Figuring out where to live as you reach your golden years can be one of the toughest decisions you’ve ever had to make. When it’s time to downsize and find a living space that will be easier for you to manage, determine if you want to rent an apartment or stick to homeownership. The choice is important, as it will impact your lifestyle and finances.

The staff at Murphy Properties, who oversee apartment rentals catering to active seniors in New London County, CT, and Washington County, RI, explain that real estate investments become less important later in life. Because of this, they offer a few reasons why it might be better to rent in the long run:

• No Maintenance Responsibilities: Homeownership comes with a great deal of upkeep and maintenance responsibilities. But when you rent an apartment, you have the convenience of simply calling your landlord to fix anything that breaks. You also don’t have to concern yourself with managing the yard and landscape.
• No Long-Term Commitment: Buying real estate is a long-term commitment. If you’re retired and thinking about spending time traveling, or you’re considering the possibility of moving closer to family, renting an apartment will allow you to keep your options open. 
• No Need to Worry About Having Enough Income: If you no longer have a steady income and are depending on your retirement plan to last you a while, it might not be wise to drop a good portion of your monthly budget into a mortgage payment. There are numerous expenses associated with homeownership, so it might be best if your only living expenses went to rent and utilities.

Once you take these critical factors into careful consideration, it should be less challenging to make your final decision between renting an apartment and homeownership. If you’re ready to take the next step and sign a lease, contact Murphy Properties at (860) 599-1980, or visit their website to view the rentals they currently have available.