Renting Post-Retirement

It is an important milestone in one's life to reach a point of pure, unregulated clarity: time to settle down, save money; worry less, and travel more. You've spent a lifetime working hard to make a living in order to provide for the well-being of your family, and now, it's time for you.

Renting: for many, it is epitome of starting out fresh in the real estate world. For those who are just starting out, who are newly married, or for those who might constantly be moving from city to city due to work or education, renting provides open opportunity for change and for growth. This said, a new trend has surfaced in the ever-evolving world of real estate, and it is the older population that are at the forefront. In fact, recent reports of the newly retired and/or retiring community have turned to selling their homes so that they may rent one in its place. As such, a mortgage is eliminated, unforeseen household repairs are no longer a concern, and an overall lower cost of living can be expected.

Like downsizing, making the decision to rent rather than own has become quite common. It is an emotional, physical and financially liberating choice that is made among retired individuals and their spouses so that they may spend the latter years of their lives without any unnecessary, household worry. Gone are the bills for a security system, for chimney repairs, sewer connections and maintenance agreements on appliances. Instead, retirees are freeing up the equity on their homes, so that they may be awarded enough cash flow to cover their soon-to-be anticipated rent.

If this process is something that seems new or unfamiliar to you, we encourage you to hire a realtor for some guidance and sound advice. Helping clients start the next chapter of their lives by assisting them in their rental search, is only a fraction of what a realtor can do for you. You’ll gain insightful knowledge as they educate you on the real estate market – not to mention what they know about the area or neighbourhood you might be considering – their standards of professionalism, as well as what they know about insurance and how you can protect any initial deposit, and so forth. So, if you’re thinking about downsizing in the near future, don’t hesitate to ask on how making the decision to rent could benefit you in the years that are to come.