Many recent Fort Collins retirees find themselves grappling with several financial decisions as they enter into this exciting life phase. Readjusting spending habits, modifying various lifestyle behaviors, and adapting to a potentially smaller income source often requires practice to ensure you have the resources needed to enjoy retirement to the fullest.
Many Seniors Opt for Rental Homes After Retirement
What is one significant financial choice many seniors must make during this time? Answering the question of whether to rent or own a home. Many seniors initially assume that staying in the house they own makes the most sense. However, some recent retirees are trending toward Fort Collins condo rentals, for a multitude of reasons. Leasing a well-appointed condo delivers a wide range of benefits to older tenants, including:
Where do you envision spending your retirement years? Do you see yourself traveling? Or, is it more important to plant (or maintain) roots in one particular location? If you’re ready to embrace the opportunity to see the world as a retiree, renting a property is the way to go. Leasing a condo provides extensive flexibility for tenants who don’t want to stay in one place for too long before moving on to another zip code. Additionally, leasing a property also allows for the ultimate “try-before-you-buy living experience.” You’ll enjoy increased agility to try out a specific region of the country to see how you like it without too much of a financial commitment upfront.
Downsize Without Sacrifice
For empty nesters that already know they love the Fort Collins area, renting a property offers a great way to downsize without sacrificing their overall quality of life. Many luxurious condominiums and townhouses have all the creature comforts and amenities you’re accustomed to in a smaller footprint. High-end kitchens, in-unit laundry, and spacious master bedrooms with en suites are just a few of the many features you can still enjoy in a rental, without all the unnecessary extra square footage to clean and maintain.
No Property Taxes
Even retirees that own their home outright still have to plan for property taxes. For many seniors, keeping up with the ever-increasing tax rate can prove financially debilitating. Opting for a rental property in the Fort Collins region instantly eliminates the expense of these fees. You’ll have one set monthly rental rate, so that you can plan your budget accordingly, without any unforeseen upswing in payments.
Lower Maintenance Expenses
Maintaining a home can wreak havoc on anyone’s budget, particularly if it’s an older property that warrants extensive care and upkeep. Leaky roofs, broken appliances, and all other kinds of damage and malfunction are the owner’s ultimate responsibility. However, for many seniors renting a condo, standard maintenance services for general wear and tear are typically part of the lease agreement. If something stops working in your unit, your landlord or property management provider will take care of having it fixed for you, not only saving you money but also making the process as convenient as possible for you.
Renting a Fort Collins condo provides instant access to a multitude of other available amenities that extend far beyond the property itself. Many developments cater to its renters, offering luxurious facilities and features such as an onsite fitness center, in-ground pool, and tennis courts as well as various community events and activities These upscale amenities not only deliver extensive cost savings over having to install them into your property yourself, but they can also help enrich and enhance your overall quality of life.
Increased Access to Capital
During retirement, it’s essential to maintain access to steady cash flow to ensure you can sustain the lifestyle to which you’ve become accustomed. The money you save leasing a property can help ensure you’re optimizing cash flow potential at all times to enjoy and experience the things you love to do. Also, anything you save by renting can also be invested to earn interest at a potentially higher and faster rate than the residential real estate market offers to help provide additional working capital throughout this next phase of life.
Are you ready to explore the benefits of leasing a condo or townhome in the Fort Collins region? All Property Services can help you find the right rental fit. Contact us today to learn more about our available inventory.