Is it Time to Downsize to a Rental Property?

There are plenty of great reasons to downsize from your family home to a smaller property, especially when the kids finally move out and you have lots of extra room that’s not being used. And with the baby boomers coming closer to retirement, we’ll be seeing more Torontonians seeking out apartment living. Are you ready to downsize to a rental property? Let’s find out if it’s time for you to make the change.

Retirement

If you are getting ready for retirement and looking to cut back your expenses for more financial flexibility, it may be time to downsize. With today’s “sellers’ market,” it is practically a guarantee that you’ll be able to sell your house and move comfortably into a rental with plenty of extra cash to play with. Plus, downsizing to a rental property will also help to significantly reduce or even eliminate most of the costs. Wouldn’t it be nice to say goodbye to property taxes for good?

Tired of the Upkeep

Let’s face it – owning a home can be exhausting. Cleaning, maintenance, repairs, yard work – the list is endless. If you have reached the stage where you’re ready to stop spending countless money and hours working on your house, then it’s time to rent.

Apartment living typically includes the on-site maintenance included in your monthly costs, so you’ll never have to lift a finger when it comes to landscaping or repairs. You can finally throw out that lawn mower and shovel once and for all.

Empty Nesting

What is worse than having rooms to clean that no one ever uses? Paying for the empty rooms – that’s what! You may not realize it but those rooms are costing you more money than you can imagine. Heating and cooling costs plus property taxes are merely going down the drain. It may be time to move into a smaller, more affordable area, where you can happily utilize every square inch.

Convenience

As you get older, getting around also becomes harder. Your stairs become a challenge, and the walk or drive to the store becomes a hazard. Moving into an apartment building or a one-story bungalow can make all the difference. Many rental properties are also conveniently located within minutes from amenities, while some may also be attached to the building, such as a grocery store or pharmacy. Getting your chores done can be as simple as going down the elevator.

If you feel that you relate to each of these points, then it is probably the right time to start considering selling your home and making the move into a rental.