Seniors Capitalizing on the Value that Renting Provides
October 17, 2015
The American Dream of home ownership is a cliché as old as apple pie, backyard barbecues and the Fourth of July. So embedded in our culture is the idea that we should aspire to own a home of our own someday that renting is often viewed as a last resort: an option that should only be taken during times of financial hardship.
Instead I would offer that renting is preferable to home ownership in a number of ways, the most important of which is flexibility. Free from the high costs associated with home ownership, from taxes and mortgage payments to homeowner’s insurance, renters have the ability to pick up and leave at a moment’s notice, spend money on luxury cars and purchase yachts—even fund college savings accounts for their grandchildren.
One of the major downsides to home ownership is liquidity. The task of selling a home can be a long and somewhat arduous process, not to mention that it can take months just to find a qualified buyer and a minimum of another month before the closing of the transaction. Not having a substantial sum tied up in a home can deliver an increased level of personal freedom. Whether it’s a new business venture, an investment opportunity, a favorite charity or a relative in dire financial straits, having extra capital on hand can provide a range of options and a great opportunity to help others when they need it most.
If the mood strikes, renters can move on by simply writing up a 30-day notice and calling a moving company. Maybe it’s a desire to be closer to grandchildren, live abroad or see a new part of our country. Whatever the reason, renters aren’t held captive by a piece of property.
Quail Haven Village is designed for an active lifestyle offering a variety of lifestyle choices and diverse services and amenities for our residents who appreciate a fee-for-service continuum of care. Our lovely garden apartment homes, quality services, lifestyle and opportunities for future peace of mind and comfort are among the reasons we have grown to such a popular location for retirement living. With no extensive financial requirement, people who are curious about the lifestyle provided by continuing care retirement communities can move in and try things out for themselves with no long-term commitment.
Part of the reason we support a rental model is that we want to match our services to the needs and wants of our residents. It’s also because we are confident that anyone who takes the time to experience the quality of life at Quail Haven firsthand will never seriously consider the idea of leaving.