Renting Vs. Owning: Learn Which Is Best For Senior Apartment Living (2 of 3)

Pros of Renting

There are many pros to renting a future residence while entering an older age. One of the main reasons to rent is because it will give you greater flexibility. This is because, as things change, you have the ability to move or adapt as needed. Additionally, you can be flexible because you do not have to worry about maintenance. One of the greatest hassles of owning a home is the constant upkeep. Renting will virtually reduce that hassle to zero. Renting senior living apartments is also a financial convenience. Many properties combine all expenses into one easy payment.

The other benefit of senior living properties is the social aspect. There are usually a lot of opportunities for you to socialize with other like-minded residents, who are all entering the same phase of life. Lastly, the amenities are usually a great bonus, with access to fitness centers, activities, community spaces, and more.

Cons of Renting

With the good, there is always a setback to renting as a senior. Through renting, you will not be building any equity in a property. Additionally, you could be subject to rent increases as you do not have control over this aspect.

The other aspect to consider is the limitations surrounding renting. Many rental agreements have restrictions in place to limit many aspects, such as smoking, pets, and being able to customize living spaces. The other con is the dependence you will have on your landlord or leasing office to make sure that maintenance issues and repairs are handled in a timely fashion.