Property planning: Advice for the retirement boom

Advice for the retirement boom

Advice for the retirement boomThings are looking up for Canadian boomers. Compared to the generation that precedes them, they are healthier, living longer and many will work past the age of 65.

This changes how retirees need to should look at their retirement property.

“Accessibility tops the list of considerations for retiring homebuyers, followed by amenities, size, finances, and of course, location,” says Phil Dorner, president of the Ontario Real Estate Association. “A retirement property should be able to change with you and also fit with your lifestyle. You’ll want to consult with your Realtor on a few things before acting on your next move.”

Here are some considerations:

Property type: If customizing a house to include things like elevators and supportive equipment is simply too cost prohibitive, condos are an excellent option. They are almost universally accessible, come at various price points, in a host of locations. On the other hand, many house owners are accustomed to a lot of space and a yard, so moving to a condo can be a big adjustment.

Location and amenities: Think about what you need to be socially and physically active now and in the future. The closer you are to the services you rely on, the better. Know what your transportation options are – this will help when you can’t drive yourself or others are not available to take you.

Maintenance: A big yard will require work in the spring and summer months, while a sidewalk in front of your home will require snow removal in the winter. Will you be prepared to handle the demands of a house or will you be able to afford services that will help you with these responsibilities?

Adaptability: Look for a home that can adapt to your changes. For instance, having a main floor space that could be turned into a bedroom if required is a good idea.

“Considering your needs now and in the future will lead to a long and happy stay in the new home,” says Dorner.

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