Written by Sally Perkins
When it comes time to retire, many of us oftentimes think this means finally moving to our dream home. However, while this dream may seem feasible in our minds, it might not make sense financially to sign onto another long-term mortgage payment. Rather, renting an apartment may be the best choice for living out your retirement.
Apartment living not only gives you the opportunity to rent, downsize and save money, but it has a range of advantages for people who have retired. Many retirees will be happy to learn that selling a home and renting will present an opportunity to earn capital that produces an income. Besides being a great option financially, here are some other benefits of choosing a small, comforting space for your retirement:
Let the Maintenance Team Do the Hard Work
With more than two-thirds of Americans leaving the workforce by age 66, retirees are not always of an age that want to be doing yard work and making home repairs. One of the undeniable benefits to renting modern accommodation is that many apartment complexes come with a maintenance team. This eliminates the issue of having to keep up with tedious tasks like raking leaves, mowing the lawn or shoveling snow.
Plus—who really wants to be doing that kind of hard work when you’re retired, anyway? Retirement is a well-deserved time to finally relax and not work. By having a maintenance team on hand any time something in the apartment goes wrong, breaks or needs repair is an extremely convenient feature for retirees, as it greatly reduces any anxiety over performing these tasks on one’s own.
Plenty of Privacy with Company Nearby
Another bonus of apartment living during your retirement years is the small comforts and privacy that come with downsizing. With less space to fill with your things and fewer rooms to clean, you will be more appreciative of the things you value and cherish most. Since we all crave privacy, this is a great option, as it offers the chance to put your personal touches on a smaller space.
At the same time, living in an apartment complex gives you plenty of new neighbors. By living in close proximity to other people who are a similar stage in life as you, you can easily seek out new social activities and meet new friends. Especially in complexes that are only for retirement-age individuals or couples, there will be many opportunities to interact with your other neighbors, which is important to avoid feelings of isolation.
In addition to the handy maintenance team and added privacy of apartment living, retirees have the chance to make friends with like-minded people and enjoy all of the comforts of downsizing to a rented space.