Proud Black couple holding keys to new home

Proud Black couple holding keys to new home

Saying goodbye to your children and having an empty nest, could mean it’s time to relocate to a new city!  There are a number of benefits that can come from renting an apartment in your golden years. Not quite convinced? Here are a few reasons why you’ll want to opt to rent vs. buy during retirement:

More Money for Other Things

When you’re not putting money every month toward your mortgage, insurance, upkeep costs, and taxes, you can dedicate your cash flow to other things, whether it’s traveling or developing a new hobby.

When you sell your home and rent a place instead, you’ll also be able to tap into your home equity, giving you significantly more money to either spend or save during retirement. Not only will renting save you from paying a mortgage, it will also help you avoid other costs, including closing costs, real estate fees, homeowner’s insurance, and property taxes.

Some houses come with extremely high property taxes because they’re near great local schools. However, once you’re kids have flown the coop and you’re left with an empty nest, there’s no reason to pay those fees.

Read more here at Forbes!