The question of whether to buy or rent an assisted living Retirement Apartment was fairly straightforward for our parents – after living mortgage free for a number of years, they wanted to maintain this position and have the security that ownership offered. They also found that the downsizing price of the Retirement Home apartmet allowed them to release enough finance to support me and my brother to buy our own homes.
You may not be in the same place as our parents, so we have compiled a few things to consider:
The benefits of owning a retirement apartment:
There are many benefits to owning your own retirement apartment, including:
- You have the security of owning your own home
- You don’t have to pay rent
- No need to worry about landlords increasing the rent or escalating costs
- You have the freedom to decorate your home however you please
- It could be a great investment; house prices tend to go up each year so owning your home might give you more money year on year
- You also have the option of renting the property when vacant (an option Whiston Court offers all leaseholders, with full rental management services available).
The benefits of renting retirement flat:
There are also benefits to renting a retirement flat, such as:
- You don’t have to worry about maintaining or paying for home maintenance-related costs.
- Have more freedom and flexibility to move around if you wish to.
- Renting tends to have fewer outlays, due to fewer maintenance costs.
The choice of whether you rent or buy a house in retirement is completely up to you and what you want from your retirement – there is no right option. Our parents didn’t need a mortgage to purchase their Retirement Apartment, however for people in a different position it might be an option they want to consider.
Whatever you decide, we hope this information helps. Retirement communities really do have life-giving, life-empowering benefits and our parents really enjoyed their time living at Whiston Court, Worcester.