Living in a rented house versus buying your own home is a timeless debate. Both have an almost equal number of proponents with equally strong arguments in their favor. When it comes to retirees, it’s difficult for them to buy a new home as they have a poor chance of getting a home loan. Sometimes, it may make sense for retirees to stay in a rented house even if they already own one. So, let’s find out why Living In A Rented Home Works Well For Some Retirees instead of living in their own home. 

You May Not Need A Big House 

Most people buy houses when they are working or before they retire. People usually prefer to buy a little bigger house than they need. This may be because of a sense of leaving something significant for children or just having that extra space required to live a comfortable life. For example, people living in a 2 BHK on rent usually like a 3 BHK property when they buy a house.

Assuming you need a bigger house during your working life because of kids, the same may not fit after you retire. After retirement, you and your spouse are the only ones who are going to live permanently in a house. Your children may visit you once or twice a year for a few days. It can become a challenging task for you to maintain a big house and move around from one corner to another to do every small work. 

So, you may not need the big house that you purchased in the past. 

Your Own House Can Provide A Rental Income 

Continuing with the first argument, you may not need a bigger house, but you will certainly need a regular income for your expenses. Your own home can provide a higher rent. The rent would not only cover the rent of the smaller house you have rented but will also provide you with a little extra money to cover your expenses.

You May Find It Convenient To Live Near The Market Area 

After retirement, you may not want to drive too often for regular household work. You may find it convenient to live near the market where everything is available within walking distance.

If this is the case, renting a house in the market area will be better than living in a suburb away from the market. You will also save on travelling expenses and easily avoid traffic.

You May Want To Live Closer To Your Children In Different Cities

You may have bought a house in another city, but your children live in another city. If you want to be closer to your children because of affection, to get their support or any other reason, then renting a house in that city works better for you. It will also help you in case of any emergency. 

Before choosing a rented home, check out the facilities available in the location for senior citizens, such as hospitals, shops, banks, etc. Prefer a property that allows you to stay long-term; it can help you avoid frequently shifting from one rented property to another.

The author is an independent financial journalist.