Why You Should Rent a Retirement Apartment

People who have grown older have the option of either buying or renting a retirement home or apartment. This article discusses why it may be good for you to rent a retirement apartment for yourself or for an elderly family member.

Equity Release

Selling off your current home to rent a retirement apartment can release the equity that you had in your old home. That equity that you release can be a useful way to increase your retirement income if you invest it in a venture that generates ongoing income, such as mutual funds. The income that you earn can then go towards meeting your costs of living in the retirement apartment.

Lower Cost of Living

Renting a retirement apartment can offer you a way to reduce your costs of living. For example, many people live in certain neighbourhoods to access the quality of education that they wish their children to receive. Retirement is an opportunity for you to move to an area where living costs are affordable. This is because you are no longer hampered by the need to be near your workplace or your kids' schools.

More Flexibility

Renting a retirement apartment gives you the flexibility to change where you stay as often as you want. For example, you may rent an apartment for a few years to be near your favourite family members. You can then leave that retirement apartment and find another one which is in a location where you can access age-appropriate amenities. You can also rent a retirement apartment for a few years before deciding whether to eventually buy it or not (in case such an option exists).

No Home Maintenance Hassles

Renting a retirement apartment saves you from having to deal with some of the hassles that homeowners have to deal with. For example, the landlord is usually responsible for maintaining the lawn and some of the appliances in your apartment. All you have to do is to call the landlord when a problem arises with those aspects of the property that the landlord is contractually obligated to take care of. This is a big relief for older people who are no longer as strong as they used to be.

Talk to people who have experience in taking care of elderly people. Those individuals will give you helpful advice regarding the suitability of renting or buying a retirement apartment for your aging family member.