Your needs and living arrangements often change after you retire. Some seniors move to be closer to family or to soak up the sun in a warmer climate. Others want to downsize if they feel they own too large a home. Renting is an option seniors might explore after they retire. This guide breaks down the pros and cons of renting and what you should consider.
Some of the perks of being a renter later in life include:
Renting seems like a good deal with the perks, but it's important to look at potential drawbacks, too. This can help you make a clear, informed decision. Some cons of renting include:
Some situations could make renting a better option than buying a home. Examples include:
An alternative to renting and buying is moving to an independent or assisted living community like Bethesda Gardens in Arlington, Texas. Assisted living offers some distinct advantages over traditional rental situations and buying a home, including:
Choosing where to live in retirement can be an exciting decision. Evaluate your situation, including your finances and what you want out of life, to help you decide if renting is right for you.