Buying a home is a great investment for a young couple or someone looking to see a long-term return, but is buying the best idea for retirees? What about selling your home and renting something that suits your needs better — an interesting idea and something you might want to consider.
Once you are ready to retire, the term “dream home” takes on a new light. Your needs have changed. You may not need or want the 2-story, 3-bedroom home with the white picket fence and expansive yard that they 20-something version of you dreamed of. Downsizing and having less home to keep up with could be a really good thing — especially if you are now looking to travel more.
The other benefit to renting is not having to take care of all the maintenance yourself. An older couple might look to a rental for those benefits as well. Snow removal, lawn maintenance, simple home maintenance — these things don’t have to be a concern anymore. Plus, selling your home frees up a large sum of money which could be very helpful in the later years of life.
These should be the “golden years” and that will mean taking a look at your finances, investments and making changes that best suit your needs.