When you think of retirement, renting an apartment may not be the first thing that comes to mind – but there are plenty of reasons why it should be a consideration! Though owning a home does offer benefits for those in any stage of life, including retirement, renting an apartment could very well be the logical choice for many retirees. Read on to find out why retirees may want to consider a lease in lieu of a mortgage:
· Financial benefits: Though there are certainly long-term financial advantages associated with homeownership, renting can make more financial sense in the short-term. Monthly rent is typically cheaper than a monthly mortgage payment, and living in an apartment also means not having to pay out of pocket for broken appliances or home repairs. Additionally, if you’re planning on moving out of your current home, renting could make more sense than buying another home because you can avoid closing costs and down payments.
· Take advantage of your home equity: Selling your current home and moving to an apartment means you can finally reap the benefits of your home equity. Depending on your financial situation, that equity can be used as a source of income, instead of using it to re-invest into a new home.
· Flexibility: Retirement means more flexibility for your lifestyle. So shouldn’t you take advantage of this flexibility with your living situation? Renting an apartment in retirement means you can easily move closer to family or experience a new area, without having to commit to living there for an extended period of time. Our Arcadia Run apartments, for example, would be the perfect opportunity for retirees who have always wanted to live near Washington, D.C., but haven’t had the opportunity to do so previously.
· Less space to maintain – both inside and out: Living in a multi-level, multi-bedroom home simply doesn’t make sense for many retired empty nesters. Since an apartment unit is typically smaller than a single-family home, there’s less indoor space for renters to worry about maintaining. As we age, less space to clean (and less stairs to climb) could certainly become increasingly important. Living in an apartment also means that you can cross “mowing the lawn” off your to-do list – and less cleaning and yard work means more time for you to enjoy your retirement.
Our apartments at Arcadia Run are an excellent choice for prospective renters at all stages of life, including retirees. The convenience that comes along with being an Arcadia Run resident may be particularly attractive for retirees, however. And convenience is around every corner at Arcadia Run – whether it’s the convenience of living in a D.C. suburb, the convenience of an on-site fitness center – coming this year – or simply the convenience of having a full-size washer and dryer in your unit. The impressive features in our apartments, including over-sized kitchens, 9-foot ceilings and granite countertops, allow renters of all ages and at all stages of life to enjoy their Arcadia Run apartments in beautiful Manassas, Virginia.
SOURCE: Market Watch, MSN Money