Floor Plans

Retirement Rent Or Buy: Ten Factors In Your Decision

Posted by Frank Herold on March 7, 2018

retirement rent or buyThe years of hard work at your job and raising your kids paid off. You've decided to join the 10,000 other people who have decide to retire today, perhaps downsizing and moving to a climate and location where the outdoors is enjoyable year-round. Before you sell your current residence, hand over a down payment, or sign your name on the dotted line, consider the options of buying or renting a home, and how it works for you.

Related Blog: Venice, Florida: What it Has to Offer and Why You Should Retire There

Why buying in retirement is a good idea

There's a sense of commitment to the community: You get to know your new neighbors as friends and the staff becomes family. Equally important, everyone knows you, becomes familiar with your habits and preferences, and reacts quickly and appropriately if they notice any changes in your behavior.

You're interested in the greater community outside the campus: The town is now your hometown, and the politics, activities, and events engage your mind and encourage your input and participation.

The continuum of care is in place: If you require a stay in a skilled nursing community following illness or surgery, owning your home ensures you a place to return after your discharge, without concern about forgotten or unpaid rent checks.

Why renting in retirement is a good idea

You don't have to stay in one place: If you like the community but want to travel and try living elsewhere before your final decision, a rental is a great option. You pay monthly, stay as long as you wish, and move on when you're ready.

Renting allows budget flexibility: The rent check pays for just the living space, and you decide whether you want occasional or daily housekeeping and full or partial meal plans.

Your family or lifestyle are in flux: You're not fully retired from your job; perhaps performing contract or part-time work for your old company. Or your kids still need your assistance with the grandkids. Renting provides the option of moving out on relatively short notice and returning to your former residence.

How to decide which works for you

Your family: Where your family lives and how close you want to be is a factor in renting vs. buying. If you plan to spend long periods of time with family in faraway places, the money for buying a property is an investment better spent for a short-term rental and extended travel.

Your health and wellness: If medical needs require you or your spouse to have regular visits to your current doctors and treatment centers, buying into a community requires travel or transfer of medical records to new providers. Renting allows you to leave when there is a need for extended medical care elsewhere.

Your interests, hobbies and personal commitments: Being able to find a place where you can continue to do the things you love in a place you love is important, and some hobbies and interests are simple to find in an independent retirement community. There are other interests that are difficult to transplant from place to place. Renting means you can always return to what you love; buying offers an occasion to invest in new interests and hobbies.

Jacaranda Trace's amenities include both ownership and lease options, along with independent living and assisted care lifestyles. Our residents enjoy the elegance of our clubhouse, heated pool, gymnasium, formal and grill-style restaurant dining, movie theater, craft and hobby spaces, beauty salon and spa. Our convenient health, wellness and personal services include on-site banking, medical staff, therapists, lab and pharmacy services. The full-service Venice Regional Hospital is close to campus, and shopping and grocery stores are just a short ride away, courtesy of our door-to-door driving service. Our staff's mission is peace of mind, safety and comfort for you, so the hardest decision of your day is choosing what to do first among all our activities!

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Tags: moving to a retirement community, retirement community, Retirement Community Venice, Retirement Venice, moving to senior living

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