If you’re retired, it might be time to take another look at your living situation. Should you rent or own?
Here’s how you can decide.
Retired? Should You Rent or Own a Home?
Ask yourself these questions to figure out whether you’re better off renting or owning a home:
- Is my income stable?
- Can I afford routine upkeep?
- Will I qualify for another mortgage?
Here’s a closer look at each.
#1. Is my income stable?
If you’re on a fixed income, it’s usually a good idea to have fixed housing costs – and that’s where taking out a mortgage is likely a good idea. However, renting might be a better financial decision – particularly when rents are cheaper than mortgage payments.
#2. Can I afford routine upkeep?
All the upkeep associated with a home sends some retirees packing for apartment complexes. There’s landscaping, painting and other maintenance tasks – and the fact that major repairs can cost thousands of dollars.
#3. Will I qualify for another mortgage?
Everyone who buys – aside from those with cash – has to qualify for a mortgage. Is your financial picture where it needs to be?
Are You Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our listings by price:
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