Seniors: Rental or Condo?
Ah, the retirement lifestyle worry free, toes in the sand, and visits with the grandkids and you deserve it! The big question is do I downsize to a condo or rental property. With the boom in Halifax of the rental market it has never been more popular to rent versus buying for a variety of reasons:
Financial Freedom - Your money from the sale of the home can be invested and drawn on as needed to support the lifestyle you want in retirement. Also, access to money in case of medical emergencies or long-term illness.
Financial Obligation - Any requirement for building maintenance, snow removal or problems specific to your unit or scarier, special assessments, has no financial repercussions on you.
Worry Free Living - Walk in, and walk out and lock with only your personal chattels to worry about. No worries about any insurance related issues.
Leave when you want - You sign a one-year lease and realize it is not the lifestyle for you or the particular location is not what you thought it was going to be, wait your twelve months and move out.
Passing On - no responsibility on loved ones left behind to deal with the task of selling the unit and also being financially responsible to maintain the unit until it does sell.
Protect your money - no matter how up or down the real estate market goes it has no impact on your financial future. Especially in areas like Halifax, which has never seen the equity growth that larger cities in Canada have experienced.
Space and comfort - Apartments aren't what they once were with compact kitchens and a boxy floor plan. Today's apartments feature two good size bedrooms, some with den and a great open concept main living area where kitchens are designed to be very functional and finishes like granite countertops are pretty much standard now. Most units being built within the last couple years also feature ductless heat pumps offering air conditioning.
Ninety-nine percent of the seniors I have been blessed to help make the move in the last five years have chosen apartment rental over condo purchase.
If you are not sure, try the rental first to see how you acclimate to apartment style living after all it been thirty or forty plus years of having your own space inside and out.
You might discover as much as your family own became too big an apartment may be too small and then opt for townhouse rental or condo. It's a no risk move into a rental property
Whichever route you are inclined to take Brenda K's Halifax Home Selling Group can help get you the most money for your home while guiding you through the home selling journey.