Buying or Renting: How Seniors Can Determine What is Best for Them!

I would love to have someone else be responsible for fixing anything that needed to be fixed. We are only here on this earth for a short time. If something should happen to the owner of a condo, the family would have to sell the condo. The sale may take longer than getting someone else to rent an apartment. Can you comment on the pros and cons here?

One of the most important factors in looking for a new home is determining the type of home you want to live in. If you want to live in a high-rise building versus a single-family home, you may be able to choose between buying or renting even in the same building. Even if there are two different properties you are comparing, you might find a condo and rental building with enough similar amenities and interior space to make an apples-to-apples comparison. That is the easier decision. Its harder when the properties are not comparable, or have vastly different locations or amenities.

If you focus on how much you want to do as a homeowner, then your maintenance obligations will be limited to the interior space of your unit. Rental buildings still require some maintenance changing lightbulbs and taking care of other minor or routine items but you will have the advantage of calling your landlord should an appliance break or if other major issues arise.

Unfortunately, most people are not making a choice between a rental apartment and a condo building. Many people who are in their 60s (or older) may be looking to downsize, move to a single-level home and to a warmer climate, or seek a place in a retirement community or a 55-plus community. With all these decisions to make, deciding between renting and buying tends to come after the location and type of property have been determined.

Suffice to say that when a person sells a home and then has to make a decision whether to own or rent their next place, they will make that decision based on costs, their age and health, marital status, the location of the new home, amenities that are available, where houses of worship are located, the availability of health-care professionals, proximity to relatives and friends, and, then, personal preferences about whether they would prefer to own or rent a place.

As we age, rentals are appealing, especially when we might not want as many responsibilities for homeownership as we once had. Again, this is a personal preference and not a financial decision (or recommendation from us). At times, everyone opts against our own financial interests to gain flexibility and convenience.

This what we recommend: If you always lived in a single-family home but are considering moving to a new state, you should rent for your initial time in the area, so you can experience much of the community before you buy a place. At the end of the rental period (anywhere from two months to two years, you might decide to rent close by or buy a home in a different neighborhood entirely. If you are moving to a location where you have family (that you like, like your sibling) nearby, you are familiar with the area, and you can afford it, then you may just want to start looking immediately for a home to buy.

Source: Ilyce Glink and Samuel J. Tamkin, The Washington Post 8/25/21

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