If you find yourself on the verge of retirement or being an empty nester, it may be time for a real estate move. Although family homes hold years of memories, they can also be a source of unnecessary stress. From mowing the lawn to unforeseen repairs, home ownership can be a lot of work. There are a few reasons why renting a home during retirement may be a better choice for you.
Use the equity from your home
Chances are, you’ve lived in your home long enough to have built up some serious equity. When you sell your home, you can take the equity you’ve earned and put it into savings or help pay for your new rental. The equity may pay for years in a rental home or apartment.
Owning a home means you’re always responsible for taking care of it and being close by in case of an emergency. Although you can hire someone to look after it while you travel, there’s a lot that goes into keeping up with a home. If you’re renting an apartment, you have a lot more freedom to take longer trips or pack up and go whenever you’d like.
A lot of stuff tends to accumulate when you live in a house for a long time. The nice thing about selling and moving to an apartment is it forces you to donate, sell or toss a lot of the stuff you don’t need anymore. You probably don’t still need your kid’s clothes from high school or the popsicle stick project they made in preschool.
When you’re renting an apartment, you aren’t responsible if the toilet leaks or an appliance breaks. When something like this occurs, you can usually call your landlord or maintenance company to come and make repairs at no cost to you. You’re also less likely to need to shovel snow or mow the lawn.
Live closer to grandchildren and children
If you have children and grandchildren in different places, this is a great time to explore a new city and move closer to them. You’ll be able to help when needed and get some quality time you wouldn’t have if you lived farther away. If you have multiple kids in different places, you could even stay for a couple of years near each of them or chose a destination in between.