Which is Better, Renting or Owning When Retired?

As a retiree, one of the biggest decisions to make is where you want to spend your golden years. If you decide you want to move somewhere new, you must decide whether you want to rent or buy. Both options are available at Sun City but depending on your situation one could be better than the other. Here are some pros and cons of renting or buying a house.

Pros of renting a home:

Cheaper Living - Being a renter means you are protected from rising maintenance and unexpected repair costs since these are taken care of by the owner. All you need to pay is the rent and that is a fixed amount determined by the lease.

Flexibility - Renting a house means that you aren’t weighed down by property. This is a good choice for older people who might have to quickly change their living situation due to health problems. Snowbirds can also benefit from renting because they can come down and stay a few months then head back home.

Cons for renting a home:

Rent - Having a set rent amount is good for people on a fixed income because they won’t have to worry about increasing prices. However, once the lease ends your landlord can choose to raise the rent on the house. If that happens you can always decide to move, but moving can be a costly hassle. Reliance on Others - Not being responsible for maintenance is good for your wallet but it also means waiting on someone else. So if something big breaks, it might be a while until it gets fixed.

Pros for owning a home:

Stable costs - Even though maintenance costs and property taxes might fluctuate, your house payment won’t change with a fixed mortgage. And if you are already mortgage-free you won’t have to pay a house payment at all.

Future Asset - While no one wants to think about what happens after they are gone it’s important to know what you will leave behind for your family. Owning your own home is a potentially valuable asset for you to pass on to your heirs.

Cons of Owning a Home:

Costly Maintenance - Daily maintenance can add up over time, things break or need to be remodeled and that can be costly. Luckily, many of the homes in Sun City are newly built or remodeled so you don’t need to worry about big repairs when you move in.

Changing Taxes - Being on a fixed income can be a problem with a changing housing market. Property taxes can increase putting a strain on homeowners who will also have to pay HOA fees every year.

At Sun City, you can buy a house and rent it out to help cover the costs of the house (a benefit for Snowbirds). Rugg Realty can help you find tenants for your home to take off some stress of getting your house out there. There are some restrictions for the leases at Sun City, the minimum length is six months and the maximum is eight (the owner can choose to renew once the lease ends). Owners can also pay for the HOA fees and landscape maintenance so their tenants don’t have to worry about it.

Whether you are moving to Sun City full time or just want to spend the winter somewhere warm, finding a place to call home is important. Check out Rugg Realty’s full list of available properties and get ready to retire in luxury.

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