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Renting After Owning a Home: Overcoming the Fear

You often hear younger generations wrestling with the renting vs. owning debate. But, what you might not realize is that many baby boomers and retirees like yourself are dealing with the same decision. 

There’s actually some psychology behind it. Cognitive biases are tendencies to think in specific ways that can lead to systematic deviations from good judgment. That means, as older adults who have owned homes for decades, it can be easy to think that renting is bad. 

For some lifelong homeowners, the idea of renting is unthinkable because they have been accustomed to owning a property and not dealing with a landlord or close neighbors. But, if you’re in your retirement years, renting an apartment might be a strategic decision that could allow you the freedom to enjoy life more.

The Benefits of Renting After Owning a Home

If you’re in your retirement years, there are benefits to aging in place. However, you might quickly realize the cons outweigh the pros regarding home maintenance, multi-level living, and everyday responsibilities. 

With renting, you have: 

• Flexibility on location – When you think of retirement, you might want to test out the idea of living on the Florida coastline, enjoying the nightlife in Tampa, or moving closer to relatives. Renting doesn’t require a long-term commitment and gives retirees like yourself the chance to find the perfect fit for a season, a year, or forever.
• Smoother transitions – When you own a home and decide to move in your 50s, it’s going to look very different than if you realize you can’t maintain your house in your 70s. Renting makes it easier to be flexible as your needs change. With an apartment, you don’t have to worry about finding a replacement tenant when you move. When you sell a home, the process can drag out for months and require more work to find a buyer.
• Amenities – If you choose to move to an Upside apartment, you have dedicated Upside Managers at your disposal to help you enjoy fitness centers, dog parks, resort-style pools, as well as get groceries delivered, and simplify your life in a way that works for you.
• Fewer costs – While not all rentals are cheaper than a mortgage, many costs associated with owning a home can add up to more than renting costs. Most renters don’t pay property taxes, HOA fees, or repair bills. Plus, purchasing renter’s insurance is typically less expensive than homeowner’s insurance.
• Improved socialization – Aging in place can get lonely as loved ones and neighbors move or pass away. With the intergenerational living offered through Upside apartments, you can form new relationships that give your life a greater sense of joy and purpose.

Downsizing from a home you’ve lived in for decades can be challenging. But once you get past the cognitive biases that convinced you owning is always better than renting, you open yourself up to a whole new option for living in your retirement years. 

About Upside

Upside is proud to take everything you thought you knew about senior living and turn it on its head. Since our inception, we’ve provided active older adults with dynamic living options that offer maintenance-free, active lifestyles in intergenerational communities. We offer one-, two-, and three-bedroom units that let retirees downsize to their comfort level while staying front and center for all the hustle and bustle of city life.

Learn more about our unique approach to senior living and start living the retirement life you’ve only dreamed of having. Contact us today to speak with an Upside Advisor.