Should you own or rent a home in retirement?

This is a question that is on may peoples mind, and if you were to ask me, I would say that it is better for you to own a home by the time that you’re retiring. This is because when you look at the advantages against the disadvantages, you’ll find that the advantages surpass the disadvantages. In this article, we are going to be discussing whether you should own a home in retirement or not. We all know that paying out rent can be the biggest expenditure for a person that has retired, and that is why it is shocking that a study from 2005 in the United States by Harvard Joint Center for Housing Studies, showed that people aged between 50 and 60 accounted for the majority in the rental bracket.

Should you own or rent a home in retirement?

Pros of owning a home in retirement

  • One can always use their equity as a source of income. They can even get credit on their mortgage, or get income streams by signing up for reverse mortgage.
  • You never have to worry about rent or actual housing payment going up. There is also the fact that most of the people that are in the age bracket of 65 and above enter retirement without mortgages, 70% to be precise.
  • This is something that you can leave to your heirs as an inheritance.

Cons of owning a home in retirement

  • Maintenance can be anywhere between 1% to 4% of the value of the home, which is pretty costly. The disadvantage here is that by now you’re aged and won’t be able to do the maintenance that you could once do for yourself.
  • Property taxes and homeowners’ insurance will always be there, although seniors can be exempted from property tax.
  • Your home may not be as valuable an asset as you think since all that it would take to crush in value is for another housing market to crush. In the ending, it could feel much cheaper to rent an apartment instead.

Realtor Bob McLean

Still on the subject of owning a home, I think that it would be much wiser for people to own homes by the time that they are retiring. That is the reason why we are now going to look at Bob McLaren, a realtor that deals with purchasing, selling and valuing property. he is located in Mission, British Columbia, a fast growing community that isn’t far from Vancouver, and the United States border. Bob has been in the property business since 2003 and therefore knows the market very well. He offers free online home valuation, and he can be reached on phone and email. So, if you’re after houses for sale in Mission BC, Bob McLaren is the man to seek out, and he and his team will ensure that you get good value for your money, the perfect home for you to retire in.

Summary

We should all begin thinking about our retirement years while we are still young. We won’t be young forever, and that means putting into place measures that will ensure we enjoy our retirement. One of those measures is to get a home. If you’re looking to settle and retire in Mission, B.C., don’t hesitate to look for Bob McLean.