Own or rent — what’s best when you retire?

Owning your own home is a well-earned source of pride and independence, and its rooms contain years of family memories. These emotional ties are often the reason people say they want to “age in place.” But for many seniors, renting may actually be the wiser option.

This is especially true if you choose to rent in a retirement community like Sweetwater, which offers beautiful housing options, along with a host of advantages, activities and amenities.

It can be a difficult decision, but here are some important factors to consider.

The financial advantages of renting

Perhaps your house is fully paid for or your mortgage payments are low. On the surface, it may seem that staying where you are makes good sense. After all, rents usually rise, don’t they?

But take a closer look at the underlying costs of homeownership. There are taxes and insurance fees, utilities, maintenance and unexpected repairs that can take a sizeable bite out of your savings. And just like rent, these costs also increase — sometimes quite steeply.

Another advantage of selling your home is that when you do, the equity you built up over the years becomes a liquid asset that you can use to supplement your retirement income so you can enjoy life more fully.

Safety and security

With aging come physical changes, and even when they’re subtle, things you once took for granted may seem more difficult. As one woman put it, “Who lowered the toilet and made the stairs so high?”

Many chores you once did easily, like yard maintenance, shoveling snow, checking roof gutters, even changing the bulbs in a ceiling fixture can not only be more challenging, but dangerous.

According to the Centers for Disease Control and Prevention, once every second in the U.S., someone 65 or older suffers a fall, often causing broken bones, a head injury or a hip fracture. In fact, falls are the leading cause of injury and death for older Americans.

Adapting your home to these changing needs often requires expensive remodeling — higher toilets, grab bars, easy-access showers, more convenient kitchen cabinets, a stair lift for a two-story home and more.

At Sweetwater Retirement Community, everything from bathrooms to hallways and common areas is built for the safety and comfort of its residents. There’s another layer of safety, too — security measures that prevent anyone without authorization from entering.

Social advantages

One of the most difficult aspects of aging is losing old friends and feeling increasingly isolated. CDC research has shown that for seniors, an active social life is a key to better physical and mental health, as well as brain function.

“Following recent world events, we were able to see the detrimental effects of isolation in elders and not receiving proper levels of stimulation in their homes.  At Primrose*, rich social experiences and robust lifestyle options, accentuating wellness across several dimensions, create a lifestyle of joy and well-being for our residents within our communities” said Melanie Perry, Primrose life enrichment and cognitive well-being specialist.

A pleasurable social life is one of the best aspects of retirement at Sweetwater. It’s easy to make new friends and stay active with game nights, exercise classes, outings to interesting places and events, and more. You can also enjoy the company of others in the lounge, cafe, ice cream bar and friendly atmosphere of the dining room.

Preparing for the future

You may be quite fit now, and hopefully will remain so, but it’s comforting to know that if at some point you need more assistance, the change will be easy and seamless.

“At Primrose, we understand the value of having a continuum of care within our communities,” shares Dedi Wood, Executive Vice President of Nursing. “Our commitment to providing residents with familiar faces and surroundings ensures a seamless transition as their needs evolve. By fostering strong relationships with our dedicated staff and maintaining a comforting environment, we empower residents to embrace additional assistance while preserving their independence.”

Sweetwater, which has independent living and assisted living all in one location, can provide a continuum of care, so if you need to make a transition it won’t disrupt your life. You can remain in the same familiar surroundings, with the friends and caring staff you’ve come to know over the years.