, renting proves to be a viable asset especially considering other financial and external factors that may affect you in later years. Check out the crucial benefits of renting in your retirement:
No maintenance costs
One thing most property owners worry about constantly are maintenance and repair costs. If you’re already or on the path to retirement, stressing yourself out over this can limit your ability to fully appreciate your time to relax. In this case, renting proves to be the best option since the landlords and property managers will have to be the one worrying about maintenance and repairs, allowing you to spend your time as you will.
A key asset of renting is that you can go wherever you want, whenever you want with whatever real estate property you want to live in. If you feel like living in a condominium, house, villa, or even a mansion one day, you can simply sign into a lease and you’re good to go! You can also withdraw from the contract anytime you want.
Huge leeway in accessibility
Unfortunately, reaching retirement means you’re old enough for health problems to appear. This can be anything from eyesight difficulties to mobility so you need to make sure that you’re living in a place that fully makes it easier for you to live comfortably. When you rent, it’s easy finding a place that caters to these needs.
Less real estate problems
A common situation when it comes to owning a home later on is who you will be leaving your property assets to in the event that you passed on, which usually devolves into familial fights. When you’re renting though, you can easily avoid this problem!
Owning a home: Pros
When it comes to retirement, stability and security is the guarantee of owning a home. Check out more benefits that you need to know about owning a property in retirement:
A great thing about owning a home, especially if you have two or more properties, is that you can rent it and it will generate income. After all, earning additional pocket money is better so you can live comfortably in retirement.
One of the best selling points of owning a home is that your place to live in is already secured in the future, no matter what happens. This means you don’t have to worry about pesky problems in your later years!
Another pro to consider is that owning a property almost always equates to value increase in terms of your investment portfolio. This is because properties only grow in value long-term and you can also force appreciation by doing renovations and upgrading your home to fit market trends.