My 86-year-old mother owns her 2-story 4-bedroom colonial in a suburban community and has been there since 1971, when it was a new build. Now my dad is gone and she has significant mobility problems. The house and its large yard are too much for her, and we worry about falls. Senior independent living communities nearby have long wait lists and astronomical fees. It’s overwhelming for her. A two-bedroom apartment would be a good bridge for her from that large family home to potentially nursing care in the future, but I think she would balk at the idea of paying rent. She started her married life in an apartment 60 years ago and they always bought houses thereafter. The realization I’ve come to as I get older myself is that everything in this life is temporary-we can pretend that we ‘own’ stuff but in actuality everything is only on loan. We can’t take anything with us…and spending one’s last years in a rental property leaves fewer burdens on one’s survivors. Thanks for your perspective.
That’s exactly why I live in an apartment. My son is active duty Air Force. Why on earth would I leave him with the mess of coming from who knows where to sell a home and it’s belongings. I think that’s cruel. I’ve downsized to a small luxury apartment and love it.
Practically absolutely. However humans rarely think practically. There is a comfort staying in a home a person likes and is familiar with for the last couple of years of their lives. Yup falling is a risk, but that doesn't reduce in an apartment. And there are serious risks in assisted living anyone with a memory of covid will realize. I've seen a few people over 80 forced moved from their home into assisted living by family "for their own good". The new environment depressed the elderly person, health quickly declined, and in less than 6 months were gone. Yes, maybe these people may have fallen and would have been in pain, unable to move for hours, even days, maybe even passed, but is that really worse? I'm 66, healthy and moving from the US to SE Asia. One reason is to prepare for long term care if I'm lucky enough to live that long. Find a homes, get it organized. There I can afford live-in housekeeper ($100-200/mo) and even a live-in Registered Nurse ($500-800/mo).
@@MrWaterbugdesign I dream about an expatriate retirement too. For those fortunate enough to have the financial means and the physical vitality, it’s a great adventure. I lived abroad for 6 years in my 20s, in the prime of my health and energy. Even then having to navigate the bureaucracy of being a foreigner along with language and cultural barriers was very draining. The prospect of being elderly and alone needing medical assistance as a foreigner without a support network is pretty scary. My mother is not ready for assisted-living; mentally she’s firing on all cylinders and still drives and does her own errands and is active in her church. She does use a cane now and a mobility scooter in stores. She’s got a handicapped placard for her car. While a fall could certainly happen anywhere, The greatest likelihood of her falling is on her slippery stairs at home that she has to use to get to her bedroom and the shower. Her laundry machines and a half bath are on the first floor, but she does have to go up and downstairs at least a few times a day. She’s on various medications. The possibility of her having a potentially fatal or a bone breaking fall is significantly reduced if she wouldn’t have to navigate stairs. She’s had a grab bar installed in her bathroom shower but she’d be a lot more comfortable with a walk-in shower and no stairs. Her kids can only make suggestions; we can’t force her to do anything, nor is it our intention to do that. All indications are that she intends to never leave that house. As long as she’s compos mentis, that’s her call. The future is a bridge we will have to cross when it gets here. I would just urge everybody with adult children to communicate clearly with them about important paperwork and other things they will need to know when you become incapacitated or pass away. We do not know the details of my mother’s financial picture, will, insurances, wishes about heirlooms or her doctors. We want to respect her privacy, but if she required urgent nursing home care or died suddenly, we literally would not know where to begin with her affairs. There are four of us and believe me it’s not from lack of trying that we have scanty information. She refuses to discuss it. So we have stopped pressing about thinking about downsizing her home and have accepted that we are going to have to deal with everything when the time comes. The familiar is a haven from changes that are scary, but in terms of her physical daily life, her comfort and ability to navigate her home would be greatly increased If she would be willing to explore a new living situation.
The problem with moving from a home where you've lived for a long time is that you would also likely loose the connections and friendships you've developed over the years, which is an important social structure for quality of life. People become familiar with their local grocery store and employees, library, clinic, etc. My mother would be lost without those chats and those connections.
My wife and I have similar experiences. We sold a large home and went to live close to our daughter. Our original plan was to buy a house close to her and spend the rest of our lives there. A local apartment house was offering a special price in downtown Nashville. We thought it would be fun to stay there till we found a house. Five years later we’re still in an apartment and see no reason to change. Cheers to you all
Norm and Tina, I love your content! I am turning 60 this year and an older friend recently said to me "the 60's are go-go, the 70's are slow-go and the 80's are no-go". Your content addresses aging without all the fear. Thank you!
