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Owning a home is a great way to build wealth over time, but some retirees find that becoming renters better suits their lifestyle and their bank account.
Homeownership carries many financial responsibilities. In addition to paying off a mortgage, you have to maintain homeowner insurance, pay property taxes and budget for ongoing maintenance. Renting relieves you of those burdens. Your only concern is paying the monthly rent.
A home you purchased when you were younger and working may no longer meet your needs in retirement. Perhaps it’s larger than necessary, if your children have grown. Selling it can give you income to fully enjoy your life in retirement. You also will gain the freedom to live where you like. What follows are seven reasons retirees should consider becoming renters.