Why Retirees Who Rent Are Happier

Why Retirees Who Rent Are Happier

In retirement, you don't necessarily need a house with several bedrooms and a big yard. In fact, stairs to climb and a yard that needs mowing can become a significant liability as you age. Renters get to outsource emergency repairs and some home maintenance chores, which can make life easier as a retiree. Downsizing to a smaller apartment can also improve your retirement finances. Here are 10 reasons to become a renter in retirement.

Retirement marks a period in your life in which inner happiness, health and vitality are more important than raising a family, renovating your home for the coming years and having a large home for the sake of having one.

In other words; retirement is when you stop buying green bananas to wait for them to ripen and to instead go for the ready-to-eat and convenient yellow ones. The yellow bananas symbolize renting a home instead of investing in one or living in one you own (the green). There is a lot that goes into owning and maintaining a home that might've been worthwhile in the long run, but renting in retirement – in my opinion – is much better. Here are five reasons why that's the case:

1. A smaller space with less clutter makes for a happy retirement.

When the kids move out of the house they can leave behind a bunch of empty rooms that go unused. You don't need any of that extra space or the majority of their clutter but they collect dust whether you use them or not. You've worked all your life and now you have to keep cleaning unnecessary things in your retirement?! That doesn't make a happy and laid-back retirement does it?

You can sell off the house or even if you're renting, you can downsize to a smaller home or apartment. Just imagine how much time and sweat you can save by simply downsizing!

2. Your cost of living can be dramatically reduced.

If you live in an area that you must, due to its close proximity to your workplace or to the best schools the city has to offer, it's more than likely that you're paying a hefty premium for the location.

Even moving a neighborhood away could save you a ton of money and further reduce your cost of living.

3. You can live among amenities that are useful to you in your retirement.

Retirees who make it a priority to optimize their lifestyles tend to move closer to the places they frequent. A great area to move to would be one that boasts many commercial and recreational amenities for your enjoyment such as shops, parks, swimming pools/gymnasiums etc.

Renting gives you the freedom to move houses whenever an amenity becomes integral to your lifestyle. You might have to move closer to a specialist or physician one day, or even decide that you like golf more than you do tennis and want to live closer to the local course. Renting means living where you want at that time, it's not about making life-long decisions.

4. Be closer to the one's you love.

As I've mentioned in number 2 on this list; your children and other young to middle-aged family members need to live where they do for work, an education or for their own kids. Provided that the area they live in offers what you want in your retirement, you can move closer to them and enjoy the presence of your children and grandchildren.

This can also be a way for you to help your children out with childcare or for them to help you out with eldercare while saving a lot of money that would've otherwise been spent on travel expenses.

5. Renting gives you more flexibility.

When you rent a place, you're making an open-ended commitment – if you love the place you can stay on for longer, or you can keep looking for greener pastures.

If you want to see what it's like to live in a different city, go ahead and experience it! And if you're thinking of buying a house somewhere that you've always dreamed of, renting in the area before you buy can give you a real sense of the quality of life you can experience there in your retirement.

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