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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.
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:
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.
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.
Downsizing is an experience that can be positively life changing. Think about it. Less maintenance and housekeeping, cheaper utility bills and more financial flexibility and time to spend exactly how you choose. The list of benefits goes on and on. On the other hand, the thought about moving into a less spacious abode can seem […]
Navigating the living options available to older adults can be a confusing and cumbersome process. It’s a lot of information to absorb during a time when someone is considering one of the biggest and most stressful moves of their lives. Here, we tackle some of the differences between independent living and assisted living, as well […]