It’s ironic but I started out living in an apartment building such as yours for the first 8 years of my marriage. It was close to downtown Ottawa as well with swimming pool, exercise room , hot tub and store inside the building. I loved it ! Then we bought our first home which was a freehold townhouse, eventually bought a single house and now I found myself missing my old apartment with all the conveniences as I’m getting ready to retire;) this is the cycle of life , we live in a circle ⭕️ ❤
So true! We started in Ottawa also, moved to Toronto, after two homes we find ourselves looking more to the next phase. We have and do enjoy all the stages. It’s all about the mindset as we move through the seasons of life and what it can deal. Enjoy the journey ❤️
I retired in 2022 and sold my house and am now renting an apartment. My motivation was getting rid of all the house responsibilities - shovelling snow, repairing things, etc. Like a huge weight off my shoulders. And I was able to sell at a market peak. I love my apartment and certainly appreciate your videos and advice over the past year.
Norm and Tina, I love your channel. I live on a 3rd floor, no elevator, condo. I had a stroke and am unable to do stairs. We live very close to my husband's work and the rents and apartments are $2,000-$3,500. My problem is my mortgage is very low and now having to retire before 60, my retirement is very low.I keep trying to find something to come available. You are blessed you are healthy.
We bought an apartment 4 years ago to live in when we retire and sell out house. We love the apartment, and hate driving back to our house. I’m so sick of living in a house with all the upkeep and yard work, snow removal. I’ve always loved apartment living better than house living.
I agree 100%. I have owned many houses over the years and made the leap to apartment living 3 years before I retired. Downsizing was very eye opening and can be traumatic, so I always recommend to do that long before you are of senior/elderly in age. I love the uncomplicated, simple living of being in a smaller space. I have since moved to a small town where the rent is even cheaper. I have loved every moment and wouldn't turn back. Thanks for sharing and I agree with all of it. Hugs from Huntsville ON. 🇨🇦
Your apartment sounds very similar to mine. My husband and I downsized almost five years ago from a house to an apartment after our children moved out. We have never looked back. Best decision ever for all of the reasons you listed, particularly regarding cost containment. Everything except my electric is included in my rent except for my electric which is so low it's hardly worth mentioning. I'll never go back to home ownership. We've bought and sold 4 houses in our marriage, and we're not great at it. Now we can travel, let someone else fix the broken stuff, and live our lives.
The decision of renting vs owning depends on where you live and the cost of housing. I live in Southern California. I own my house which is a detached 1450 sq. ft. 3 bed/2 bath. I pay $1,600 a month for mortgage, taxes and insurance. My house will be paid off in 11 more years. A house this size in my community rents for almost $4,000. To rent a 3/2 high-density apartment in my area is at least $3,500.
Calculating "cost to carry" is really a great way to make an evaluation. We did the same thing last year when we decided to sell our mountain vacation home and it was so eye opening. We sold one of our cars last week after examining the cost to carry on it as well. It's so easy to say "well, it's paid for" when you don't have a mortgage or car payment - we had to remind ourselves that there was more to it than that. Have a nice weekend!
1. You are fortunate that you have rent control in Canada. Rent control is rare in America, for seniors or anyone else. Inflation has caused rent to increase, as well as other expenses. Last year, I received a notice that my apartment rent would increase by 15%. This makes it very difficult for everyone, especially seniors. 2. You have a great channel. I enjoy it.
#thomascunningham111 Yes, you are so right. I'm 71 and there are no apartments in my city with the amenities Norm and Tina have for the price they are paying in Canada. In my city, a 2-Bedroom, concrete-walled apartment, in a mid-rise complex (2-6 stories), with parking garage, washer/dryer in each individual apartment, AND BILLS PAID, with the excellent management and maintenance staff they have, start at $1964 per month, WITHOUT bills paid. Then they tack on extra fees for an assigned/covered parking space and trash disposal. So the equivalent in the US, once electricity bill and fees are added, comes to around $2,200+ for a 2-Bedroom. 1-Bedroom apartments in the US, with the amenities Norm and Tina have in Canada, start around $1500-1600 in my city, or more. And they are much higher in other cities in the US. And there is no rent control. In the US, seniors/retirees living in apartments are financially suffering and don't see a way out.
