The Advantages Of Renting In Retirement

At Sonata Senior Living, we believe there are more ways than one to achieve financial security in retirement. Truly, you have more options than you know.

While aging in place in the family home may work well for some, you owe it to yourself to consider every option. Renting instead of owning your residence may provide advantages for both your personal independence and your finances, while protecting your ability to manage the costs of personal care as you age.

Take a closer look at the advantages that could make renting an attractive option for you:

Keep Your Options Open

You’re not just retiring from work. You’re retiring from the burden and headaches of maintaining a home. When you rent, the expenses and chores that come with maintaining a home are someone else’s responsibility. This leaves you the time, money and most important, the freedom to travel, develop your own interests and pursue your passions.

Protect Your Financial Plan

When you rent, you know what your out-of-pocket expenses will be each month, whereas home ownership always comes with an element of surprise, sometimes a significant one. Renting can leave you better able to predict and plan for future medical expenses and other costs.

Be Cash-Rich, Not House-Rich

Renting is often recommended by financial professionals as an alternative to a reverse mortgage as a strategy for getting the cash out of your current home. When you rent, the proceeds from the sale of your residence can be invested at market rates, allowing you to live off the investment income.

Remove Your Property Tax Burden

When you rent, in addition to the costs of home maintenance, you are relieved of the expense of personal property taxes that come with ownership.

Expert Care if You Need It

For many Sonata residents, renting means access to certified caregiver on-site, 24/7. Home ownership means these caregiving responsibilities must be assumed either by adult children or other outside providers.

Assure Your Personal Security

One of the many benefits of renting, especially at a Sonata Senior Living community, is access to 24-hour staffing, as well as on-site professional support and services. These can include emergency response systems, licensed nursing, medication management services and onsite, visiting physicians.

Solve Home Safety Issues

Renting at Sonata allows you to take full advantage of floor plans that are specifically designed for the comfort and accessibility that are foremost among the needs of older adults. You’re released from coping with any design issues of your current residence. These can entail both the expense and headaches of remodeling, as well as the risk of accident or fall that could result from stairs, entryways, bathrooms and other features that were not designed with older adults needs in mind.

Simplify Your Estate Planning

Moving into a rental property gives you incentive to downsize and eliminate the clutter in your life. By liquidating the assets tied up in your home and some of your larger possessions, you can reduce the possibility of estate headaches and conflicts among your heirs later. Retirees often find downsizing and ridding their lives of these burdens a liberating and even rejuvenating experience.

Take Advantage of a Seller’s Market

Many of our residents have benefited from the upturn in the Florida real estate market. You may find this is the case for you as well. Renting could allow you to sell your home and pocket the proceeds during a “seller’s” market. Plus, you would avoid the unpredictability of future market swings.

Find Needed Companionship

Many of our recent residents say they have learned one important lesson during the pandemic. Being alone and isolated in your home takes a toll. At Sonata Senior Living, renting comes with daily opportunities to share activities, interests, and events with your peers. In fact, we develop your personal care plan so that these interests are front and center in your daily life. We like to say that “Life is Better with Friends.” At a Sonata community, you may find this is the case for you as well.

Eat Well, Live Better

Grocery shopping trips and cooking three meals a day gets old, we know. The alternative at Sonata is to enjoy chef-prepared meals every day, with an abundance of choices that accommodate your personal tastes and dietary needs.

Keep Growing

It’s a lot easier to learn new things and try different hobbies when they easily present themselves every day. When you’re isolated at home, new interests and hobbies can be difficult to pursue wheneach day resembles the one before. Renting at Sonata gives you access to a full menu of lifestyle programs and activities, some of which you’ve never experienced before. Some Sonata communities offer the chance to learn a new language, play a musical instrument, and the joy of painting. You will be sure to find activities that reflect your taste and personal choices.

Financial Solutions in Retirement

With all the options, you may be wondering if you can afford assisted living or independent living in Florida? When you take in all the costs of home ownership, renting at Sonata may be more affordable than you think. Ready to learn more? We welcome the opportunity to engage in a more detailed discussion of your retirement plans, including any questions you may have about financial solutions.

If you have any questions about the advantages of renting in senior living,

contact us today→ or schedule a visit →

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