Are you nearing retirement? Thinking of shucking off the responsibilities of home ownership in favor of renting an apartment? Zillow.com has a rundown of the pros and cons of trading in home ownership for renting.
You’re in good company if you are thinking of renting. From 2005 to 2015, those 55 and over accounted for 42% of the increase in renters. The trend is only expected to continue as more baby boomers enter retirement.
One of the big advantages of selling your home is no more mortgage payments! In fact, if your home is your only source of debt, getting rid of it could allow you to enter retirement debt-free.
Unfortunately, though there are a lot of tax incentives that come with homeownership, such as the ability to deduct your mortgage interest and property taxes from your tax bill. Not being able to make those deductions could increase your tax liability substantially.
Do you want to travel in retirement? Renting allows you a lot more freedom to take off at a moment’s notice. Plus an apartment community is likely to have someone in the office who can accept packages for you while you’re travelling.
The downside is that you will lose homeowner status and, depending on how long you’ve lived there, you are likely to have a strong attachment to your home. Make sure you are ready to say goodbye to your home and start a new chapter of your life before putting it on the market.
One of the big ways in which homeownership can become a burden is the maintenance. You’re likely to be responsible for making repairs, mowing the lawn, cleaning gutters, etc. When you rent an apartment, the property management is the one who takes care of all the maintenance requests, and neither your time nor your pocketbook will be affected
However, a con to renting is that it can often be more expensive than owning, depending on where you live.
A big perk of apartment communities is that you will have access to a lot of amenities for free. Most apartment communities have pools, fitness rooms, party rooms, private parking and more, all included with your rent.
An unknown of renting, though, is the landlord. You could get stuck with a landlord or property manager that is unresponsive to your requests. By searching for your apartment with an experienced apartment locator, we can help you find communities with high quality property management.
Finally, renter’s insurance is much cheaper than homeowner’s insurance, so you’re looking at saving hundreds of dollars annually by becoming a renter.
Are you ready to retire and looking for an apartment community for residents that are 55 and better? There are several such communities in the Austin area.
If you’re looking to be centrally located, a one bedroom, one bathroom with 665 square feet can be had for $596 per month. The same community near Austin Community College Highland has a two bedroom, one bathroom with 834 square feet for $712. Apartments can accommodate wheelchairs, furniture rental is available, there’s a pool with handicapped access, a clubhouse, a fitness room, and there are 55 hours of activities for residents per month!
Looking to be a little farther north? A senior living community in Wells Branch has 495 square foot studios for $1,300, 578 square foot one bedrooms for $1450, and 1,141 square foot two bedroom, two baths for $2085. This fun-loving community has unusual perks like an Irish pub with weekly gatherings, a movie theater, a craft workshop, community garden, library and an apartment for guests. All utilities are paid and apartments have large bathrooms, gourmet kitchens, and washers and dryers.
This Pflugerville senior community has one bedrooms with 750 square feet for $800 and two bedrooms with 1000 square feet for just $900 per month. The community has a beauty salon so you always look your best, shuffleboard, a craft room, nearby public parks, and planned activities. Apartments have some included utilities, washer/dryer connections, and private covered patios or balconies.
Are you ready to start the best years of your life as a retired renter? Give Apartment Experts North a call today at 512-222-5385 and take advantage of the benefits of renting in your golden years with an expert who will help you find the perfect apartment for free!