Senior Financial Advisor, Assante Capital Management Ltd.
Downsizing the family home into something more manageable is often an option when considering retirement. This decision can be fiancially or practically driven, or a mix of both.
Renting can feel a little foreign considering the substantial rise in values over the years and our natural predisposition to owning where we live – it’s not for everyone.
Still, there are many compelling reasons to consider renting – here are a few as to why more and more retirees are:
Downsizing may not free up as much money as you may think if you stay in the same neighbourhood. Lower than expected excesss savings can lead you to unnecessarily restrict you lifestyle, travel or gifting when you most want to. Yes, you can access the equity line of credit, however, I have found that people struggle doing this unless they face financial challenges.
During retirement, changes can come much quicker than during your working life. Being closer to grandchildren or health concerns are primary reasons to want to move. It would be a shame to buy a property in one neighbourhood and then have your grandchildren move to the other end of the city…
By Bryan Deviney | April 01, 2015
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