With house prices rising at an unprecedented rate and rental properties offering increased flexibility, more and more people are choosing to rent as opposed to buying. As a result, the rental market has undergone a series of changes in recent years with one of the most surprising perhaps the average age of tenants. Continue reading to find out why over 55s are choosing to rent and how it could benefit you later in life. Before we go on, there’s also the other side of the coin, and some studies show that a lot of seniors are taking advantage of a reverse mortgage loan in Nevada.
Less upkeep and maintenance
The upkeep and maintenance involved in maintaining an owned property is extensive. With rental properties benefitting from less responsibility and commitment, they are a great choice for those looking to slow down and enjoy a slower-paced lifestyle. Typically, landlords are responsible for the financial cost of any upkeep and maintenance required within their rental property. They will also usually enlist the professional help of a contractor of their choice to carry out the repairs and arrange for any follow-up visits as necessary. Whether your apartment is suffering from a leaky roof or a broken oven light, simply call your landlord and sit back and wait for the problem to be fixed. Most rental properties also lack ample outdoor space. Whilst this can be viewed as a disadvantage, it can be a great opportunity for older tenants to take a step back from gardening duties and lighten the load.
Greater access to local amenities
Most rental properties are located in areas with greater access to a number of local amenities. For example, some multi-storey apartments benefit from different transport options, parks, and even shops. By living within walking distance of these services, you can save a considerable amount of time and money in the long run. According to a recent survey, tenants on average spend less on monthly rent payments compared to if they were paying monthly mortgage payments with a 10% deposit. Even if your apartment block does not include these amenities, your local grocery store is much more likely to be in closer proximity to your home than if you resided in the suburbs.
Greater flexibility
Whether you wish to spend your retirement travelling from place to place or just want to experience more for less, renting can be a great way to incorporate a sense of flexibility into your daily routine. This is one of the main reasons why a growing number of older tenants are choosing to rent as opposed to buying. If you are no longer tied to a specific town or city for work purposes, you can rent wherever you want. Homeowners, on the other hand, may be restricted to places they can afford to buy. Moving to New York City, for example, may be out of reach for the majority of homeowners but is a feasible option for renters on a budget. As a whole, renting offers a wider variety of affordable housing options than buying. If you are looking for a low-cost rental home in a desirable location, you may benefit from researching available rumah sewa kuala terengganu based or elsewhere.
To save money
Monthly rental costs, on average, tend to be less than monthly mortgage payments. By renting later in life, you can free up money to be spent on the finer things in life. To find out whether or not you are likely to save money by renting, you must compare the costs of renting to owning your dream property. A recent report highlighted that renting was less expensive on a whole than buying. Researchers compared the cost of living in 100 cities and found renting to be more cost-effective in 98 cities with a substantial population of residents aged 65 or older. There are several factors to consider, however, when it comes to deciding whether or rent or buy. You must weigh up the financial pros and cons of each before making an informed decision.
Greater accessibility solutions
Physical challenges are common for older tenants. With less mobility, your home must be conveniently located and sufficiently adapted to help you navigate a number of daily tasks. Rental properties tend to be located in busy locations to allow greater ease of access in the event of an accident or emergency. They are also much more likely to have been designed with senior accessibility needs in mind or can be modified as necessary. With less square footage to navigate and more neighbours to lend a helping hand, renting can be a safer option for those with little to no family nearby or older tenants looking for a home for life within which to enjoy their retirement. The rental market is a popular choice for a growing number of older tenants. With less upkeep and maintenance, greater access to local amenities, more flexibility, the ability to save money, and greater accessibility solutions, renting during retirement offers a wider range of benefits compared to buying.
Find more tips in our house and home archives.
Meg is an author at Cinnamon Hollow. She writes on a variety of topics sharing tips and ideas for daily life.