Many seniors are still living in their family home — purchased years ago for a large family, they now find that the house is more than they need or want.
However, that house puts them in a great financial position – with the money they make on selling their current house they can move into a condo and bank the rest. At this stage in life, you may be on a fixed income, so the chance to make money from selling your house and then have the predictable monthly bills of a condo will give you peace of mind.
The reasons for seniors switching home for a condo don’t end there, though:
- One floor living means no stairs to climb, a good thing if mobility starts to become an issue.
- No outdoor maintenance like cutting grass, tending to a garden or shoveling snow.
- Amenities on site mean no traveling outside – in the snow or rain – to get to a pool, gym or fitness centre. Research shows that the more convenient these types of amenities, the more likely we are to use them!
- A whole community of people nearby to meet and socialize with.
- The money you make from selling your home will allow you to retire comfortably, traveling if you want, or helping younger members of your family. Not only that, you can lock the front door and go without worrying about taking in the mail or having someone watch the house as you travel around the world.
- If you’re living on a fixed income, a condo’s monthly bills are a welcome predictability.
Seniors today are not what seniors were a few decades ago – they are active and social, and want to have freedom from household duties so they can travel, dine out, have friends in, have access to gym and fitness centres.
But not all condos are created equal for older Canadians, so if you or a family member are thinking of retiring into a condo, get in touch with us first — The Condo Store knows every condo project and can help you find the perfect one to suit your needs.