If you own a house, most likely you have planned on living in your house for your lifetime; the majority do. Your house is where you’ve lived in for so many years and holds memories and treasures. If you are a getting ready for retirement or retired, the problem comes when we continue to live in a house, even when it’s not practical and is causing discomfort and stress. There was a time we required a lot of space, furniture and tools; but now they are cumbersome and require a lot of work as our physical and personal needs are different. If you did a thorough and honest assessment on your needs, you may find you have outgrown your house and now may be the time to start thinking of purchasing a condo.
Here we’ve listed some of the best reasons to move from a house to a condo:
- No Upkeep – One of the major reasons to buy a condo is, when entering this new phase of life, you are not required to do the same type of upkeep as owning a house. No more mowing the lawn, pulling weeds, repainting the house, or doing other chores associated with homeownership. Also condo living is safer as you don’t have to worry about security, climbing stairs, major cleaning or renovating.
- Financial – If you have build up equity in your home, you can purchase a Condo at a cost much lower than your house and have extra money to help compensate your pension or other income. You also may be able to get best mortgage rates than when you last renewed your mortgage.
- Independence – You may think of independence as being able to live in your house, but true independence is being able to live in a home you can manage by yourself comfortably and with a workable space and without the pressures of maintenance, repairs and upkeep.
- Travel – If you have always wanted to travel for your retirement, owning a condo has less worry for maintenance, security or upkeep. If you have built up some equity on your house and purchase an affordable condo, you now have the funds to travel.
- Community – If you own a house, you don’t have easy access to community or recreational activities. Many Condos’, especially adult lifestyle condos, have on-site recreational and community activities. Other amenities may include 24-hour security, social interaction with peers along with leisure and recreational activities such as access to a pool, tennis courts, parks or an on-grounds gym.
- Closer to Family – If your children have moved out of the area, this may be a chance to be closer to them. There are many beautiful condos’ to choose from and you have the freedom to move and be closer to them.
- Live in the Place You Love – When purchasing our house and had children or were planning to start a family, we purchased with neighbourhood amenities in mind and what was best for our children such as community centres, schools, parks, child friendly neighbourhoods. Now that children have moved out of the house, these things are not as important. We may have even given up other places to live to accommodate our children. Maybe you have always wanted to live in the city of Toronto, Vancouver or Calgary as there is so much to do and everything is in walking distance or a transit ride, but could not because you wanted the features of the suburbs with at lower cost of housing; now you can afford to purchase a Condo and live in some of the unique and wonderful places you love.
A condo provides a better and practical solution to this new transition in your life and can be viewed as a wonderful and freeing experience. If you are in this new transition; access your requirements, see if you have outgrown your home.
Compare best mortgage rates at Comparemyrates.ca and start saving.