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Condominiums are smart choices for retirement. They provide affordable luxury senior living without all the demanding maintenance of a typical home. As you look at condos, decide first whether to buy or rent one. Each option offers benefits and drawbacks, so analyze your situation and needs to make the right choice for you.

Buying a Condo

The Advantages

Purchasing a condo can be a wise financial choice since it can increase your wealth. What you pay into your mortgage builds your equity, which is a type of forced savings. You can use that later if you sell the condo to fund your retirement or leave more to your family. You also have the opportunity to lock in your housing costs; as rents around you continue to rise, you pay the same amount for your mortgage.

When It’s Smart

Building your equity and enjoying tax breaks is wise if you meet the criteria for homeownership. You should have a stable income that you know you will continue to receive for years. You should also plan not to move in the next few years.

Renting a Condo

luxury senior livingThe Advantages

Renting offers flexibility. If your life circumstances change, such as your income is reduced or you want to move closer to family, you are free to move with ease. Most leases are annual or month-to-month. You also have a landlord who handles any work that the condo requires, which saves you the financial and physical responsibility of homeownership.

When It’s Smart

Renting is the perfect plan when you want more freedom in your retirement. You may not have a stable income to lock yourself into the commitment of a mortgage. This option also gives you the flexibility to move around, such as if you are new to an area and want to see whether you like it.

 

Traditional Trades has condominiums for rent and for sale in Onalaska and La Crosse County, WI. Whether you choose to buy or rent, their homes offer luxury senior living for a comfortable and rewarding retirement. Their senior living community is designed specifically for people 55 and over. Learn more online, and call (608) 783-4785 to speak to a representative.

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