Originally published by Orchards Walk

You’ve worked hard your whole life and the time has finally arrived to consider retirement options. The kids are grown and off raising their own families, you live in a single family home that is far too big for 1 or 2 people, and the thought of cutting the grass ruins most Sunday afternoons. Does this sound familiar? The decision to retire often brings a new perspective to wants and needs, and the best way to enjoy the golden years of your life. If you’re deciding between renting and buying during retirement, here are a few reasons why renting may benefit you.

Access to capital

Owning a home is a great investment, a forced savings plan with a promising return in most cases. When you retire however, you may have a lot of your capital tied up in your home and require or prefer liquidity of these assets. Selling your home will free up cash that will allow you to enjoy those life-long dreams of travelling, enjoying your favourite past-times or perhaps getting that car you’ve always wanted. Renting allows you to spend more freely during retirement without the worry of debt, and eliminates future expenses related to selling such as lawyer, realtor and property-transfer fees.

More flexibility

Renting allows a lot more flexibility during retirement if you need to move quickly, or would like to try different downsizing options such as condo or townhouse living. If you need to move closer to your family or friends as things change, the ability to give one month’s notice gives great piece of mind. Or perhaps you are spending a lot more time away from home snowbirding down south – in which case renting may also fit this new lifestyle.

Less maintenance

Cutting the lawn isn’t the only thing you have to maintain when you own a home. There’s also the gardening, fixing that leaky pipe and even ensuring your roof is replaced when need be. When you rent, you let go of these responsibilities financially and also mentally, allowing you to focus on the things you enjoy doing most.