September 19, 2012. My husband and I might do the same in retirement. Owning: An Overview . One can have an opportunity to pay a monthly fee that will go towards rent and for a down payment too. For some, renting means freedom; and for others, being a homeowner is the best investment. The Best Retirement Plan for You. Some in this age group switched to renting because they couldn't manage a mortgage anymore. ... Retirement is much easier when you can cut rent or a mortgage payment out of your monthly living expenses. This is a short-cut route to own a … In Canada, you usually have to have a down payment of at least 5% to buy a house. Whether to rent or buy the place where you live is a major decision. Darrow Kirkpatrick, 54, ran the numbers and decided that renting was a better option than buying when he downsized two years ago. But there is an alternative available and it is rent to own by owner program through which one can become an owner of a house. For help figuring out which retirement plan is best for you and your financial future, talk to your Farm Bureau agent today. Published October 17, 2012 Updated October 17, 2012 . Baby boomers are among the fastest growing group of renters. Rob Carrick Personal Finance Columnist. Rent to Owning a home will be more expensive in the short term but will create wealth in the long run. Rent. When we looked at it, we realized that if we went from the Gulf Coast to Southern Canada (respectively) we could be in for some climate shock and maybe a couple of years would be enough. Deciding if you should rent or buy your own home is not an easy task. Take our test and determine if it will be more profitable in the long run to own a house or rent an apartment. Renting gives you more freedom to leave at any time, to travel if you like, and it frees up your home equity (assuming you have been a … Why it’s best to rent, not own. Imagine how owning a house will change the future of your life, and give you freedom in retirement. Rent to Own Canada puts you in a place to be mortgage ready at the end of the term. And as I’m learning, though some factors in the decision to rent or buy are the same at any age, others take on more significance in retirement. It does, however, free up funds to use in other ways. What about you? It doesn't just affect how much money you have left at the end of the month. For those 55 to 64, however, it's another story. It’s true that renting is going to cost more over the years but if we assume your rent increases with inflation, it will cost you about $50,000 to rent when you retire. Indicate the amount of your current or projected monthly rent. $ Read more about retirement home condominiums in Canada. TenantCloud, a property management software service, reports that nearly a third of … It … Others, however, rent by choice. 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