Retirement Homes – Renting May be Better than Buying

retirement homeBefore signing on the dotted line to purchase a retirement home baby boomers should consider the benefits of renting, especially in a down economy. For some seniors buying a retirement home may not be a good fit despite all the pundits that decree buying is the only way to go. So if you are considering buying or renting read on to discover why renting a retirement home may be your best option.

Reasons to Consider Renting Your Retirement Home:

1. Cannot Afford to Buy

What caused the housing market to crash in the first place were predatory lenders giving money to people who could not afford to pay their monthly mortgages. If you cannot afford to buy a home the fact of the matter is you should consider moving into one of the many 55+ rental apartments that are available.

If you are one of the seniors living on a fixed income it would behoove you to live below your means. Using too much of your income to go towards a house payment is a dangerous financial practice that will set you up for financial disaster.

2. Unsure of Where you Want to Live

Many seniors want to explore different areas of the country to see where they want to spend their retirement. There are several 55+ houses for rent in all areas of the country that seniors can live in temporarily.

3. Less Risk

The economy is in a shaky state so buying may put you at risk. Buying homes in a down economy may be good for young investors but not for seniors. Seniors should be looking for financial stability and ways to minimize risk. When you rent you put yourself in a much safer financial position thereby shielding yourself from potential risks associated with buying in an uncertain housing market.

4. Property Taxes

Some states have astronomical property tax rates that add hundreds to your monthly mortgage payment. When you rent you do not have to pay property tax and can use that money towards other expenses or savings.

5. Amenities

Many 55+ rental apartments and homes in 55 communities offer great amenities such as yard and home maintenance, organized social programs, clubhouse, transportation, pool, fitness center, and even on site medical care. If you purchase a home these amenities are typically not available leaving you to your own devices to meet those needs.

6. Less Responsibility

Owning a home is a huge responsibility. You have to do yard work and take care of any home repairs or hire someone to do it for you. Renting a retirement home alleviates most of this responsibility leaving you with more time to enjoy your golden years rather than fretting about home maintenance.

7. Social Life

Research shows that seniors who are actively involved in social programs and have relationship with their peers are happier and healthier. Renting a retirement home in a community gives you instant access to people the same age who have the same interests.

If you are considering purchasing or renting we hope you look at the pros and cons of each and do a thorough analysis to figure out what is right for you. If you need expert help see a financial adviser who has experience in helping seniors and baby boomers.

55 Plus Homes for Sale – 55+ Homes for Rent

Announcement:
55CommunityGuide.com has now added two new sections, 55+ Homes for Sale and 55+ Homes for Rent for ads for individual property listings. Just like our community listings, these ads for individual properties are free.   We already show up at the top for 55+ homes for sale and rent.  We are at the top of the search engine result for many terms relating to 55 communities and rank number one on Google for “retirement communities”.  By placing your free listing(s) you will get exposure right away.   If you already have an account at 55CommunityGuide.com, to place your ad for an individual property  for sale or rent, just log in from the left side of the home page.  Then on your Member Section page look in the left column to place your free ads in either of these two new sections.  If you are new, just click the “Advertise with us” tab on top of the home page.

These new sections are separate from the “community” listing you now have and will give you great free exposure for your listings. You can upload photos and get a direct link to your web site from our high rated PR5 site! That’s worth it right there. We have options for each age qualified group 50+, 55+, 62+ or none.  We have property types for houses and homes, condos and townhouses, apartments, duplexes, lofts and modular homes.

Your ad in either of these two new sections will be promoted on our extensive social media accounts at twitter and Facebook where we have thousands of followers.

Thanks, Robert Fowler

Move Before It’s Too Late

My wife and I were discussing her mother’s dilemma.  She is 88 years old and in a nursing center rehab program now for two months with her fate becoming increasingly clear; she will not be able to live by herself anymore.   She fell in her home and couldn’t get up.

Only a little over a year ago she turned down a chance to move to a nice little independent living community when her name came up on the list.  She said she was still not quite ready for that.

She had placed her name on the waiting list for this independent living community maybe 5 years ago.  But each time her name came up she wasn’t ready. My wife and I couldn’t understand her decision not to move to a better place, where she could socialize more and be near help if she needed it.  This last time in an interview meeting, the director of this community advised her not to wait too long – enjoy in while you are still able.

Now it appears she will be skipping the independent living stage, going straight to assisted living or to the nursing center.  She didn’t want to move when she had a say so, but now it looks like she will be moving with no say so.

We see parallels in our own lives.  When we sold a business five years ago we started looking around for places to retire.  This process helped me to start Retirement Media which has turned out to be an enjoyable retirement job and I am still learning and exploring the options.

However it is now five years later and at age 63 we are still “thinking” about our options in retirement.  We came close last year to buying a home in a 55 plus community (see Analysis of a Move to a 55 Plus Community) but with the uncertain economy and depressed real estate market, decided the time was not right.

The time was not right for us.  Where have we heard that before.  Are we doing the same thing as my mother in law.  Just not ready yet.   It is not like we are giving anything up.  To the contrary, this should improve our lifestyle.  So why are we reluctant.  It is really the real estate market or is it something else.

Last year when we told our neighbor of our plans to move to a 55+ community, she replied “so that’s where you are going to end up?”.  Humm.  Didn’t think of it that way.  Or did we?

Even a change for the better is hard to make.  You are giving up what you are familiar with for something new.  Maybe now I can understand the mother in law’s reluctance a little better.

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