From A Woman's Perspective: February 8th, 2025 "Downsizing Property Options: not just Condos"

Downsizing Property Options: not just Condos

Good morning, Marilyn. I speak to seniors every week, and among the more common objections to downsizing I hear is, “Oh, I’m not moving to a condo. They’re so boxy, and small, and expensive!” I get it, condo living isn’t for everyone. But just because you think a condo isn’t right for you, doesn’t mean that’s your only downsizing property option. 

In the GTA we are so fortunate to have a wide variety of property types to choose from. But in order for me to play matchmaker and find the perfect downsizing home for you, a bit of self discovery is needed first. 

What are you looking to change about your current situation? Are you finding the maintenance of an oversized home too much for you? Fed up with dealing with snow and grass every year? Or maybe you want to be closer to your children and grandchildren? Or, perhaps you’re counting on some of the money from your home’s sale to pay off your mortgage, or go towards your retirement investments.

Whatever it is you want downsizing to do for you, your next move should help fulfill that goal; otherwise why bother moving, right?

As a downsizer you have two basic choices: sell your home and lease (ie: rent) a place to live, or sell your home and buy another property. Each has its pros and cons. I’ve outlined these in our newest booklet, “Downsizing Property Options: not just condos” which is available on our website, smartrealtysolution.com or by calling me, Sharon, at 416-460-5636. 

If you rent you have maximum financial freedom to invest the total proceeds of your sale and supplement your retirement income. You also have the maximum lifestyle freedom from maintenance and the surprise costs that can affect your budget as a homeowner. Your landlord and not you is responsible for the big-ticket items like roof, windows and furnace. Rental living is also a great way to “try before you buy” if you’re moving to a brand new community, or wondering whether a condo apartment is right for you. 

Within the rental segment is the specialized niche of retirement communities. I've visited dozens of retirement communities and I'm telling you some of them are truly wonderful. They provide fellowship, security, stimulating activities, and varying levels of support. Newer retirement communities are being built with full kitchens and in suite laundry for completely independent living. The major advantage for seniors is that should their level of care change, they are in the right environment to receive it. 

However if renting your next  home doesn't feel like enough security for you, then perhaps you would want to purchase after selling. Perhaps a smaller home in the same neighborhood, or something out of town where your purchasing dollar goes further. If considering a smaller town, I always recommend my clients research the infrastructure - things like transit, health care, hospitals - to make sure their long term needs will be met. University and college towns are particularly attractive for having these facilities already in place. 

While there are many other options to consider - co-housing, co-operative housing, co-ownership, life leases, seasonal subletting, tiny homes, four-season mobile home parks - time today doesn’t really allow a full discussion of these. Our new booklet, “Downsizing Property Options: not just condos” will give you more information. You can request it at smartrealtysolution.com or by calling me, Sharon, at 416-460-5636. 

But before we go, Marilyn, I do just have to circle back to condos. There’s a reason why condos are so popular among seniors. They are safe, affordable, and convenient. Condos are not just apartments, but also townhouses and detached dwellings. Condos are a type of ownership, and not a building style. For more about the pros and cons of condo ownership, request your free copy of “Condo Considerations.” It’s everything you always wanted to know about condos but didn’t know who to ask.

At SMART Realty Solutions, we provide concierge downsizing real estate service to seniors. We create a custom plan to find you a home that meets your lifestyle, health and wellness, and financial goals. It all starts with a call. 

My name is Sharon Parenteau, and these have been your SMART Realty Solutions for today.

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