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More Seniors Opting to Rent Instead of Own

 Posted on October 22, 2015 in Estate Planning

rent instead of own, DuPage County Estate Planning AttorneyOwning a home is a goal that many individuals grow up with and consider as the "American dream." A home offers a place for families to raise their children. Later in life, a home provides a place for families to enjoy their golden years.

However, what is often not included in the description of the American dream is the cost and work that is required to maintain a home.

Over the past several years, more and more retirees are opting to sell their homes and are choosing to rent. In fact, statistics show that over the past 15 years, the number of retirees who own homes has dropped from approximately 85 percent to 75 percent. Additionally, projections show that over the next 10 years, more than 2 million seniors will make the decision to sell their home and rent.

One common reason for choosing to rent is the spikes and drops of the real estate market. Currently, the market is at a high, which means that it is a good time for sellers. Historically, when that high market reaches a certain point, it eventually comes crashing down and turns the real estate tables into a buyer's market. With that in mind, many seniors will make the decision to sell in order get the most money for their property. These funds can then be invested in such a way to boost a senior's monthly income.

Another benefit that renting has over owning is that it frees a person from home maintenance, such as lawn care, snow removal, and other tasks required for the upkeep of a home. There are also major expenses that often occur with home ownership, such as roof replacement, and heating, plumbing, or electrical systems problems. When you rent and these issues arise, they become the landlord's headache.

Finally, renting can also protect seniors from elder fraud. Criminals, who represent themselves as home repair contractors, target elderly home owners and swindle them out of hundreds—often thousands—of dollars for repairs that never get done or done incorrectly.

There are several decisions to make when it comes to planning for the future, including the benefits and downfalls of homeownership versus renting. Therefore, contacting an experienced DuPage County estate planning attorney who can help navigate you through these decisions is important. Please call 630-665-2500 to schedule a consultation to discuss your future today.


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