Thinking about beginning a new chapter in your life? Tired of being an Empty Nester? Here’s everything you need to know about making the move to an apartment rental.
Smaller living spaces mean lower costs. Generally speaking, renters spend less per month than homeowners with a mortgage. Plus, owning your own home comes with additional expenses on top of your monthly mortgage payment, such as high property taxes, maintenance, repairs, and insurance. Choosing to rent eliminates all the unnecessary costs that you no longer need and puts more money back in your pocket.
Taking the leap from homeowner to renter can be a big change, so preparation for your adjustment is key. Your new apartment may share walls or outdoor space with neighbors. However, sharing walls may lead to more socialization and could decrease feelings of isolation. Renting may also provide an elevated lifestyle by providing luxury amenities that you’ve never experienced before. You may have more accessible options that better fit your needs, so you don’t have to foot the bill with expensive modifications to your home.
Another advantage of renting is that it provides more flexibility. You no longer need to commit to living in the same space for a long period of time. You’ll also save time on housekeeping because you have less space to take care of, so you can start enjoying more time with friends and family or even take up a new hobby!
A smaller space also means less furniture. Consider passing furniture along to family or donating to a charity to free up extra room in your rental. If you do choose to donate, be sure to look into charities that organize the furniture pickup to reduce extra costs. It’s best to review your new floor plan to help you determine what you would like to keep and what you should part with. A good rule of thumb is — if you haven’t used it for a year or more, then you might not need it.
When you decide to sell your home and rent instead, you’ll be able to tap into your home equity, giving you significantly more money to either spend or save during retirement. You will enjoy maintenance-free living in an apartment community.
You won’t have to worry about fixing that leak in your sink or replacing a broken door because your landlord will take care of that for you. Plus, you’ll have a beautifully maintained outdoor living space to enjoy anytime you desire – no more mowing the lawn or shoveling snow!
As you approach retirement, leaving your large home behind and renting an apartment provides the opportunity to move around freely and be part of a new community. While leaving the place you’ve called home may be difficult, it’s important to remember that life is full of opportunities. Why settle for an “empty nest” when you can thrive in a new setting? Making the leap to renting may be the very thing you’re looking for at this point in your life, so get to packing!