Deciding whether to rent or buy
Owning a residence, especially for today’s seniors, has been hardwired in the Canadian mindset. But several financial planners are encouraging seniors to take a second look at renting if:
- You’re not clear if you want to live in an area long-term
- Have no interest in doing fixer upper work
- Are able to redirect their home equity towards income investments
Here’s what you need to take into consideration when deciding whether to rent or buy:
Cash flow needs: Will you have a more lavish or laid back retirement? Renting can help you save capital and lower your monthly expenses. Renting will give you more liquidity, which gives you more opportunity for investments.
Estimate the cost of owning a home: Home ownership costs can be steep when you consider taxes, maintenance, appliance repairs, etc. If you plan on moving after a few years, you’ll also need to consider broker fees.
Renting vs buying in a retirement community: Buying into a retirement community is a huge upfront investment, whereas renting has less risk.
Your lifestyle: Would you enjoy taking on a fixer-upper when downsizing or would you rather not worry about everyday maintenance like yard work? When you rent you have more time to take that class you’ve always wanted or enjoy other opportunities.
At Inverness Homes we’re proud to offer quality and comfortable homes for rent to people of all ages. If you’re approaching retirement and looking for a new home that comes with a strong sense of community, contact us today!
Please contact us at email@example.com or by phone at 613-831-9111 if you have any questions.