5 Reasons Why You Should RENT Your Home in Retirement

This video describes 5 reasons why many retirees are selling their home and renting in retirement. It outlines some of the common pitfalls that homeowners face as they enter their retirement years and discusses some of the big reasons why retirees make the decision to rent vs own. The video also acknowledges that this is a complex decision that is not for everybody.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[Tonymanero]

I recently retired at 60 with almost 1 million. The last time I was a homeowner was 25 years ago when I was married. The freedom I have enjoyed as a renter has been ''priceless'', ..as I was also able to travel, enjoy life, invest wisely, and retire early without the burden of home ownership. At this stage of my life, I don't really care 1 bit about building equity because it really is of no consequence to my life now. Also, ..having the freedom to move on if an area doesn't work out is important. Rents may go up, ....but then so does property taxes and home repairs. Renting has worked well FOR need to change now.

[esgwat]

Thank you for confirming our choice. My husband and I have been "house poor" our entire marriage. Our children are scattered across the country. We are tired of the upkeep. We recently sold our home at the top of the market and bought a mutual fund with the equity. I feel free! We can travel, relocate if we choose to, and always have the option of buying again, but right now it's not even on our minds!

[zcott]

My last house in Billings MT was awesome, but it owned me. Sold in Jan, now renting in TX, will never own again.
Thanks for the validation.

[Corkfish]

Works for me. Im 62 and rent and I love the freedom. No hassles or worries.

[lisaj]

Nothing wrong with renting at all. My mom is single and aging. Her house is becoming so difficult for her to maintain by herself and now the burden is falling to me! I notice that when single people age, their homes tend to fall into disrepair. Also, I am terribly worried about my mom's safety and would feel very relieved if she were living in a nice apartment with people around.

[pamdick]

You know there are people who go their whole lives renting and are perfectly happy. Its different strokes for different folks. As long as you understand all the pros and cons of owning vs. renting and make an educated decision there is no wrong choice.

[zcott]

You never own a home. You rent it from the government. You insure it, you warranty it, you fix and paint it, you mow the grass, spray for bugs, spray for weeds but they grow anyway. You pretend to be happy, you pay plumbers, roofers, receive scam phone calls every day, you slowly die from age and angst that you're wasting your life stuck in one place devoted to an all-consuming building. You've nearly forgotten the freedom of your youth, now you're bogged down making that monthly payment, likely in a bland car-dependent soul-sucking suburb a few miles from Walmart, always worrying about money, the Joneses, how your kids never call, the growing incivility in society and worsening cancerous American culture. Where is the darkness taking you and when does it end? Sooner than you think with a lot of pain. Renting is fun!

[keekeefries]

I love the fact that Geoffrey has a magic 8 ball in the background!

[NoMoreTears]

Let's face it, there is no perfect place or perfect lifestyle. To each their own.

[j.m.]

Renting? Unpredictable landlord or apartment manager, no thanks. Cost for rental in East TN in 2021 is more expensive than my mortgage. As a single woman I purchased a one level home in an established neighborhood two years ago at age 69. Having good neighbors is worth any issues I may encounter.

[anniesshenanigans]

thanks for all the info. I go back and forth on this all the time. I feel like my home (for now) has a stable monthly cost. I had thought about paying it off quickly, but realized that I would only be saving 527 a month on the total afterwards, so I am not going to kill myself to do it. It is cheaper than any rent in my area, by about 600 dollars. the taxes and insurance goes up, but nothing like the rents.

[pBinx-bdxg]

As someone who will retire in the next 12-18 months I have been thinking about this. I really do not know where I want to live and have been all over the map from buying a home to an RV. I think renting is a great option to consider. I think this is why many move into retirement communities. Which is a subject you should do a video on.

[jaybarr]

Love your videos. Well produced, no fluff, always learn something. Thanks so much for your channel.

[howellwong]

I don't want to live among renters. You never know who your neighbors will be from one month to the next. I feel safer living among home owners.

[michaeltorrey]

I think rent only works if you have the money to throw away. I agree home maintenance and repairs can be a pain but most rents are outrageous these days.

[ttudidfitrhondavigil]

For us, we are thinking the opposite.
Own a home, mortgage free is a major step toward retirement.

[chessdad]

This is a subject where there will always be folks with different opinions. Each option has its pluses. And depending on one's desires either could be ideal. I know folks that own their own home and have neighbors from hell. At least when you rent, you can always say "They will be gone when their lease ends." Which usually happens.

[armedmariner]

You know. You just made a ton of sense right there! My wheels are spinning brother. Thank you for the boost of energy on this topic.

[ytr]

Great tips 👍 Upkeep would certainly be a good reason to rent. Also, if the apartment burns down, or somehow damaged, you can simply find another place to rent. However, currently many rentals are much more expensive than mortgages. Also moving closer to the kids might seem like a good idea, but could quickly turn into a mess.

[eybtfsn]

I’m flipping with my daughter. She wants to raise her family in the house she grew up in. Im tired of lawn care and maintaining a house. Im going to sell my house to my daughter, invest that money in a mutual fund and go try apartment life for a few years.