Boston Property Management: Senior Citizens who Rent
Senior citizens tend to rent a lot these days because the scenario has changed tremendously. It is estimated that the numbers have grown more than half ever since. These are the advantages and disadvantages of renting when you go past the retirement age.
Senior citizens don’t have to worry about paying mortgage because they know they don’t need a permanent home anymore. It’s even better when you have paid off your mortgage and you can sell your home, so you can rent somewhere and live an easier life. This means downsizing to a smaller place and living comfortably off the interest.
No more monthly payments
Tired of slowly chipping away at your home loan? Your monthly mortgage payments will become a thing of the past when sell your home and start living life as a renter. (Sweet relief!) Depending on your financial situation, this could even mean you’re entering retirement completely debt-free.
The only problem is that you will miss out on the tax breaks. This means missing out on deductions on property taxes and mortgage interest.
Boston Property Management: No ties to one place
The good thing about renting is that you can be flexible with where you want to live. You can easily travel the world and go around without having to worry about maintaining your home. The downside is that you can’t call yourself a homeowner. It can be worse if you have sentimental ties to your home. This means trying to detach yourself from your home and moving on.
No worries about maintenance
The best thing about renting is that you don’t have to worry about maintaining your property. As a homeowner you would have to do everything yourself or hire someone to do it for a price. When you live in a rental property, the Boston Property management company will be responsible for all those tasks. Yet once again it will be quite expensive for you to rent as compared to a mortgage. You get no equity in your home and you have to pay more.
If you move to an apartment building, you get access to a lot of amenities such as a pool, private parking, party room, lounge etc. This will make it easier for you as you don’t have to do much about finding amenities in the area. This is good as you can enjoy all the comforts without having to travel so far.
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