It’s wise to have a plan for that day when you say “I’m outta here!” to the work world. Your happily ever after won’t be so rosy if you’ve put off the planning.
We aren’t talking financial planning here; after all, we’re real estate agents, not financial experts.
What we’re talking about is geography–where you’ll live. The lifestyle you hope to pursue will bear on your choice of location. At least it should.
Do you plan on slowing way down or going into this phase of your life with wild abandon? If it’s anywhere near the latter, we have a suggestion for you: Downsize.
Especially if lots of travel is in your future, the last thing you need is a big house and all its accompanying maintenance to anchor you in place.
Consider selling the house and buying a condo. Read on to find out why.
You’ll lower your housing expenses
Whether you’re single or heading into retirement with a spouse or partner, ditching the family home for a condo is a sound financial decision.
First, condos typically cost less to purchase than single-family homes. For example, although condo prices have risen steadily over the past decade, the median 2 bedroom sales price in Kitsilano is $892,500.
During that same period, the median sales price of an existing single-family home was $3,188,000.
This represents a more than 357% difference in price.
Not only will you save money on the purchase of a condo rather than a single-family home, but you’ll spend less heating, cooling and maintaining a condo.
Yes, there are fees involved in condo ownership. The bonus here is that these fees help cover any major maintenance and repair costs in the community.
You’ll have fewer maintenance hassles
Although some condo communities feature homes with small yards, they pale in comparison to what you may have now. The most popular situation is a community with common areas, maintained by the Strata.
This means you eliminate the exterior painting, lawn mowing and snow shoveling you did when you owned a single-family home.
Park the Car and get in shape
Kitsilano is a great community if you want to explore by foot. You probably have to hop in the car currently if you want to go shopping, or go out to a restaraunt. The beauty of Kitsilano is you are close to everything, the beach, the Sea Wall, Restaurants, Shops and Grocery Stores. You can walk everywhere, so leave that car at home and get some exercise!
Your home may be safer and more secure
If you plan a bit of a wanderlust lifestyle when you retire, you can’t go wrong with with the home security a condo offers.
Owning a condo will allow you to hit the road for as long as you want with far less worry than if you leave behind a large single-family home.
You couldn’t pick a better time to make this decision. The real estate market still favours sellers. And, the amount of equity you’ll have to work with after the sale may shock you.
Take advantage of that equity to downsize your finances and your life during retirement.
About the Author:
The above article Retiring? Sell that house and buy a Kitsilano Condo was provided by Regan Pyke, a Vancouver Realtor and a leader in the field of sales, marketing, and real estate investing. Regan can be reached via email at [email protected] or by phone at 778-228-2448.
Thinking of buying or selling your Vancouver West, or Kitsilano home or Condo? I have a real passion for buying and selling Real Estate, as well as marketing & real estate investing. I’d love to share my expertise!