I had a 4 bedroom house, on my own, but it needed alot of repairs . Lived in iceland so the weather played havoc on the exterior, it needed a new roof, windows and was alot to keep up. My kids moved to different countries and all my friends moved away to different areas, so when i retired, i sold up and now i live in Spain. I am not going to buy as it will be such a hassle when i die, so i rent. I feel safer, im in short walking distance to all amenities and a few min from the Mediterranean. The only problem is the apts and homes are built differently and one can hear the neighbours, the walls are not insulated. But i like it here and when i go, there will be so little the kids have to deal with, since they are scattered around Europe
Couldn’t agree more! My husband and I split our time between our cottage and a small 500sq ft apartment in the city. We get to enjoy lake time and city/family/friends/grandkids time. Don’t miss living in a house whatsoever! Cheers!
Somewhat similar situation here...we are in a life lease in a seniors complex...best thing we ever did moving here. A little over 1200 Sq ft, 2 bed 2 bath, open concept, on suite laundry, high security...we love it. No more worry about jobs we could look d no longer handle around the house and way less expensive And yes, we're in Canada. 😊
I think you are fortunate to have these large rental apartments available. In my home town, south central BC, there is just nothing like that. Rents are expensive, very expensive, and most are owner rented so you could get evicted at any time. There is one new building where they rent apartments to seniors but they are small and pricey. It’s something that I would look into when I’m older. At 66 we are thrilled to live in our own home. We are both active and fit and have built and renovated countless homes so we understand what can happen. With property taxes, utilities, hydro and gas our monthly cost is less than $600. We could not rent this house back for less than $3000 a month. We also have a dog…. When we go on holidays neighbours keep an eye on the house and shovel our driveway (excellent people) , the dog goes to a kennel and we shut the water off….never an isssue. We just repainted and refloored, doing all the work ourselves! Certainly increased the home value and cost us very little. At some point we’ll have to leave but not yet! Good on you for finding a solution that worked for you. I’m certainly not ready for that….yet.
It’s funny you say you aren’t ready for that yet ! we didn’t think we were till we did and so glad we did , the older you get the harder both physically and mentally it gets to sell the family home and downsize to the new chapter in your life as retired Cheers 🌺🍷🙂
Wow! What a wonderful, thought-provoking conversation about why a retiree might consider renting vs owning later in life. I'm a year or two from selling my 30+ year home and I thought I had it all figured out, but now I have a new angle to research - renting vs buying. I say that as a good thing. Much better to make informed thought through decisions vs what you'd always thought was normal. Thank you, once again for raising my awareness. Can't wait for the next video.
We are so glad you enjoyed our conversation Alice , we thought we had it all worked out till we met someone who told us about him and his wife living in an apartment, it changed our outlook for retirement too Cheers 🍷🙂🌺
I too sold my large house when I became a widow and went into retirement, I did choose to buy my small apartment but because I down sized it was only the cost a third of the money I sold my large detached house. This put a big chunk of money into my bank to supplement my pensions to give me a better retirement. Although I live in an apartment I do have a small garden area which I felt was a bonus.
This is one of the hardest decisions faced by retirees. In our case, the home is paid off and fairly inexpensive to live in, but we want the freedom to travel for longer durations. An apartment would be far more expensive, but allow us to not be concerned about an empty home that could have issues in the winter with heating and plumbing. First world problem, but a concern, none the less.
Have you done the numbers , when we did we were surprised at how little the difference was but we got so much more , pool underground parking , gym , no worries of unexpected maintenance and expenses hope you find your answer that works for you Cheers 🙂🌺🍷🍺
You can own a townhome for less than a house with no more exterior maintenance. But still have your own garage, patio, for storage. We have a house with live in for years with a driveway we have to shovel in winter which is a problem as we are getting older. But, I built a 2 bedroom plus office townhouse, 2.5 baths, with laundry room on bedroom level, 2 car garage attached. built it brand new and put my dream kitchen and huge master with 5 pc bath and huge walk in closet , bath, stone corner fireplace, beautiful Mountain views on a golf course bordering open space. I rent the town house now but plan to live in it soon. It has a 1000 sf basement with 9.5 ft ceilings. We can finish that basement and have 2700 sf. We can rent out our house or sell it. Right now we aren't ready to move. But, the townhouse is in a master planned community with grocery stores and recreation center within walking distance. It also has a beautiful pool, clubhouse, and many parks, 8 miles of hiking/biking trails. It is a special area and hard to find now. I would live in townhouse right now, but husband not ready to move yet. I have stayed friend with neighbors at the townhouse and go to Xmas parties. I like location of our home too.
