Are you nearing retirement? Are you looking to just rent a house once you retire? Such a decision will give you’re a number of benefits. However, there are also some things that you may need to sacrifice if you choose to rent. So before you finally decide to give up your home ownership, you need to be aware of certain factors and considerations. Let’s take a look at some of them.
Pro: Bye, bye mortgage!
First and foremost, opting to rent an apartment instead of staying in your home means you no longer need to worry about monthly mortgage payments. And if you have planned your finances accordingly, you may even retire as a debt-free person.
Con: Bye, tax breaks
Shifting over to the cons, one of the first disadvantages of renting is that there will no longer be any tax breaks. This is because the government offers superb tax incentives and deductions for property taxes. These deductions can add up to a substantial amount especially in places like New Jersey where there are high property taxes in effect.
Pro: You’re not locked in
Renting gives you more flexibility compared to living in your own home. If you are a frequent traveler, renting may be the better option for you. You don’t need to maintain a house and you can leave anytime you want.
Con: You are no longer a “homeowner”
Since you are only renting, you can no longer be considered a homeowner. This means the sense of pride that comes with owning a home will be gone. Moreover, if you love your old house very much, it may be hard to part ways with your property, emotionally speaking.
Pro: Fewer maintenance problems
Since you do not own the house, it is the landlord or property management company who will deal with maintenance concerns. Gone are the days when you will have to pay for the busted gutters or leaking roof. No longer will you need to shovel the snow during winter. These tasks are now placed on the shoulders of the landlord or property managers.
Con: It may become more expensive
Interestingly, there is a possibility that renting may become more expensive compared to owning your own home. This is because some areas have very high rental rates. These are the cities that are close to business districts. But generally, rent should be lower. You just need to be vigilant in finding a place that suits your budget without compromising your needs. In the market for Seattle Condos for sale or Seattle penthouses, contact Moira Holley today.
