- Steven Pargetter
Is NOW the time to Downsize?
My parents have been talking with me for 5 years about moving to Toronto and enjoying the condo life. They bought a pre-construction condo with me years ago and have done very well with it. It was profitable from the beginning and with it complete over a year ago they were able to cashflow with the first tenant and are doing even better now with the second moved in.
Overall, it was a fantastic investment for them and I'm happy about that. They always wondered if they should move into the unit themselves and get out of the suburbs and come live in Toronto to find a fresh perspective and new zest in life. I had told them that I felt that particular condo was a little too small for them to enjoy and that the idea itself is amazing but it takes the right condo for them to make it worthwhile.
Toronto has so much to offer and there is a massive cohort of people who are just now finding themselves in retirement and getting a bit older but still feel young at heart. You might be one of them. This particular generation most likely has their house completely paid off and is now worth well over a million dollars. The problem is that the kids have moved out and it's feeling a bit bigger overall. The maintenance of the home never stops does it? Consistent work is required just to maintain and live in this house. Mow the lawn, rake the leaves, shovel the driveway, clean the clutters, hop on the roof to check that leak. I don't have to tell you it's a ton of work and it's not getting any easier.
Condo life can be amazing for exactly this reason. There is no maintenance required, you can go on any trip you like, pop down to Florida for the winter, go see the grandkids and stay awhile. There's no worries about back home and the jobs that need to be done. You turn the key, turn off the lights and say goodbye, when you return, it's like you weren't even gone. This is going to provide a priceless amount of calm and worry free fun instead of dread wondering what you're about to come back to. Plus, it let's you get away for a lot longer than you normally could.
My parents made the plunge and have recently moved into their new 2 bed penthouse where they are beginning a new chapter to their life. They are incredibly excited and feel like kids again. I'm very proud of them as well, it can be a daunting task changing your life at that age but it's for the best and overall a wonderful plan. I'm taking off this weekend with my wife and son to see Grandma and Poppa to go for a swim in the pool! He's very excited to see them and the memories he will have their will be fantastic for all of us.
If you have ever thought about changing for the better and making your life easier, then let's chat. Take advantage of your wealth and downsize to something more practical, fun and easier to maintain. You're in your golden years, shouldn't it be golden?
Wishing you all the best, you deserve it!