What are the benefits of renting a home in a retirement village?


Quick Answer

One of the most obvious benefits that living in a retirement community can offer to its residents is the level of peace and quiet that is rarely found in other communities, along with easier access to certain amenities that are beneficial to seniors. For retirees who choose to rent rather than own a home in such communities, other benefits include not having to worry about property taxes and home maintenance costs and the chance to lower their cost of living, notes USNews.com.

Continue Reading

Full Answer

When retirees choose to rent a home in a retirement community, they have the option of selling their existing home, which can add a considerable amount to their retirement funds. In most rental agreements, landlords are responsible for the upkeep of the rental home and its property taxes, which adds up to significant savings for retirees and a way to maintain their savings nest egg.

Renting in a retirement community can result in a lower cost of living for most retirees. This is because retirees do not have to live in a more expensive area near their place of work or in good school districts, states USNews.com. Retirees can also choose to rent in a retirement community that is close to amenities that they prefer such as stores, parks, theaters and pharmacies.

Learn more about Financial Planning

Related Questions