When we reach the later years of our lives, there are several questions we begin to ask ourselves. “How long will my retirement savings last?”, “How can I maintain my health?”, and “What do I want to leave behind for those I love?” are just a few examples.
But there is one question that will have an immediate impact on your daily life, and that question is “Where will I live?”.
Each retiree is different. Some make the decision to retire in a condo long before they receive a pension payment, while others struggle to make a decision on downsizing, or find it difficult to imagine living anywhere else.
Regardless of where you currently sit on the decision-making scale, the benefits of downsizing to a condo in retirement are significant and should be considered, at the very least, before you make a final ruling.
Reasons to Consider Downsizing From a House to a Condo Include:
Stairs can be a safety hazard for seniors who are living with arthritis, hip pain, neurological conditions, and a variety of other medical concerns. Having everything you need on one level is not only a convenience but also a way to prevent falls and their subsequent injuries. Remember, older adults account for 51 per cent of stair accidents and they are 3X as likely to suffer a moderate-to-severe injury as a result. For this reason, the decision to retire in a condo could save you a ton of pain and suffering in the long run.
Retirement condo communities offer a wealth of conveniences that are specifically chosen with seniors in mind. From on-site beauty salons and pet grooming facilities, to laundry services and restaurant-style dining rooms— these communities understand their residents want to enjoy their later years and maintain their independence for as long as possible. Each service and amenity is purposefully provided so you can enjoy a rich and active retirement lifestyle.
Did you know that approximately 30 per cent of Canadian seniors are at risk of becoming socially isolated? Or that loneliness in seniors has been linked to an increased likelihood of dementia, depression, and heart failure, among other negative health outcomes? Seeking out retirement condo communities is an excellent way to ensure you have access to social activities and events on a regular basis. Many communities have a regular schedule that includes activities for a wide range of interests, like card games, nature walks, movie nights, book clubs, live music, and more.
This is one of the most appealing benefits of downsizing to a condo in retirement for many individuals. Mowing the lawn, roof repairs, gutter cleanings, refinishing the deck, and so many other to-do list items disappear when you decide to retire in a condo— meaning you have more time to simply enjoy life and do the things you want to do. If you’ve been debating between a condo or house in retirement, this is a factor you won’t want to overlook.
In addition to the benefits listed above, condo living for seniors provides a sense of security that stand-alone homes simply can not offer. Most condo builders have key fob or access card entry systems, as well as security cameras. In addition, many employ security guards who are on-site 24/7 and use visitor registration systems that keep track of who is entering and leaving the building at all times. These security measures are nearly impossible to replicate in a private home. Even individuals who use security alarms can be subjected to robberies or other security risks when living in a private residence. By living in a condo community, you can avoid having to worry about these types of concerns completely.
And Most Importantly… Affordability!
This is the ultimate benefit associated with downsizing from a house to a condo. Not only will your unit cost less than a single-family home, but you also save a ton of money over time in maintenance costs, property taxes, and other expenses. If the other considerations on this list aren’t enough to sway you, the thought of what you could do with all that extra cash may just be the thing that seals the deal.
Final Thoughts
Whatever decision you make, one thing is for sure— knowing you made it having weighed all the pros and cons will give you the confidence you need to fully enjoy your retirement years. We hope this list helps!
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