Are thinking about your retirement? Even if it is a long way down the road, it is never too early to begin planning. In our latest post, we offer excellent tips for buying a Toronto retirement home!
When buying a house for your retirement, there are many things to consider. You will need to think about things you hadn’t had to think about with real estate purchases in the past. Here are a few of our best tips for buying a Toronto retirement house.
Sure, if retirement is a long ways away, it might be difficult to know what you are going to want down the road. Your needs might change, you might want to live somewhere else, but here is the beauty of it: even if you change your mind, you can always sell the house for something else. By purchasing your perfect retirement house now, you can opt to rent it out in the meantime, so that the mortgage on it is paid by someone else. Let someone else shoulder the costs of your retirement home, while you continue to invest and save for your retirement/vacation fund.
Think of The Future You
Future you may not want to mow a large lawn each week or have to deal with climbing up and down the stairs to get to the laundry room. It is important to consider what your needs will be down the road, not just what works for you today. Many people fail to consider what their future needs will be and end up stuck with a house that isn’t usable for them. Be considerate of yourself and keep in mind that your body will change over time. You will have different needs than you do today. Of course, it is impossible to exactly what your life will be like, but try to make thoughtful decisions that will help you attain a high quality of life in your retirement years.
What does the area look like 5 years from now? 10? 15? Even if your plan is to hold on to the house, you will still want a property that is going to retain its value. Take some time to learn about what the future of the area looks like. Are there major development plans? Renewed infrastructure? You will want to retire in an area that makes modern amenities convenient for you. There is no guarantee that says you will be driving in your later years, so pick a spot that has commonly needed services nearby. You may not want to live way out in the country when you are in your 80’s and 90’s.
Costs of Ownership
How much does owning the home cost you each year? You must consider the taxes, insurance, maintenance, repairs and utility costs. What happens if you go a few months without a tenant. Will you be able to pay the mortgage on top of your other monthly bills? There are other costs to consider as well which are unique to specific properties. Are there oil or propane tanks to fill? Maybe a septic system to maintain? All of these costs need to be accounted for to determine your true cost of ownership.
Are you looking for a great property you can eventually retire in? At Zoom House Buyer we buy and sell the best properties in the area, and we are sure to have a home that fits your needs and budget! We would love to help you find the perfect retirement home in the Toronto area!