Video Transcript

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. Keep watching!

KEEP 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 importantly, the freedom to travel, develop your own interests, and pursue your passions.

YOUR FINANCIAL PLAN

When you rent, you know what your out-of-pocket expenses will be each month, whereas homeownership 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

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.

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

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

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.

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.

SIMPLIFIED ESTATE PLANNING

Moving into a rental property gives you an 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.

FIND NEEDED COMPANIONSHIP

Many of our 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. When you take in all the costs of homeownership, renting at Sonata may be more affordable than you think.

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