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The Benefits of Renting Instead of Buying During Retirement

Posted on Jun 29, 2021

Contrary to what many believe, renting in a senior living community is better for your wallet during retirement. Not only is it a better deal financially, but renting in a retirement community also allows for your maintenance, healthcare and entertainment to be included under one fee each month.

Purchasing a home, or paying an exorbitant entrance fee, just adds more onto that monthly expense. Below we’ve gathered several reasons for you to choose renting over buying in retirement, so you can put your mind, body, and wallet at ease.

Continuing Care For Your Health  

There’s no question that our health changes over time, especially as you age into your retirement years. Renting within an exclusive retirement community like The Virginian means a variety of healthcare options catered to your needs over time. 

Most offer a broad range of care within their community complex. You can receive around-the-clock care and rehabilitation or choose independent and assisted living, depending on your health needs. These Continuum of Care Retirement Communities (CCRC) provide the convenience of quality care in one place. Instead of forcing you to travel from a house to a healthcare facility, your care can come to you or be only steps away.  

Put your mind and family at ease by knowing that you’ll always have access to quality healthcare close by. 

Spend Less Without More Mortgage Payments

Owning your home is an achievement many don’t want to lose in retirement. It might seem like a smart move: selling your home, buying a house within a senior living community, and adding on a new mortgage. You’ll get to enjoy the amenities and benefits of the community while owning a home on the property. Unfortunately, choosing to buy will put a hefty dent into your savings. 

In the long-run, renting within the senior living community will save you more money and give you the freedom to find the right fit for you. According to an AgingCare article on renting or buying in retirement complexes, it’s also important to be aware of the application and community fees. These fees are often nonrefundable, and must be paid regardless of whether you decide to rent or buy. 

You’ll save quite a bit by not only living closer to options that are available for your changing health needs, you also get to enjoy the same amenities as homeowners in an upscale retirement community, so why pay more? 

The Ease of No Maintenance

Rent, along with the community fees you pay upfront to live in a luxurious retirement apartment complex, means that your home maintenance and entertainment are included. There’s no need to worry about paying for repairs or renovations.

While purchasing a home on a retirement community’s property might have maintenance and extra space included, the renovations, repairs and sale of the home are ultimately the owner’s responsibility. 

The best part about saving money through renting a high-end apartment, is the close access you get to the community and all of its perks. You’ll be steps away from your neighbors, community excursions, dining and events hosted within the complex. 

Should I Sell My House and Rent When I Retire

Expand your horizons beyond whether you should stay in your home or rent an apartment during retirement. While long-term price should be a factor in your living options, if you’re looking to protect those hard-earned savings and yourself from physical stress, then renting an apartment in a retirement community is a great option.  

Put your mind and body at ease after years of working so hard to get to this point. It’s time to take care of yourself and enjoy life without the stress of home maintenance costs and more. Allow yourself to rent, get acquainted with your new community, and lifestyle in a luxury apartment.  

Senior Independent Living Communities in Fairfax VA

In retirement, you want to be well taken care of, reasonably budget, and live comfortably. At The Virginian, your apartment will contain a wide-range of upscale amenities for you to feel right at home. 

Just a few of the personal amenities you can enjoy in your new place include fully equipped kitchens with stainless steel appliances, spacious walk-in closets, large picture windows, and in-unit washer and dryers. You’ll also have access to all of the museums, dining and excursions Northern Virginia and Fairfax County have to offer.

If you have any questions about the amenities, costs, or benefits of living at The Virginian, then please give us a call at (703) 259-6365.