If you are looking for a less costly living experience, there are numerous options that you can take advantage of.
As a homeowner, it’s important that you invest a lot of time and money to keep you home in good condition. As your home ages, it’s likely going to require more and more maintenance – this includes everything from replacing the furniture, the windows, the roofs, and possibly even the septic system. These costs can make owning and continuing to hold a home impractical – from both an emotional and financial perspective.
One option that you can do is to downsize your home, which requires less maintenance due to the smaller size. A condominium can essentially be an attractive option when you want to remain a homeowner, while at the same time limiting your maintenance responsibilities. For example, you will be taking care of your unit, but the condo association will essentially be responsible for the maintenance and repair of a majority of the common areas – such as the basement, elevator, lobby, HVAC systems, community facilities, and the land on which the condo has been built on. It’s a cost-effective and low-risk investment that may actually be a better option that a home for you.
Another option that you have is to rent a property. Although many people are against renting – because they feel like it equates to throwing money away, it definitely makes financial sense once you crunch the numbers. However, one thing that you should keep in mind is that rent costs can typically go up, which is something that you have to deal with when living on someone else’s property.
Kuba Jewgieniew is the CEO of Realty ONE Group, a real estate brokerage firm with offices in three states and over 5,000 associates.