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Should you buy or rent your retirement home?

Why should you buy?

When purchasing property, you are not only securing an asset, you have the assurance of knowing that you have a set home in a lifestyle estate that is all yours. While your money is locked into this asset, it experiences capital appreciation, which when you decide to move, if need be, you know you have more money to play with. You only have to worry about small monthly costs, such as care and levies.

Rental solutions

While this might be your own asset, choosing to rent allows for more freedom as a resident living in the estate, with access to all the amenities on offer. You are paying a set monthly fee, that could possibly equate to more than those owning their own home. However, as a renter you are not responsible for maintaining the home, aside from keeping it clean and tidy. If anything goes wrong, the landlord is expected to arrange for any issues to be sorted out. You also have a lock-up-and-go solution, especially for those who enjoy travelling.

Before setting on whether you would prefer to rent or buy, try analysing your lifestyle and financial state to see which would best suit your personal situation.



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