When most of us think of retirement, we often dream about living in a house with a paid-off mortgage. The idea of never having to write a check to the mortgage company sounds pretty tempting for many individuals. However, for many retirees, renting during their golden years may actually be the better option.
“Not paying for a mortgage is great, but do you know what’s even better? Not dealing with household chores, maintenance or real estate taxes ever again,” says Doris Lea, Executive Director of Hidden Springs of McKinney, a luxury retirement community that is now open in McKinney, TX. “Many of today’s seniors are choosing to throw off the responsibilities of owning a home and instead rent a residence in a senior living community like Hidden Springs. When you do the figures, it can actually be more affordable to rent – and it’s certainly a lot more convenient.”
Of course, the decision to rent or age in place in your current home is a very personal decision. The right answer will depend on your situation, your needs and what you’re looking for out of your retirement years. If you’re wondering what the right choice might be for you, we’ve put together the pros and cons of each to help you make a more informed decision.
Aging in Place: The Comfort of Home (Literally)
It should come as no surprise that, when asked, many people say they would like to stay in their current home as long as possible. In 2016, The American College of Financial Services surveyed more than 1,000 people between ages of 55 and 75 about just this question. Eighty-three percent of respondents said they wanted to remain in their current home for as long as possible. The reasons range from not wanting to move to having something to pass on to their children to sheer familiarity.
There are many benefits to aging in place in your home. The first, obviously, is not having to worry about a mortgage payment ever again. There’s a sense of personal and mental freedom associated with this. However, even though you won’t be paying a bank every month, you will still need to pay real estate taxes and homeowner’s insurance every year.
The second benefit is the comfort of home. Most seniors have lived in their home for many years and raised their children there. Even if you or your loved one have downsized and moved into a smaller house, it’s still “your” house – one that you picked out, planned for and have loved ever since you stepped foot in there. That’s a very strong motivator, especially if you are fond of your location, your neighborhood and your current routine.
Aging in place also can mean a heightened sense of independence and, thus, security. Many seniors don’t like the idea of moving someplace where they’re “told what to do” and may not feel as “free” as they currently do. This is definitely an important consideration and should be taken into account. However, it’s important to remember that most family homes are not set up to accommodate aging in place without some modifications. If choosing to remain in your current place is important to you, be sure to factor in costs for renovations to accommodate things like wheelchairs, stairlifts and such.
Renting: Free as a Bird
Renting, of course, means that you have a monthly check to write every month to the landlord (or in the case of Hidden Springs, the community at large). However, this often ends up the only check you have to write each month. Say goodbye to paying for utilities, home maintenance, unexpected repairs and real estate taxes. That’s all included in your monthly rent. You also don’t have to worry about lawn maintenance, house cleaning or even grocery shopping, if you don’t want to.
“Renting during your retirement can be a lot like moving into an all-inclusive resort,” says Doris. “The whole point of communities these days is to be a destination you’re excited to move to, and a place where you can safely age in place while remaining as independent and carefree as possible.”
So, she says, that means communities like Hidden Springs have a huge variety of services and amenities that you just can’t get at home. For example, there’s an executive chef running the restaurant-quality kitchen, and every day is a new day to explore different tastes and dining delights. All you have to do is show up. And that’s just for starters. Activities, events, trips and tours, happy hours and so much more are all available just outside your door.
Renting can provide another great benefit – freeing up that home equity and converting it into liquid cash. Instead of that money sitting in your house, it can be used to fund the vacation of your dreams, invest in the stock market or used to pay your estate.
Another benefit of renting is flexibility. If you decide you want to move somewhere else due to family needs or whatever, moving out of a rental community is much faster and more affordable than moving from a house. Selling a house can take months – even years – and is a time-consuming headache.
For seniors, perhaps the biggest benefit of a rental community (besides all the amazing amenities) is the peace of mind it provides for now and in the future. Retirement communities like Hidden Springs are set up to help you live independently throughout your senior years. All spaces are set up to accommodate aging adults, with pull bars, elevators, accessible showers and oversized doorways that accommodate for wheelchairs. And Hidden Springs provides a full level of services on campus from Independent Living to Assisted Living to Memory Care. In other words, if you wish to stay here as your care needs change, you are more than welcome.
The choice to age in place or move to a rental community is a big decision, but it can also be a very freeing one. Take into consideration your needs and dreams, and then make the choice that works best for you and your loved ones.
Luxury Living in North Dallas
At Hidden Springs of McKinney, we understand how important location is to North Dallas seniors who are looking for an engaging, enriching retirement lifestyle. Located in McKinney, Texas, we are close to medical centers, arts and entertainment, outdoor opportunities and everything else you love about this area. Seniors who choose to make us their home can enjoy a range of trips, opportunities and activities while living their very best life thanks to our innovative focus on wellness.
Active Retirement Living for a Healthy Tomorrow
The Secret to a Life Well Lived awaits you at Hidden Springs of McKinney. Envisioned and developed by Madison Marquette, a company with a 25-year track record of investing in vibrant communities and a stellar reputation for developing luxury residences, you’ll discover all the possibilities your retirement brings … as well as the confidence of knowing your future is secure.
Our beautifully appointed, active retirement living community is created for those who expect more out of life. Luxury living, gracious services, resort-quality amenities, engaging programs and stunning apartments in 15 floor plans are just a few of the benefits awaiting you. And with Assisted Living and Memory Care services offered on campus, you can retire with complete peace of mind, knowing that if needs change, the care you deserve is right at home.
To learn more about Hidden Springs of McKinney and discover The Secret to a Life Well Lived, call or visit us today. We’d be happy to schedule a tour and show you just how much our location can make your retirement experience exceptional.
Call us today at 972.483.0234.