In recent years, there's been an increasing number of older Americans who rent rather than own their own home. But is renting really a better choice for retirees looking to reduce costs and obligations? Well, not necessarily. While it's true that homeownership brings with it ongoing expenses like routine maintenance and property taxes that continue even after you've paid off your mortgage, renting can't offer some of the benefits that homeownership alone provides.
For example, equity. Once you've built up equity in your home, you can take out a line of credit and borrow money from your home's value. Obviously, this can be a good option for older homeowners on a fixed income. Also, provided you have a fixed-rate mortgage, your house payment isn't subject to the ups-and-downs of the market the way rent can be. As a renter, you're at the mercy of your landlord.
After all, they own the house or building you're living in and can set the price to their liking. Like anything, there are pros and cons to owning a home during retirement. However, homeownership provides a valuable asset that can be advantageous for retired homeowners in a position to benefit from it.
Author:Tim Stoll Phone: 214-868-2959 Dated: May 15th 2017 Views: 198 About Tim: It’s hard to find another real estate agent in Dallas who is as hard working, honest, educated, ex...
I'm Von Gipson, (Residential MatchMaker). I pair people with the perfect home "Right Size" their life. As a 10 year experienced Licensed Texas Realtor and Naval Veteran I serve families of Collin County in North Texas. I will locate, negotiate, and navigate the Process and Pitfalls of Buying and Selling a home. My decade of unique connections, business savvy and high tech tools put my clients in a position of power whether Buying or Selling.
Prior to becoming a Realtor, I had a very successful career in the Healthcare Industry as a Physician Recruiter. Tasked with locating the best Surgeons across the country, partnering with Hospitals and Operating Centers across the country gave me the opportunity to understand the factors that are apart of making Life Changing decisions and finding the appropriate solutions for all parties. I've negotiated salaries, home purchases, partner packages, and coordinated relocation for my clients. Throughout my time as a Physician Recruiter the "One Thing" I took away is people are fundamentally the same, we are all trying to either Avoid a Loss or Create a Gain and finding the Harmony between the two is where success lies. Your next Home Buying or Selling experience deserves to be Smooth as Silk. Trust Von, I'm smooth as silk.