Buying vs. Renting in a Retirement Community
Today, seniors lead a healthy, active lives with the goal of remaining independent. That, however, does not mean that they aren’t interested in the peace, security and lifestyle amenities offered by a retirement community.
Many look forward to exchanging the responsibility of caring for a home in a traditional neighborhood for a more carefree and relaxed all-inclusive lifestyle a retirement community offers.
The idea of buying a senior living condominium in a retirement community with options geared to convenience, enjoyment and a range of onsite programs, amenities and future care options is enticing for many individuals and couples approaching retirement age.
Senior Living Owning vs. Renting
On the surface, the differences are simple. Renting requires a lease, which may be for a period of months or for several years. When the lease is up, there may or may not be renewal options available, but the actual rental price is typically not protected beyond a single lease term.
Equity ownership in a senior housing community is similar as to owning a private home in any other community. Typically, owners negotiate the price and terms of the sale with the company or with a previous owner, and an additional monthly fee to cover various maintenance and upkeep charges is common. Although building maintenance and yardwork are not normally the owner’s responsibility, other personal expenses, including utilities, taxes and additional assessments and interior renovations, are typically ownership costs.
Again, depending on the senior living community and the types of additional services or world-class amenities offered, there may be options for adding services, from cleaning and meals to medical care, or for moving to different care options or memory care services offered.
It is always an individual decision whether buying or renting is the best course of action, and it’s always wise to consult with a personal accountant or financial adviser before making a decision.
Advantages of Buying in Fox Hill
Fox Hill – situated on 16 acres of prime land in Bethesda, Maryland – is an example of the kind of condominium retirement community that offers all the advantages of ownership. Live the kind of life you love – active and connected to the cultural opportunities, scenic beauty, shopping, entertainment and leisure pursuits that you enjoy – without the worries or expense of home maintenance, repairs and ongoing upkeep.
Travel as you wish, assured that the home you own will be safe and well-cared-for in your absence. Pursue a new hobby, or stay active in your career field, cultivate new friends and enjoy every moment in the beautiful surroundings of suburban Maryland, close to the nation’s capital.
When purchasing a senior home in a retirement community, the monthly fees are typically cover homeowner maintenance. But, every community will be different, but usually, the fees can include everything from exterior yard-work to housekeeping – just imaging having a beautifully landscaped outdoor space without having to maintain it.
Residents often coordinate with each other to attend events, wart classes, exercise classes and encourage each other to explore the walking trails at Fox Hill and the outdoor parks throughout Bethesda.
When purchasing a home, retirement communities including Fox Hill provide numerous luxury amenities available to residents, including access to the fitness center, wine cellar, art studio, walking trails and more. Everything you love to do can more easily become part of your everyday life. You can pursue your passions independently or join in the wide variety of arts, cultural and educational programs, classes and events at Fox Hill.
Moving to a senior living community is the perfect solution to help eliminate or reduce isolation for many seniors. Communities offer numerous opportunities to enjoy meaningful social interaction, reduce loneliness and benefit overall health.
Luxury Senior Living Condominiums
With 240 senior living condominium units and a variety of floor plans to choose from, we offer a full-range of onsite services, including a bank and business center, transportation services as well as a parking garage for your personal vehicles, four restaurants, a wine cellar and tasting room, a spa and fitness center, with assisted living and memory care if you need those in the future. There’s much more to recommend Fox Hill, but the main benefit is that it is an ownership community that will no doubt appreciate in value in years to come.
Retirement Community in Bethesda, Maryland
Are you thinking of making a change? Are you interested in learning more about how good your life can be as a Fox Hill resident? Three separate units comprise the Fox Hill campus: the Residential Condominium, the abundant amenities, and care options. We offer a valuable informational packet to assist you in your search for the perfect community to fulfill your requirements.