Retirement Properties

Things to consider when planning your retirement

Retirement opens up a whole new world of opportunities, like finding the perfect home to retire in. Determining where you want to live at this point in your life is not an easy decision.

For many retirees, leaving the family home is an overwhelming experience, both physically and emotionally. Before you start looking at retirement properties and options, here are some factors to consider:

• Do I want to stay in the same neighbourhood?  Can you leave behind friends, acquaintances, trusted doctors and familiar surroundings?
• Where would I really like to live? Do you want the busy and social life of the city, or is it time for that home in the country?
• What sort of lifestyle do I want? Do you want to own your own home, or live in an adult retirement community? Which one fits your lifestyle: the small bungalow with a garden, or the condominium that requires no maintenance?
• How much can I afford? When your income is going to be relatively fixed, a good financial plan can help you decide what you can afford, not just now, but in future years.
• Where will I be in ten years’ time? Ideally, the perfect retirement property or community is one that will accommodate your needs as they change over the years, and reduce the chance of having to make another move. 

Once you've determined that you're ready to take the plunge, you have an abundance of available options to choose from.

Condominiums and townhouses

Condos are a favourite choice of empty nesters and retirees. Many offer recreational facilities such as swimming pools, tennis courts, fitness areas, and even access to golf courses. Condominium apartments and townhomes are available in virtually every price range and neighbourhood.

Remember that when you own a condominium you're governed by rules, regulations and by-laws established by the condominium board. Make sure you know how these will affect you before you buy.

Bungalows

Bungalows offer the best of both worlds – your own house and yard, with minimal maintenance, and no stairs. Bungalow living has surged in popularity in recent years, especially in smaller communities outside major centres, where homes are less expensive.

Retirement communities

An adult lifestyle community provides the benefit of home ownership along with recreational and social activities. There are several distinct ownership options, each of which has different benefits for the individual owner. When comparing retirement communities, make sure you know which title you will be assuming and understand its advantages and disadvantages:

• Fee simple – The highest form of ownership with minimal restrictions.
• Condominium – You own, and are responsible for, the interior area of your unit (everything from the plaster in). The condominium association, funded by monthly fees, is responsible for the upkeep of the exterior building and grounds.
• Land lease – You own the structure and contents, and lease the land.
• Life lease – As a tenant, you have a leasehold interest in the unit, and the shared use of common facilities. You make a lump-sum payment and have an ongoing obligation for common costs.

Retirement homes

Residential retirement living is a flexible lifestyle option for older adults who are active and independent. Retirement homes take the work and worry out of day-to-day living so there's more time to enjoy life. You choose how much you want to do for yourself and how much you want to have done for you – and how you spend your time and who you spend it with:

• Peace of mind – No worries about frozen pipes, break-ins, missed medication, or "What happens if I fall?"
• Companionship – Living with others who share your memories of yesterday and your interests of today.
• Fulfillment – Opportunities to enjoy current interests or develop new ones. Freedom to spend your time in the ways you find rewarding.
• Privacy – As much or as little as you want. Entertain in your own suite, or join a group for an outing. It's your choice.

Retirement planners

Locate professional advice on your retirement options

Royal LePage's certified real estate planners have completed detailed training in the issues, problems and concerns facing retirees. They can answer many of your questions about real estate, renovations, tax, legal and financial issues, so you can plan for your retirement well.  Search for a Royal LePage agent who has completed the Seniors Real Estate Specialist designation.

The Ontario Retirement Communities Association (ORCA) keeps a list of accredited retirement homes in Ontario.

Contact your local Royal LePage real estate agent for additional information on retirement options in your community.