Housing is still an issue for seniors; considering the many varying factors that affect a senior’s life. Most of the valid reasons are: health, downsizing for better household management, security and of course, there’s the need for assisted living; all of which is sure to force a senior to this very tough decision: whether to rent or buy a new home.
Looking back, a younger adult would be dreaming a home to call his or her own; after all, it is the greatest American dream so why not? But that was 30 to 40 years ago, when you were still in your late 20’s or early 30’s; that was when you were still building your dreams one by one, invincible and healthy as a mule.
As you grow older each day, your priorities are going to shift from one concern to another. Once, you were saving every penny for your own “home-sweet-home”; now, all of it is going to your medical and emergency funds. Back then, you will need space for your kids, but now that the kids are on their own, you won’t need too much space for you and your spouse and let me tell you, downsizing is not bad, in fact you are doing the environment a favor; ever heard of sustainable living?
Now that we have arrived in this house predicament, the question is: is it still wise to buy your own house or should we rent instead? As a senior, we have more urgent matters to attend to so it is equally important to acquire a house that is quite manageable and at the same time, fits your lifestyle especially if you are living alone. House ownership surely entails many responsibilities and will bind you for the next 10 to 20 years.
If you are still on your “younger senior” years and you feel fit and healthy, is certain you can still pay the monthly amortizations fully and will still be able to keep up with the demands of housekeeping, then buying a house can work for you. The advantage of which is the pride of having your own place; you will have something tangible to pass to your kids and if you are lucky, it may even turn into an investment someday although this is not the situation as of the moment.
On the other hand, if you are living alone and you just need a little space to conduct your living then renting is more advisable for you. Due to unstable house rates, buying a house is not too wise for seniors to engage in. Aside from the fact that you will need to maintain a habitable home for yourself which is quite hard at times, mortgages have taxes, interests and insurances paid in incremental amounts. This situation proves to be hard for seniors in a fixed income.
Another thing to consider is your current lifestyle. If you plan to travel most of the time and you own a house, you will have to hire somebody to clean the house for you and another to look after your house while you’re away whereas if you are just renting an apartment or a small flat, the landlord or owners will take care of that so you don’t have to worry about it anymore plus you don’t have to pay them anything since these services are most of the time, included in your monthly rent.
