{"id":51969,"date":"2021-06-25T10:18:26","date_gmt":"2021-06-25T18:18:26","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=51969"},"modified":"2023-03-21T09:37:11","modified_gmt":"2023-03-21T16:37:11","slug":"should-you-rent-or-buy-in-retirement-making-the-right-choice","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy-in-retirement\/","title":{"rendered":"Should You Rent or Buy in Retirement? Making the Right Choice"},"content":{"rendered":"<p>A successful retirement requires thought and planning. This is especially true when it comes to housing costs, which can eat up a big chunk of your expenses. As such, you\u2019ll need to determine whether it makes more sense to buy or rent in retirement.<\/p>\n<p><b>Here are some factors you should consider, along with some of the advantages and drawbacks of renting vs. buying in retirement:<\/b><\/p>\n<ul>\n<li><a href=\"#factors-consider\">Factors to consider<\/a><\/li>\n<li><a href=\"#pros-cons-renting-retirement\">Pros and cons of renting in retirement<\/a><\/li>\n<li><a href=\"#pros-cons-buying-retirement\">Pros and cons of buying in retirement<\/a><\/li>\n<li><a href=\"#how-decide-renting-buying\">How to decide between renting vs. buying in retirement<\/a><\/li>\n<\/ul>\n<p><a name=\"factors-consider\"><\/a><\/p>\n<h2>Factors to consider<\/h2>\n<p>Whether you decide to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy\/\">rent or buy<\/a>, some retirees like the idea of downsizing. When you downsize, you usually see lower expenses \u2014 your mortgage payment, utility bill, and maintenance costs may all go down.<\/p>\n<p>Additionally, it can be a way to simplify your lifestyle, allowing you to get rid of some of the items you don\u2019t use any more.<\/p>\n<p>If you\u2019re interested in downsizing in retirement \u2014 perhaps you want to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/buying-a-condo\/\">buy a condo<\/a> or rent out a smaller home for the time being \u2014 there are some important factors to consider.<\/p>\n<h3>Your timeframe for retiring<\/h3>\n<p>If you\u2019re planning to retire soon and are happy with your current location, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\">purchasing a home<\/a> or condo could be a good option.<\/p>\n<p>But buying, even if it\u2019s a smaller place, comes with upfront costs and less flexibility should you want to move again. If you do buy, plan to stay in your home for the long run \u2014 at least five to seven years or longer \u2014 to recoup those purchasing costs. Otherwise, it might make more sense to rent.<\/p>\n<h3>Your current home equity<\/h3>\n<p>If you already own a home and plan to downsize, how much equity you have can make a big difference. You might be able to put down a larger <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a> \u2014 or even pay for the new place outright \u2014 with the equity from your current home.<\/p>\n<p>On the other hand, if you don\u2019t have a lot of <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-is-home-equity\/\">home equity<\/a>, you might benefit more by renting out an apartment and investing your equity instead. Consult with a financial advisor if you\u2019re unsure of the best route to take.<\/p>\n<h3>Your goals for retirement<\/h3>\n<p>The goals you have for retirement can also impact whether you rent or buy. If you want to live near your family, and they live in a place where it\u2019s expensive to purchase property, renting becomes the obvious choice.<\/p>\n<p>However, if you want to be able to make changes to your home and amass equity \u2014 and you don\u2019t plan to move anytime soon, if ever again \u2014 buying might be the better option.<\/p>\n<h3>Your liquidity needs<\/h3>\n<p>Once you buy, your home locks up a good chunk of your net worth. While you might have stability in terms of a place to live, tapping into your equity if you need the money later can be difficult \u2014 and you might have to pay <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-closing-costs\/\">closing costs<\/a> should you take out a home equity loan or do a <a href=\"http:\/\/www.credible.com\/mortgage-refinance\">cash-out refinance<\/a>.<\/p>\n<p>Keeping your money liquid in an investment account while you rent might be a more savvy financial move and can help you cover unexpected expenses. But if you want to leave an inheritance, building that equity over time can also provide your heirs with a valuable asset.<br \/>\n<a name=\"pros-cons-renting-retirement\"><\/a><\/p>\n<h2>Pros and cons of renting in retirement<\/h2>\n<p>By renting in retirement, you can benefit from a lack of maintenance costs, high mobility, and greater liquidity in your assets. But there are important drawbacks to consider as well.<\/p>\n\n<table id=\"tablepress-740\" class=\"tablepress tablepress-id-740 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Pros<\/strong><\/th><th class=\"column-2\"><strong>Cons<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">No maintenance or repair costs<\/td><td class=\"column-2\">Rising rent costs<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">High mobility<\/td><td class=\"column-2\">Landlord could sell and force you to move<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Greater liquidity in assets<\/td><td class=\"column-2\">No flexibility to change living space<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h3>Pros<\/h3>\n<ul>\n<li><b>No maintenance or repair costs: <\/b>When you rent, you don\u2019t have to pay maintenance costs, since you aren\u2019t responsible for the upkeep of the property. Same goes for repair costs. If something breaks or gets damaged, your landlord takes care of it.<\/li>\n<li><b>High mobility:<\/b> If you decide to move to a different area, you don\u2019t have to worry about the housing market or the time it takes to sell your house. You can move when you\u2019re ready.<\/li>\n<li><b>Greater liquidity in your assets:<\/b> Your home can lock up a portion of your net worth when you buy. If you need extra cash, you\u2019ll have to jump through hoops to access the equity in your home. When you rent, you can keep all that money in more liquid accounts.