Rent VS Own Financial Worksheet
“One of the biggest questions retirees have is “If I sold my house, can I afford to pay rent each month?”
In today’s world, your home should be part of your retirement plan. Many retirees are sitting on $200,000, $300,000, $500,000 or more in equity in their residence. This worksheet allows you to plug in your numbers to help you calculate the cost of owning your current home versus using the equity to pay for an apartment.
It also determines how much you could potentially save by no longer having to pay property tax or spend to maintain a property. In many cases the income you can earn from investing your equity and the money you save on tax and maintenance will fully pay the rent on an apartment.
If you are considering rightsizing your life and making a move to an apartment, you will find this worksheet helpful. You can complete it in private and make your own decision as to whether or not this move would make sense financially to you.
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