Seniors have unique needs in terms of lifestyle, and since your home is the centre of your everyday life, it should meet those needs – and more! As a real estate agent, I love getting to know people and helping them find the perfect home for their next chapter. In this blog, I’m comparing buying a condo vs a house for seniors to help you decide which path is best for you. Let’s get started.
Some of the downsizers, retirees, and seniors I work with have asked, “Is it better to buy a condo or a house?” Of course, the answer will look different for everyone. However, there are some general pros and cons of buying a condo or a house, respectively, that seniors and their families should be aware of when considering these two property types.
Advantages of Buying a Condo?
Let’s start with why buying a condo as a senior could benefit you.
The Lifestyle
Hands down, one of the best perks of buying a condo as a senior is the unique lifestyle advantages. Most modern condos in the Greater Toronto Area are built with quality of life in mind. Along with featuring great suites and units, most properties feature a range of fantastic on-site amenities to make everyday life a little more enjoyable and convenient.
Not to mention, when you live in a condo, you can say goodbye to time-consuming maintenance duties. All your yard work, shovelling, and big repairs are looked after for you. If you want to travel, you can simply lock up and go, knowing your home is safe and secure.
Condos Are Accessible
Another perk about condos is that they’re accessible. Unlike houses, which can feature multiple stories, living in a condo means having every room on one level. Along with simply being convenient, this setup is also a much safer option for seniors compared to living in a house that requires going up and down stairs multiple times a day.
A Sense of Community
Another perk of living in a condo is the sense of community it can bring. When you live in a condo, especially a condo tailored towards senior living, you get to meet more neighbours than you normally would in a traditional house. This can bring new connections and friendships as you transition into your next chapter.
About to downsize your home? You may find these blogs helpful!
Disadvantages of Buying a Condo
Condo living as a senior has its perks – but it’s not for everyone. Here are some potential downsides of buying a condo.
The Rules
Unfortunately, living in a condo does come with certain rules. Of course, you can use and enjoy your home however you want (within reason), but you won’t have complete freedom either.
Condo Fees vs House Expenses
Another special consideration for living in a condo is the fees. Owning a condo means you’ll pay monthly fees to your association or corporation on top of your mortgage. While exact costs can vary, condo fees in Ontario are often several hundred dollars at least. That said, the total costs of owning a condo are typically lower compared to a house (on average).
Advantages of Buying a House
Like condos, standalone houses offer great perks for seniors. Let’s take a closer look.
Plenty of Privacy
Compared to condos, owning a house can offer an extra layer of privacy. Not only can you come and go without bumping into neighbours in the hall or elevator, but you’ll also be able to make the most of your property without sharing. For instance, you can garden in the front or back yard without interfering with someone else’s plants.
Enjoy More Freedom
Owning a freehold house means you have almost complete freedom over how you use the space. Want to make a few renovations? You’re able to (as long as you get the right permits). Want to use a barbecue in the backyard? You can!
Thinking about buying a condo or house in Oakville, Ontario? You may find these blogs helpful!
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- Steps To Buying A Home in Oakville, Burlington, or Mississauga
Disadvantages of Owning a House as a Senior
While going the freehold route has its benefits, there are cons to buying a house too.
It’s a lot of Space
While having more space is a benefit in many ways, it also has its drawbacks. For example, a larger house will take more time to clean than a compact condo. If you’re looking to spend less time on housework and chores in your next chapter, going the condo route may be better for you.
Keeping up With the Seasons
When the seasons change, so will your household duties. Sure, moving the lawn and raking up leaves can be taxing, but shovelling snow is where things get really tough. On top of taking a lot of time and effort, shovelling snow can pose legitimate risks for seniors too – from slips and falls to cold exposure, heart health and more.
Property Taxes Are (Usually) Higher
Nine times out of ten, semi-detached and detached houses usually come with higher property tax rates – at least compared to condos. If you’re retired or living on a fixed income, facing elevated housing costs can be a drawback.
Ready to Downsize?
Downsizing your home is exciting, but there are important real estate transactions involved. When the time comes to begin your downsizing journey, you’ll want to partner with a dedicated and experienced real estate agent who specializes in supporting downsizers – like me!
Whether you plan to buy a condo or house, I can help you make the most of your upcoming purchase (and the sale of your current place), ensuring maximum results with minimal stress.
Selling your home or buying as a senior? I can help! To get in touch call 905-346-8188 or email me at stacey@staceyrobinson.com.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
