We all have a vision for ourselves as to how would we retire. Some of us would love to retire at a quaint place, away from the hustle and bustle of the city while some of us enjoy the busyness and would love to stay in the city itself. Some might like living next to the hills while some might enjoy spending time walking next to the beach. Whatever be our liking or whatever makes you happy, to enjoy it, we need to have a roof over our heads. The only question is if you would rent or buy your home during retirement.
When the topic of housing arises, the question of owning or renting the property comes into the picture. Which is the best option to go for during retirement? A rented property or your own house? Well, we are here to talk just about that. Buying a house at the age of 65 is different than buying a house at the age of 45. According to us, both to rent or buy your home during retirement have their fair share of advantages and disadvantages. We list out some factors that might help you with your rent-vs-buying decision.
Buying a house:
- Buying a home will help you build equity for yourself for the future.
- Buying a house can also provide you income after retirement if you choose to lease the property or part of the property to a tenant.
- Buying a home can also come as a tax benefit and give you a steady income if you mortgage your self-owned home.
- Buying a home is definitely an investment but it comes with a lot of hidden costs. These costs come as repairs, damages, painting etc, at least at the start. Are you ready for this?
- The downside to buying a house that it does not guarantee a good resale value of the property.
- Do you want to leave an inheritance behind? If yes, buying a house is the only option for you.
Renting a house:
- Renting is affordable, there is unmatched flexibility and you are not dependent on anyone.
- The one downside to renting a property is that the owner might increase the rent from time to time which you should be ready for.
- Renting also means that you won’t spend too much money from your savings at once.
- At the end of the day, you do not own the property if you’re renting it.
- When renting a property, you must take the owner’s permission for any small change or addition you want to make or you will be charged for any damage that is caused to the property.
The conclusion is to weigh out your pros and cons before buying or renting a property. To make it easier on the buyers, we at The Chennai Homes offer them easy-buy options. The first step is to come and see the property. We also offer stay-ins for you to get a feel of living at the community. Here, we promote the kind of lifestyle exactly the way we want for ourselves. You can decide to purchase our luxury villas at the best price in the market for that dream retirement life. And do know that there is absolutely NO GST applied! We come with the entire package and the testimonials from our residents speak for us. Click on the video below to see what our residents have to say about their experience at The Chennai Homes.
Thinking of buying a retirement home? Would you like to talk to us regarding the same? We are just a phone call away! Call anytime @ +91 91766 77770 and our representatives will be more than happy to answer all your questions. Happy retirement to you!