Retirement Living: What Are My Options in Today’s Housing Market?
As more Canadians near and enter retirement age, there are more new and innovative housing options to consider than ever before. Whether you’re planning for yourself or your parents, here are some exciting possibilities to think about, as well as the pros and cons:
Aging in place
An attractive option for those who are energetic and fit, staying in their current homes, or “aging in place,” lets seniors keep enjoying the comforts and familiarity of home as long as possible. The downside is maintaining a house is physically taxing and expensive, and renovations may be required to make the space more accessible for those who develop mobility issues or health conditions later in life.
Multi-family living
With the cost of housing skyrocketing, many families are deciding to co-habit across generations. While this used to mean young families creating an in-law suite in the basement, today a variety of arrangements are possible — from single-family homes converted to triplexes to university students rooming with the grandparents. These setups let younger folks afford a home while helping seniors with company and support, but the benefits may come at the cost of privacy for all.
Land lease
Perfect for those transitioning into their retirement years or already fully retired, land lease allows seniors to unlock money from their existing homes to buy a home without owning the land. This helps free up money for travel or daily living expenses while still maintaining equity in a home. Plus, those who choose a retirement land lease community from Parkbridge can also enjoy vibrant social activities, with amenities like community centres, activities, pools and parks, which are landscaped and maintained by an onsite management team.
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