Owning your own home outright is the lifelong dream of many people. After all, who wants a mortgage payment when you’re in your retirement?
This makes complete sense, but is not always the best option, says Angel Van Horn, Community Relations Specialist at Park Manor, the most trusted retirement community in Nashville, TN. “Owning your own home can be a real benefit in many ways, but it also can become a burden in your senior years,” she says. “You probably purchased your current home to meet your lifestyle at the time, whether that was buying a bigger home to suit your expanding family, or downsizing to be empty nesters. As you get older, you may find that you’re not using as much of your big home as you once did – and you’re discovering that going up and down stairs isn’t as easy as it once was. Or you may find that, even in your smaller home, you have a lot of expenses like lawn care, unexpected repairs and other costly surprises.”
Although home sweet home is still a wonderful place to live, says Angel, many seniors just get plain tired of dealing with everything associated with owning a home. That’s why so many of today’s seniors are choosing to sell their homes and instead rent during their senior years.
“Renting is a great option for seniors – even those who are completely independent and active,” Angel says. “Think about it. Let’s say that you want to take a last-minute trip to visit friends or go overseas. If you own your own home, you have to coordinate pet care, making sure someone is keeping an eye on your place … but if you’re renting your place, particularly if you’re in a retirement community, all you have to do is lock up and head out.”
Plus, she says, renting means you can say goodbye to things like home maintenance and property taxes. Yes, you’ll have a monthly bill – but at a retirement community like Park Manor, that monthly fee is all-inclusive. Never again will you have to shell out for upkeep, meals, utilities or repairs. Everything’s included, from the restaurant-style dining to the maintenance-free apartments to the plethora of services and activities.
“Many of our residents have found that renting at our community ends up costing less than living on their own in their paid-off home,” says Angel. “And best of all, it’s a lot less work!”
Why Renting Is Right for Today’s Senior
Seniors today are taking a much different approach to retirement than the seniors of yesteryear. “Today, older adults are looking at retirement as an opportunity to have new adventures and begin a new, exciting chapter of their lives,” says Angel. “They’re certainly not slowing down – in fact, they’re just getting started. Many find that renting a home is a lot more practical for their new, active lifestyles.”
That active lifestyle is one of the biggest reasons that retirees choose to move into a retirement community like Park Manor. “You’re not just getting a place to live at a place like Park Manor – you’re becoming part of a community,” she says. “All of a sudden, you’re in a place where all your needs are catered to and everything is simply easy. Don’t feel like cooking? Head down to the restaurant-style dining room for a chef-prepared meal. Want to spend your afternoon pursuing your favorite hobby? Go ahead. And staying on top of your health has never been easier thanks to an on-site fitness center. Best of all, you don’t have to pay a penny extra – it’s all included in your monthly rent.”
The maintenance-free approach is another big draw for today’s older, active adults. Seniors at Park Manor have found that life is a whole lot easier, simply because there’s less they have to do – leaving all the time in the world to do the things they want to do. No longer will you have to mow the lawn, fix the broken water heater or spend your weekends cleaning. That all gets taken care of for you. It’s a little like living at a five-star, all-inclusive resort – except you never have to leave.
On a practical level, many seniors end up renting in a community because it makes estate planning much simpler. “Owning your own home can cause some issues down the road for your heirs, simply because it’s a non-liquid asset,” says Angel. “By selling off your home, you don’t just free up all that equity – you also save a lot of hassle and headache for your children.”
Planning for the future is yet another important reason why today’s seniors choose to rent instead of own. When many people think about “aging in place,” they imagine getting older in their current homes. However, those current homes are not always set up to meet the needs of older adults. In order to live safely in your current home, you might need to make extensive – and costly – renovations. Adding grab bars to the bathroom is one thing, but installing a wheelchair ramp, widening the doorways and installing a chair lift for the stairs may simply be too much of an undertaking.
Moving to a rental community, though, means that you get to enjoy the freedom of your active and independent lifestyle now – while having peace of mind that you’ll be able to “age in place” in your new home. “Everything at Park Manor has been designed with our residents’ needs in mind,” says Angel. “We also provide all levels of care at our community, from assisted living to memory care, along with independent living. That way, you’ll always be able to receive the care you need to live as independently as possible – all while remaining in a home you’ve come to know and love.”
If you have more questions about why renting is the perfect option for today’s active, independent senior, please contact us at 615.997.3030.
Love Where You Live!
Have you ever asked yourself the question, “Do I love where I live?” If you ask that question of the residents of Park Manor, Nashville’s premier retirement community, the answer would be a resounding, “Yes!” For over 50 years, Park Manor has served Nashville’s seniors by providing a community designed to support an active, independent, secure, healthy and worry-free lifestyle. Located on seven spacious acres in the desirable Nashville neighborhood of Belle Meade, we’re proud to provide a lifestyle our residents love each and every day.
Park Manor’s approach to senior living is simple: exceed our residents’ expectations. We strive to provide everything you could possibly need and want to live your life the way you choose. At Park Manor, you will enjoy a standard of living reminiscent of a luxury resort – but it’s not a vacation – it’s your lifestyle! This commitment is why we are held in such high regard by our surrounding community and are known as thepremier retirement community offering independent living and assisted living lifestyles.
For seniors requiring memory care, Park Manor is associated with the prestigious Abe’s Garden® Memory Care Center of Excellence. Abe’s Garden® is committed to transforming the care of those with Alzheimer’s disease and dementia by establishing a national model of residential living and day care programs for those suffering from the disease. Abe’s Garden® provides an unprecedented level of care in addition to a comprehensive array of services and lifestyle options.
At Park Manor, your continued independence is our top priority. Enjoy living life as you choose … in the comfort and privacy of your own apartment, while having the peace of mind of knowing help is available if and when you need it.
For more information, please call 615.997.3030.