Renting is one of the most popular forms of housing. It’s more convenient than buying a home for many reasons. But renting isn’t just for younger Millennials or those relocating and needing a short term home. Even baby boomers (those born after World War II through the early 1960s) are renting after owning a home for so many years.
The reasons why? Here are 6 of them:
- They’re ready to downsize. At their age, they don’t need a lot of space for their children and their belongings. They’ve raised their kids and now they’re ready for the next chapter. Most of them have sold their houses for a fair price to those who posted We Buy Houses signs online or around town. With less space to take care of in terms of housekeeping, it allows them to spend their time and energy on things they want to do. You should also check out these 5 Tips For Finding The Right South Florida Property as explained by Bryan Gold.
- They are looking for convenience. This relates to the above point and not having to work on the house as much when you’re renting. Often things will be fixed by your landlord and not by you. Baby boomers love not having the responsibility of mowing the lawn or shoveling their walkway. In most cases, it will all be taken care of for them.
- With renting comes flexibility. The most common lease term is one year. For baby boomers (and any age group in general) who want to move around and experience a new city or area, shorter term leases afford them this flexibility. They can weigh their options and decide where they want to make their permanent home.
- It’s cheaper. While purchasing a home and working on it may be an investment, baby boomers aren’t looking to put money and time into renovating a home. They would rather spend less money each month by moving into a rental that is everything they want without having to do any work. But if they think they can afford buying a home or they’ve already saved up enough money for it, they can always search for peaceful real estate properties, such as the Homes for Sale in Chandler AZ.
- They don’t want to deal with selling in a few years. If I want to sell my house fast nj, I can sell it for cash without much hassle. But when you are older, the task can be exhausting and you may find yourself settling on an offer just to get out. With renting, once your lease is up, you can move out and your landlord will have the worry of filling the unit with new tenants.
- They want to make other investments. Money that is not being used on home upgrades or improvements can be easily saved by renting. Baby boomers can invest the money they save into their retirement fund or use it to explore with their family.
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