California residents who are beginning to consider retirement planning may want to consider the issue of renting vs. owning a house during the retirement years. Even though owning a home may be an affordable option, there are considerations that may militate in favor of renting a home in one's non-working years. When engaging in the estate planning and retirement planning process, looking at these issues could be a worthwhile undertaking.
When owning a home, owners are able to have the security of not having to deal with a landlord. They do not have to confront the prospects of a lease ending or being forced out of the property when it is inconvenient to move. In addition, various tax breaks make home ownership enticing. Property taxes, interest on mortgage payments and other benefits are available.