Should you buy a new home when you retire? Your needs and wants change considerably once you reach retirement and moving is a good way to fit your home to your new lifestyle. Whether you’re moving to be closer to family, to live somewhere you’ve always dreamed about, to find a place with fewer maintenance needs, or just about any reason, keep your values and lifestyle in mind.
What should you look for in a new home at this age? What are adult lifestyle communities and should you move into one? There are many questions to ask before you start your house hunt. But in many ways, it’s not just a house you’re investing in, it’s a lifestyle.
Quality New Homes by Blythwood
New builds are the simple solution for people who want a home to be exactly what they’re looking for without any of the hassle of renovating or fixing up an older property. One reason to move when you retire is getting a property where you don’t have to make any compromises. It’s called a dream home for a reason.
Not only do you get more say in what materials or fixtures are used when you go with a new build, you can reliably count on lower maintenance requirements for the first few years. As houses age, they tend to demand more expensive repairs.
We’re new home builders in Niagara on the Lake, and we use leading edge construction products that improve energy efficiency and keep maintenance at bay for longer. Ask us about construction techniques like creating a tight envelope to reduce energy loss and improve comfort.
Rent vs. Own
As you head into retirement, you may be wondering if it makes more sense to rent or own. There are several upsides to renting, including:
- Less responsibility when it comes to bills;
- Not having to worry about maintenance inside or out;
- Freeing up equity for your retirement.
However, there are also some important downsides to consider about renting. For example, while your rent goes up, with a mortgage your living costs remain stable, a factor that becomes more important as you transition to an income based off of savings.
Keep in mind that property taxes are usually built into the rent, and you build no equity making rent payments.
Reducing Maintenance with a Townhome
For many retiring couples, owning remains a better option than renting, but they still want to minimize how much maintenance and work they have to put into their homes. Investing in a townhome bungalow may be the perfect plan for anyone seeking a lifestyle where they don’t have to worry about mowing the lawn or shovelling snow out of the driveway.
When you invest in a townhome in a Blythwood Homes community, outdoor maintenance is handled by the Corporation. That means you don’t have to worry about maintenance when you’re away on vacation. It’s a convenient solution for anyone who plans on spending a lot of time travelling during their retirement.
Why Upsize in Your Retirement?
You’re not just buying a home; you’re investing in your lifestyle. For some, that can mean choosing to get more space. There are several great reasons to buck the trend and upsize, including:
- More space to host family for holidays, because your children may have moved out, but their families are only starting to grow;
- More room for entertaining guests and enjoying an active social life without having to go out;
- Dedicated space for hobbies;
- Buying the home you’ve always dreamed about living in.
Relocating is a golden opportunity for those who want to upsize. Getting out of the city and moving somewhere with lower prices gives you a lot of leeway with your budget to find the space you’ve always wanted.
If you’re concerned about bills increasing with the size of your home, consider investing in a home that’s more energy efficient than the older one you’re leaving behind. Today’s building materials, construction techniques, and appliances such as HVAC, toilets, and washers are all more energy efficient than the older models you’re likely leaving behind.
One of the reasons Blythwood Homes creates communities in Niagara is that it’s a wonderful part of the world to live in and the costs are much more reasonable than Toronto or the GTA. If you’re looking for adult lifestyle communities near Toronto, Blythwood Homes is currently working on two communities: The Vintages in Niagara on the Lake and The Oaks in Ridgeway.
Great Communities for Adult Living
There’s a growing interest in adult lifestyle communities in Ontario right now. People are looking for a change of pace as they get older. Even long before retirement, many empty nesters feel like the communities where they currently live are too busy with raising families, commuting, and work. It can be easier to make friendships and form stronger community bonds in communities where your neighbours enjoy a similar lifestyle.
Adult lifestyle communities in Ontario are geared toward homebuyers who are a bit older and more established, usually empty nesters, and people who are looking forward to enjoying more leisure time, travel, adventures, and engaging in their local communities. What they’re looking for in a new home is a vibrant community.
Niagara is home to some of the best adult lifestyle communities Canada has to offer, thanks to the unique amenities and a laid-back lifestyle. Enjoy the pace, the food, the wine, the natural beauty, and more. There’s a feeling you might discover in Niagara: you don’t have to rush because there’s nothing you’re late for.
Moving into Your Dream Home
Is now the opportunity for you to move into your dream home? If you’re planning to move again, make sure it’s part of your retirement plan. Relocating to a new community is a great way to enjoy a low stress lifestyle, meet your neighbours, make new friends, and get more out of the best years of your life!
Register to find out about new homes in a Blythwood Homes community. The best of Niagara awaits.