- What kind of lifestyle do I want?
- Where do I go?
- What will it cost me to achieve those goals? And can I afford it?
So, let’s explore some of the downsizing lifestyle options:
- Stay in Toronto, well because we love it, our life is here and so are our friends and family, but a smaller home is needed. The family home is large and expensive to run, and we don’t need that extra space. Today in Toronto, smaller homes in the same neighbourhoods don’t make any economic sense. The land is so valuable that it forces many to change neighbourhoods or change their style of home, maybe a townhouse or apartment condo.
- Stay in Toronto and cash out to rent a home that meets your interests and budget. Then travel, travel, travel, and invest the rest.
- Maybe it’s time to move just outside of the GTA, no more than one to two hours away. This would allow for living in that country home you always dreamed of, or maybe back to the old town where you grew up. The real estate options are plentiful and much more affordable than the GTA. This way you can pocket some of the money to invest for your retirement living and travel too.
- Maybe you have always dreamed of owning the cottage up north or the vacation property in the southern US, or that condo in the Caribbean. This is for those who love to travel but still like to keep a home base of their own.
- Maybe you love boating. Living off your own boat in warm waters has always been your dream.
- Living part of the year in your homeland in another country has always been your dream and now you have the time to do this. You need the flexibility to leave your Toronto home knowing it will be safe and maintained – maybe condo living is the answer. Don’t forget you have to live in Canada for a minimum number of days so as not to jeopardize your OHIP status.
- Maybe it’s been your dream to live in a community purpose-built for the mature population nestled around your first love: Golf and your dream is to tee off every morning of your retirement. Wouldn’t that would be awesome?
So, when I downsize where do I go? We will explore this in our next blog. Stay tuned.