15 Reasons You Should -- and Shouldn't -- Own a Home in Retirement

Owning a home can be a rewarding experience, both during your working years and in retirement. But should you remain a homeowner once your career wraps up? Here are eight reasons you should -- and seven reasons you shouldn't.

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When you rent a home, you never know when your landlord might decide to sell it, thereby leaving you with no choice but to be uprooted. If you own your home, you won't risk a scenario where you're forced to move.

Many people manage to pay off their mortgages in time for retirement. If you do the same, it could pay to stay in your home since your housing expenses may be pretty manageable at that point.

ALSO READ: Do You Need to Pay Off Your Mortgage Before You Retire?

Even if you don't manage to shed your mortgage in time for retirement, the interest you pay on it could serve as a tax deduction. That's a nice way to eke out savings.

As a homeowner, you get to deduct property taxes on your tax return as well. If you're eager to lower your tax burden in retirement, that's a good thing.

ALSO READ: This Homeownership Expense Could End Up Costing More Than Your Mortgage

When you own a home, the equity you have in it could serve as a cash source as needed. You can take out a home equity loan or home equity line of credit (HELOC) or even pursue a reverse mortgage should you decide that makes sense (though it's important to proceed with caution when going that route).

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When you're on a fixed income, an increase in your monthly rent could be a very bad thing. If you own a home, you won't have to worry about rising mortgage payments (assuming you have a fixed-rate loan).

Some people need to make adjustments to their living spaces as they get older to accommodate mobility issues. That may be an easier thing to do as a homeowner than as a renter.

If a need for money arises during retirement, owning a home means having the option to rent out a portion of it to drum up cash. That won't be on the table if you rent your home.

ALSO READ: Renting Out a Room in Your House? 4 Tax Issues to Know About

Although owning a home in retirement has many benefits, one drawback is having to cover the cost of maintenance. If you're on a fixed income, that could really wreak havoc on your budget.

ALSO READ: 4 Ways I Keep Home Maintenance Costs Down

Property taxes have a tendency to rise over time. You may find that yours become difficult to keep up with once you're no longer working.

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As you age, you may have difficulty performing home repairs yourself. If you're forced to outsource that work constantly, it could get very expensive.

ALSO READ: I've Spent $20,000 on Home Repairs in the Past 3 Years. Here's How I've Managed

You might own a $500,000 home in retirement -- but if you live in it, that $500,000 won't serve as a cash source. If you sell that home and rent one instead, you can access that money easily and use it as needed to cover your bills.

ALSO READ: How Much Do I Need to Retire Comfortably?

Homeownership comes with certain tax breaks. But you might have a low tax burden in retirement and, as such, not really need those write-offs anyway.

Some retirees like living up north during the spring and summer but head south when the weather gets cold. If you want the option to move seasonally, then signing six-month rentals in different parts of the country could make more sense than hanging onto a home you don't live in half the year.

When you own a home, it's on you to cut the grass and make sure snow is cleared soon after a storm. Come retirement, you may not want that responsibility anymore, which makes renting a better option.

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Clearly, there are pros and cons to being a homeowner during retirement. Be sure to weigh them carefully when making your decision.

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