Downsizing Property Options - Pt.2

A common question that I hear from empty-nesters is, “What are my property options as a downsizer?” Last week we explored the idea of renting and discussed some of the pros and cons of being a tenant as a retired person. For a copy of the article I wrote, you can reach out to me at 416-460-5636 or visit our website, smartrealtysolution.com. 

Today we’re going to look at the other major category of property options downsizers can consider: buying their next place to live (rather than renting).

Purchasing a property can have a lot of advantages for seniors which we will get into in a minute, but for now, let’s consider four different ways I can help you spend your money. You can: 

1. Buy a smaller house in the same neighbourhood

If staying in your familiar surroundings is important to you, then you might want to consider moving to a smaller house. You’ll have the freedom from some of the costs associated with owning a bigger property, but still experience the benefits of having an appreciating asset with leftover funds with which to enhance your lifestyle.

2. Buy a home outside the GTA

We all know that homes in the Toronto area are very pricey compared to what you’ll find even an hour away. Maybe you’ll even find yourself closer to adult children since so many young people live outside the GTA in search of better affordability. There’s no doubt that smaller-town living also has many benefits for lifestyle and community. 

Here’s a hint: consider a town with a University or College for possible relocation. Towns like London, Hamilton, Kingston or Peterborough have the transit and healthcare infrastructure that students and seniors both require. 

3. Buy a condo

Condos are a perennial favourite for my downsizing clientele. They offer affordable, convenient, and secure living for seniors. An important consideration is that condos can be apartments, townhouses or even detached dwellings; a condominium is a type of ownership, not a style of property. You own your own unit and pay a proportionate share of the cost of maintaining the common areas and amenities. My booklet, “Condo Considerations” outlines the process of buying a condo and the things you should look for ahead of making the purchase. You can order a copy of “Condo Considerations” by visiting my website, smartrealtysolution.com or by calling me, Sharon, at 416-460-5636. 

4. Buy an “out of the box” property - life lease, co-ownership, co-op or multi-plex

These might be unfamiliar terms to you, but there is a whole world of options, each with its own benefits and drawbacks. I’d love to share them with you at our next Wednesday Webinar on March 12th at 4:00 pm, called, “Downsizing Property Options: not just condos.” Wednesday Webinars are presented via Zoom, so you can watch and participate from the comfort of your own home. Register at smartrealtysolution.com for the link. And even if you can’t make the 12th at 4:00 you should still register and we will send you the recording. 

Whether you should buy or rent depends on a number of factors. There isn’t one option that’s right for everyone. At SMART Realty Solutions we are downsizing specialists with the expertise to create a custom plan that meets your lifestyle, wellness and financial goals. Every single day we help seniors just like you with resources, service providers and most importantly, a gameplan to make downsizing as stress free as possible. 

If you’re ready for less work and worry, let our SMART Realty Solutions team provide you with the concierge real estate services that other companies just can’t match. I welcome your call anytime at 416-460-5636. And if you’re not quite ready, that’s okay too. Download free resources to help you get started at our website, smartrealtysolutions.com. There’s never a cost or an obligation for any of our offerings. Just helpful tools to help you build a safer, happier future. 

Well, Marilyn, that’s it for me. My name is Sharon Parenteau, and these have been your SMART Realty Solutions for today.

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