The percentage of renters continues to rise, especially among adults 55 and older. Find out of renting is right for you once you decide to retire by reading through these pros and cons.
No Mortgage – If you bought your Boston luxury condo late in life, you might have a hefty mortgage payment as you near retirement. Selling your home and downsizing to a condo in downtown Boston could mean starting retirement debt free.
No Commitment – Many seniors enjoy traveling during retirement. Renting gives you flexibility to pick up and leave without feel like you’re wasting money.
No Maintenance – As a homeowner, there’s a lot of upkeep, but selling and renting a Boston luxury condo means never dealing with mowing the lawn or fixing things around the house. That’s what property management is for.
No tax breaks – Once you sell, you won’t get deductions for interest or property taxes. Talk to a tax professional before deciding to become a renter to determine how it will impact your finances.
Cost – Depending on where you live, renting can be more expensive. If you don’t want the upkeep of a home but it’s more expensive to rent, you might still consider downsizing and purchasing a luxury condo or high rise condo for sale in downtown Boston.
Landlords – Depending on the building, you may deal with property management or a landlord, and it can be a coin toss whether or not they truly care about the people in the building. Find out if they regularly raise rent, how quickly they fix issues, and carefully read the lease agreement before signing.
If you’re not sure what’s right for you, maybe take the time to see a few properties in downtown Boston. Seeing what’s available might help you make the decision right for you. Call (617) 720-5454 and make an appointment today!