<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li><b>Rising rent costs:<\/b> When you rent, your monthly payment could rise each year. Your landlord has the right to increase rent in accordance with market conditions.<\/li>\n<li><b>You could be forced to move: <\/b>If your landlord decides to sell the property, you might have to move. Other reasons your lease might not be renewed include your landlord wanting a different tenant or you violating some terms of the lease.<\/li>\n<li><b>Less flexibility with your living space:<\/b> There are restrictions on what you can do with a rental property in terms of modifying the space. You can\u2019t customize your living area by knocking down walls, painting rooms, or building additions. In some cases, you might not even be able to replace appliances without permission from your landlord.<\/li>\n<\/ul>\n<p><a name=\"pros-cons-buying-retirement\"><\/a><\/p>\n<h2>Pros and cons of buying in retirement<\/h2>\n<p>With homeownership, you get to enjoy certain tax benefits, as well as the possibility of building equity and the relative stability of housing costs. On the other hand, though, you have less liquidity and are more tied down to your location.<\/p>\n\n<table id=\"tablepress-741\" class=\"tablepress tablepress-id-741 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Pros<\/strong><\/th><th class=\"column-2\"><strong>Cons<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Potential tax benefits<\/td><td class=\"column-2\">Less liquidity<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Build equity<\/td><td class=\"column-2\">Timeframe for selling<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Stability in housing costs<\/td><td class=\"column-2\">Potential losses due to market conditions<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h3>Pros<\/h3>\n<ul>\n<li><b>Potential tax benefits:<\/b> If you itemize your tax deductions, you can usually claim a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-interest-deduction\/\">deduction for mortgage interest<\/a> and points. You might also be able to claim a property tax deduction.<\/li>\n<li><b>Stability in housing costs:<\/b> With a fixed-rate mortgage, you don\u2019t have to worry about rising mortgage costs; your monthly payment will be the same throughout the life of the loan. This provides a little more stability in your housing costs, even though your taxes might go up and you may have to pay for an unexpected repair or two.<\/li>\n<li><b>Build equity:<\/b> When you own a home, you have the potential to build equity over time. You can access that equity later (through a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/reverse-mortgage-guide\/\">reverse mortgage<\/a>, for instance) or let it keep building in value so that you can leave it for your heirs.<\/li>\n<\/ul>\n<p>Another way to utilize your home equity is through a cash-out refinance. Credible can help you get started with your cash-out refinance. In just a few minutes, you can compare our partner lenders and see prequalified rates on a variety of different home loans.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Get the cash you need and the rate you deserve<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li>Compare lenders<\/li>\n<li>Get cash out to pay off high-interest debt<\/li>\n<li>Prequalify in just 3 minutes<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\/signup\">Find My Loan<\/a><br \/>\n<small>No annoying calls or emails from lenders!<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<h3>Cons<\/h3>\n<ul>\n<li><b>Less liquidity:<\/b> While you might be able to tap your equity later, it can be sometimes difficult to access that value. You might have to wait days, weeks, or even months to receive funds, which can be a problem if you need money fast.<\/li>\n<li><b>It can take longer to sell:<\/b> You won\u2019t have the same kind of flexibility as a renter. Selling your home can take time. If you want (or need) to move quickly, that might not be possible.<\/li>\n<li><b>Potential real estate market losses:<\/b> If you\u2019re forced to sell when the market is down, you could wind up with a major financial loss.<\/li>\n<\/ul>\n<p><a name=\"how-decide-renting-buying\"><\/a><\/p>\n<h2>How to decide between renting vs. buying in retirement<\/h2>\n<p>Deciding whether to rent or buy in retirement can be a tough choice. Consider your retirement dreams and financial situation \u2014 and keep the following in mind \u2014 before making a final decision:<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>When to buy:<\/b><\/p>\n<ul>\n<li>You want more stability in your housing costs<\/li>\n<li>You hope to build equity to tap later or pass on to heirs<\/li>\n<li>You know you\u2019ll be in the same place for a significant period of time<\/li>\n<li>You know you can afford property tax and insurance costs<\/li>\n<\/ul>\n<p><b>When to rent:<\/b><\/p>\n<ul>\n<li>You want to avoid the cost and responsibility of maintenance and repairs<\/li>\n<li>You want more liquidity<\/li>\n<li>You\u2019re not concerned about passing a house down to your heirs<\/li>\n<li>You want flexibility in being able to move, or you aren\u2019t planning on staying in the same place for very long<\/li>\n<\/ul>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A successful retirement requires thought and planning. This is especially true when it comes to housing costs, which can eat up a big chunk of your expenses. As such, you\u2019ll need to determine whether it&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/rent-or-buy-in-retirement\/\">Continue reading<\/a><\/p>\n","protected":false},"author":104,"featured_media":51970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1528,1517],"class_list":["post-51969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-mortgage-rates-sidebar-no-table","tag-mortgage-basics","should-you-rent-or-buy-in-retirement-making-the-right-choice","post_tag-mortgage-rates-sidebar-no-table","post_tag-mortgage-basics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should You Rent or Buy in Retirement? 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