Reasons to Consider the Rental Model Senior Apartment Charlotte

This article was written for our sponsor, Liberty Senior Living.

The conventional wisdom around buying vs. renting – building equity for the long-term – often makes sense for young families and individuals with the bulk of their working years ahead of them. But those embarking on a retirement lifestyle have other factors to keep in mind. The rental model often makes sense for retirees. Rightsizing to a senior living community can elevate your lifestyle and provide freedom from the responsibilities of homeownership.

Home maintenance can be costly

Casey Bond and Mike Cetera for Forbes.com touch on the time and expense of home maintenance, asking readers, "Do you like the idea of spending weekends at Home Depot and DIYing projects around the house?" They go on to discuss the convenience of having a predictable rent payment that doesn't involve handling property maintenance yourself. As for the cost of home maintenance, the average homeowner will need to set aside an estimated $3,192 a year, not including $1,640 for emergency expenses.

Bypass renovation challenges

Making key features of the home easily accessible for aging individuals is important as they become more prone to falls that may cause injuries like bruising and hip fractures. However, making your home work well for your needs can bring additional costs into play, especially when a home lacks a bedroom and a full bathroom on the first floor. Other projects add up, such as modifying an entry or adding a lift to stairs. Amy Fontinelle for MassMutual cites The Joint Center for Housing Studies of Harvard University, which found that "while 76 percent of homes are single-story, only 42 percent have no-step entryways, and only 8 percent have extra-wide hallways and doorways or lever-style doorknobs and faucets." A Home Advisor, True Cost Report, outlines the cost of home renovation projects: bathroom and kitchen remodels often come with significant price tags ($13,401 and $35,317), as does roofing, fencing and others.

Fewer estate planning headaches

It can be difficult to imagine, but there is always a possibility that children will disagree around dividing up the assets of your estate. Barbara Weltman for Investopedia writes, "sibling disputes can result in lengthy and expensive legal actions." Although some of this can be avoided with careful planning, selling your home before these decisions must be made eliminates potential conflicts down the road.

"The rental model is the fastest-growing option here in North Carolina and across the nation. Flexibility and control of one's assets are the major benefits of the rental financial model,” said Donna McCaskill, senior residency counselor at Hayes Barton Place. “Renting provides flexibility in uncertain times and actually costs the same as other options over time. Staying in control of assets and keeping options open for changes that may be hard to foresee are essential reasons to investigate the rental model when considering a move to a Life Plan Community," McCaskill said.

Renting translates into a simplified lifestyle

Fontinelle emphasizes two significant benefits of renting as a retiree, writing, "renting can often reduce expenses and simplify a retirement lifestyle significantly." Fontinelle discusses what having more flexibility may look like, such as living closer to family, choosing to travel part of the year, and the ease of moving into "gradually easier housing" as time goes by.

This article was written for our sponsor, Liberty Senior Living.