Options for Senior Home Owners Selling in the Current Market

As an empty nester or someone nearing retirement, you might be considering downsizing your home. With house prices at an all-time high, selling your home can provide you with a significant amount of additional income to support your retirement. However, with high interest rates and home prices and fewer options available on the market, selling your home may also be quite daunting.

Your unique circumstances and financial goals will play a significant role in determining the best course of action for you. It's important to identify what your needs are and find the best options to suit your unique situation.

Downsizing could provide you with a more affordable living space while also providing additional funds and flexibility to enjoy your retirement and explore the world. Another benefit of a smaller home is that it generally requires less maintenance and upkeep. This option may be most attractive to those who have paid off—or nearly paid off—their home, freeing up some of the equity it has generated to support their goals.

Great options for downsizing in Calgary would be the Beltline area, which offers a mix of condos, apartments, and townhomes, as well as a range of amenities such as restaurants, shops, and parks.

You may also consider moving to a different area. Strathmore, Airdrie, Cochrane, Okotoks and High River are all areas near Calgary with a lower cost of living. These areas offer a more relaxed pace of life while still being within a reasonable distance of Calgary's amenities and services.

Another option is renting. This option may initially seem less attractive but could provide several benefits you may not have considered. 

One of the biggest benefits of renting is the lack of hands-on maintenance. As a renter, you're not responsible for repairs or maintenance; avoiding the time, energy, and hassle of making those yourself or finding someone else to fix it.

Renting also provides more flexibility. If you need to move for any reason, you can simply wait until the end of your lease and move to a new location without worrying about selling a property. Additionally, you may have more locations to choose from, making it easier to grab a spot close to family, friends, transit, schools, a grocery store, or your favorite activities. 

Overall, renting can be an excellent option for older couples who are looking for convenience and flexibility.

Retirement communities are another option to consider. These communities offer a range of amenities, including housekeeping, transportation and meals, while also providing a sense of community and socialization. Some popular retirement communities in Calgary include the Sienna Living Group, the Trinity Hills Retirement Community, and The Manor Village.

If you're looking to move outside of Calgary, there are many great retirement communities in the surrounding areas. For example, Strathmore, Airdrie, Cochrane, Okotoks and High River are all popular choices for retirees who want to enjoy a slower pace of life while still having access to all the amenities and services of the city.

For those who want to maintain a sense of independence but need a little extra help, assisted living facilities might be a good option. These facilities provide assistance with daily tasks, such as cooking and cleaning, while also offering healthcare services. Some great assisted living facilities in Calgary include the Verve Senior Living communities and the Amica Mature Lifestyles group.

If you're thinking of downsizing, selling your home can be a great option to provide additional income for your retirement. With a range of attractive and feasible options available in Calgary and the surrounding areas, you're sure to find the perfect home for your retirement years. That being said, the decision to sell your home will depend on your circumstances and priorities. As a real estate professional, I understand that this can be a difficult decision to make. My goal is to help guide you through the process and provide you with all the information you need to make a confident and informed decision.

For questions about real estate, contact Ed Black today at (403) 830-8510

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This is not intended to solicit buyers or sellers currently under contract with a broker.