What are my real estate options for retirement properties?
What should I consider as I plan my retirement?
For active older Canadians, retirement opens up a whole new world of opportunities and one of those opportunities is finding the perfect home in which to live out your “Golden Years”. It's not an easy decision. For many retirees, leaving their family home is an overwhelming experience both physically and emotionally. Preparing yourself before you make your move can make all the difference in the world.
Before you start looking, here are some things to consider:
1) Do I want to stay in the same neighbourhood? It's been your home for years. Can you leave behind friends and acquaintances and say goodbye to your trusted doctors, friendly shopkeepers, and familiar surroundings?
2) Where would I really like to live?
3) Do you want the diversity and cultural opportunities of a major metropolitan city?
4) Is it time for that home in the country?
5) Can you bear the Canadian winter?
7) Will I want to move again or is this where I plan to stay forever.
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Planning now will save you money & reduce stress in the future.
What sort of lifestyle do I want? Retirement living offers all sorts of possibilities, from owning your own home, to living in a community, to joining a retirement community. Which one fits your lifestyle? Is it the small bungalow so you can have your own garden or the condominium that does all the maintenance for you? Each has its benefits and each has its drawbacks.
Where will I be in ten years time? Ideally, the perfect retirement home is one that will accommodate your needs as they change over the next few years and reduce the chance of having to make another move when you may be less prepared.
Once you've determined that you're ready to take the plunge, there are an abundance of options available to you.
COMMUNITY AND AMENITIES
Community is another advantage. Downsizing often involves people leaving an established coterie of neighbours, colleagues and family. Perhaps moving into a high-rise condo, where the amenities — such as a club house, gyms, shuffleboard and putting greens — encourage interaction between homeowners.
While this type of property is wheelchair accessible, the premise is that this community is for healthy people. Unlike a retirement or nursing home, when prolonged sickness arrives and more regular care is needed, it’s likely that people will move elsewhere.
Do you want to make this change while you can still enjoy it or just jump from one stage of home ownership to the last stage?
