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Retirement


 

As a larger portion of the population approaches retirement age each year, lifestyle options are growing as well. Prudent home owners analyze their needs before choosing the right move for them.

 

Analyzing your needs before making a choice involves reviewing and considering:

Location, Location -   Decide on the radius that keeps you within distance of family or any other people who are important in your life. If you or you partner do not drive, think about the ramifications if the driving partner becomes ill or dies.

Lifestyle - Assess your lifestyle. There is no sense paying for recreation facilities or maintenance services in which you are not interested or do not need. Do you need that extra room for guests or for your hobbies? Are you looking for recreation, social and community support? Check restrictions related to pets or planting gardens. Do you need a large lot for gardening? Are you ready to give up that special pet? Do you want to, or are you able to, cut the grass and clear the snow?

Medical Facilities - Check out the availability and location of doctors, hospitals, and other medical facilities that you may need. 

Year Round Living -  Even though you may be considering going south for the winter don't regard your new home as only a summer residence. With travel insurance costs, the fluctuating Canadian dollar and the possibility of unforeseen health issues, going south may not always be an option.

Resale Value - It may not seem important right now, but if you want to move, or one spouse dies, and you find yourself considering selling, resale value will become important to you.

Monthly Costs - Review all the monthly costs involved. If you are considering a land lease community, don't under estimate monthly rental costs. To ease the cost, set aside some of the money you are saving by not buying the land and use the income to pay the rent.

Types of Ownership - If you are considering retirement and lifestyle communities, there are any many different benefits. Each type of ownership provides different benefits to the owner. Fully investigate what type of title each community offers and understand the advantages and disadvantages.

Life Lease: A life lease holder has an interest in a unit and the shared use of common facilities in exchange for a lump sum payment, together with an ongoing obligation for common costs. This is a newer form of housing geared to seniors and retirement lifestyles.