Seniors Capitalizing on the Value that Renting Provides
September 29, 2015The American Dream of home ownership is a cliché as old as apple pie, backyard barbecues and the Fourth of July. So embedded in our culture is the idea that we should aspire to own a home of our own someday that renting is often viewed as a last resort: an option that should only be taken during times of financial hardship. Instead I would offer that renting is preferable to home ownership in a number of ways, the most important of which is flexibility. Free from the high costs associated with home ownership, from taxes and mortgage payments to homeowner’s insurance, renters have the ability to pick up and leave at a moment’s notice, spend money on luxury cars and purchase yachts—even fund college savings accounts for their grandchildren. One of the major downsides to home ownership is liquidity. The task of selling a home can be a long and somewhat arduous process, not to mention that it can take months just to find a qualified buyer and a minimum of another month before the closing of the transaction. Not having a substantial sum tied up in a home can deliver an increased level of personal freedom. Whether it’s a new business venture, an investment opportunity, a favorite charity or a relative in dire financial straits, having extra capital on hand can provide a range of options and a great opportunity to help others when they need it most. If the mood strikes, renters can move on by simply writing up a 30-day notice and calling a moving company. Maybe it’s a desire to be closer to grandchildren, live abroad or see a new part of our country. Whatever the reason, renters aren’t held captive by a piece of property. Since there are no hefty entrance fees at Carolina Bay at Autumn Hall, residents can rest easy in the knowledge that they will not have to forfeit a large sum of money if they ever have to move. With no extensive financial requirement, people who are curious about the lifestyle provided by continuing care retirement communities can move in and try things out for themselves with no long-term commitment. Part of the reason we don’t require an entrance fee, which is unlike many other continuing care retirement communities, is that we want to match our services to the needs and wants of our residents. It’s also because we are confident that anyone who takes the time to experience the quality of life at Carolina Bay firsthand will never seriously consider the idea of leaving. Of course we also offer a number of ownership options, so that people averse to renting can take advantage of the services that are available in our communities, which include independent living and assisted living options, a memory care facility, chef-prepared meals, weekly maid services, a fitness center with a heated indoor pool, scheduled transportation services, a spa, a library, and an arts and crafts studio. By: Cindy Stancil Cindy Stancil is President of Liberty Senior Living Management Services, LLC. Leveraging 30 years of experience in senior and assisted living, Stancil manages operations at four senior living campuses under the Liberty Senior Living umbrella. Liberty Senior Living Management Services LLC is a division of Liberty Healthcare Companies, a locally owned and operated company that provides a comprehensive approach to patient care.