In recent years, there's been an increasing number of older Americans who rent rather than own their own home. But is renting really a better choice for retirees looking to reduce costs and obligations? Well, not necessarily. While it's true that homeownership brings with it ongoing expenses like routine maintenance and property taxes that continue even after you've paid off your mortgage, renting can't offer some of the benefits that homeownership alone provides.
For example, equity. Once you've built up equity in your home, you can take out a line of credit and borrow money from your home's value. Obviously, this can be a good option for older homeowners on a fixed income. Also, provided you have a fixed-rate mortgage, your house payment isn't subject to the ups-and-downs of the market the way rent can be. As a renter, you're at the mercy of your landlord.
After all, they own the house or building you're living in and can set the price to their liking. Like anything, there are pros and cons to owning a home during retirement. However, homeownership provides a valuable asset that can be advantageous for retired homeowners in a position to benefit from it.
Author:Tim Stoll Phone: 214-868-2959 Dated: May 15th 2017 Views: 145 About Tim: It’s hard to find another real estate agent in Dallas who is as hard working, honest, educated, ex...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
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