Empty-nesters and retirees today want the flexibility and freedom that comes with renting. Whether married or single, finding apartments for rent for a carefree retirement is an exciting new chapter in your life. Many baby boomers owned homes in the suburbs, but are gravitating to hip, urban areas for the young energy. According to an article by Financial Post, there are many cases when renting in retirement could be the right move. While seniors in the past often retired to age-restricted communities for people 55 years of age and older, many baby boomers prefer a diverse apartment community.
- Financial savings
With the stock market booming in recent years, it makes sense to let your money work for you while you kick back in an apartment community where property managers take care of your maintenance issues. Being a homeowner comes with a lot of financial responsibilities. Some of the most expensive big-ticket items you need to replace or repair as a home owner include the roof, appliances and air-conditioning.
- A debt-free lifestyle
According to an article by The Motley Fool, many baby boomers’ homes have become financial liabilities. Forty-percent of seniors are still paying off a mortgage, double the number in 1992. Many baby boomers realize they can trade their higher mortgage payments for a lower rent payment, while removing the burden of debt.
- Fewer responsibilities
Many apartments have on-site property managers such as Wood Residential Services, while others keep repair technicians on call. Instead of fixing things around the home, you have more time to pursue hobbies, play golf or visit with family and friends.
- Freedom to move
One downside of the housing collapse was that many homeowners ended up underwater on their mortgages — they owed more on their loans than their homes were worth. If you finally sold your home in recent months, you don’t want to get back into the same predicament of being trapped in a home you can’t sell quickly.
- A better social life
Many apartment communities come with free, built-in entertainment features and facilities such as swimming pools, tennis courts, work-out rooms and walking trails. People who live in modern, upscale apartment communities spend time together at the pool, clubhouse or other recreational facilities.
- Peace of mind to travel
Living in an apartment gives you the “lock n’ leave” advantage to come and go as you please without worrying about security at home. You can let your neighbors and the property manager know when you will be gone. You won’t have to worry about mail or packages piling up on your front porch, tipping off thieves.
- More disposable income
Many retirees struggle living on a fixed income, especially if they have to make a high mortgage payment. In addition to investing your money in stocks, bonds or mutual funds, you can also enjoy going out to eat, buying art for your apartment, shopping for clothes and attending theater events. This article in Forbes magazine explores “The Economics Of Homeownership”
- A chance to explore
Some retirees do plan to buy a retirement home in the future, but want to feel out a new area. If you are new to town, it makes a lot more sense to rent than to buy a home. While renting, you can take the time to visit new home developments and shop at stores in different parts of town. Also, you may meet other renters at your apartment community who can fill you in on the best neighborhoods to build a home.
Apartment living gives many retirees that feeling of security and safety they want without the loss of independence and freedom. If you haven’t lived in an apartment in recent years – or decades – you can look forward to how luxurious apartments are today. You may end up being the grandparents with the “hip” apartment that’s fun to visit.
For more information on finding the perfect apartment for retirement or any other stage in life, please contact us.