Hello Tina and Norm! Highly informative video. I do not have much to say about apartment living as I always lived in houses for the past 70 years. I lived once for 3 mos. in an apartment because the builder did not finish the house as promised. I did not get used to it. Currently, I live in a 2300 sq feet home in a 55+ community. I pay an HOA in the high 300's. That covers the security guard services, a nice big club house with a lot of amenities and a large auditorium for events, grass cutting, shrub trimming, 18 bags of mulch per year and the outside painting of the house every 5 years at no cost. I think i will remain here while I physically can. If things change with my health, my next step would be a home for the elderly. That would be a whole different story. Until... All the best...
A couple of my friends are currently building their retirement dream homes, one on a lake in cottage country and another in the woods near a rural town. I really wonder what they will do when down the road they need more medical care or lose the freedom to drive. I’m in a bungalow in the city suburbs and I know it will eventually be more than I can manage. As for isolation, most days the only people I see are out my front window. You are very fortunate to have found such a lovely place at reasonable cost and to be near family and resources.
I've had my fair share of home ownerships (sole owner) for 14 years from 4-plex apartment to luxury condo to acreage. Been renting since 2017 and loving it. I have huge income, single woman... I couldn't care for yard work, cutting grass and shoveling snow. It's also hard to deal with tradespeople as a woman. I love the freedom. I can call my landlord if the furnace needs fixing and it doesn't disrupt my own schedule. Plus I love the idea of being able to move/relocate if I want to.
Some Great Tips; your right not all landlords are the same. You got a good one there. • concrete building. Many new apartment buildings are going wood. Yikes! • living above 7th flr puts you above rescue capabilities of most Fire Depts. • Washer Dryer, fantastic • Appliances & own repair folk. Wow You did good. Appreciate it.
Thank you for sharing your story. My husband is nearing retirement age and although he’s a very handy guy, he says he’d love to rent and be freed from the responsibilities of home maintenance. I’ve begun to look at possibilities but the rental situation in BC is terrible. We also have a cat and so few buildings will accept pets. We’ve thought about moving to a different province but all our family is here, so that’s not a desirable option. It’s difficult to know what to do, so we remain in place.
You definitely got in at a good time as rents have gone up so much the past two years! And, if you can, as you have, find the right apartment it is a great option. Newer builds seem to be good and as you have found, a place with a lot of other retired or older tenants can be nice as well. Easy walk to amenities is important also.
Thanks for watching Karen we are fortunate that we got in at the right time and with rent control and utilities included it’s great . Being able to walk to a grocery store is great too Cheers 🍷🌺🙂
But if you have great income and great financial habits, and your partner is lazy and free-riding.... your freedom, independence and peace of mind are priceless! Tina and Norm are lucky they have each other. Others end up wih gold diggers.
Single for me looks a lot more flexible. Heck you can even sleep in a car if you want to or move to a smaller city or country without asking anyone else
@@last_samurai6690 Right! Being single, you are responsible for yourself. You are accountable to yourself only. You can work hard and make sacrifices knowing you're the only one who will be affected, good or bad. You don't have to worry about whether your partner will carry their own weight or will be willing to make the same sacrifices.
I just turned 70 been renting 10 years now. This is actually my third apt in 3third different location because I wasn't sure where I wanted to settle. Been here going on 3 years now and I love it. Settled in a small resort coastal area in so Texas. I worry about nothing. Yes my rent went up 45 dollars this past year but my sisters home insurance went up 72 dollars. I don't look at it as throwing money away. I look at it as money well spent for peace of mind.
Thoughtful info about a good housing situation but a few miles away just across the border it's pretty different :: not so many new, large, fully featured apartment buildings, no rent control, etc. The comparison costs of owning vs renting are not so heavily leaning towards renting so not so cut and dried. But you identified a lot of important criteria we that also sought for our housing solution. You guys put a lot of solid effort into your video's content.
You are so lucky you decided to rent when you did! A friend of mine moved into a Drewlo building right after they stopped including utilities, just a bit too late to be grandfathered in. Would you ever do an apartment tour of your place? I loved your trailer tour.
Spot on 💯 about the ever increasing property taxes and increase in the water sewage bills. Those two bills will probably drive me out of my current house here in the metro Detroit area of Michigan.
Same thing is happening in Ontario; property taxes and utilities are really rising. My husband and I are already prepared for possibly being priced out of our subdivision in the next few years. Ugh.
My parents moved from their home after 40 years living in a house last spring, they are both in their 80's. Health issues started pushing them out of their home. So many plus's to their move! They are saving so much money in the apartment. Their utilities' alone are saving them a ton. We are in western Canada and the costs are astronomical for utilities ... insurance ... taxes ... food ETC. They are way less lonely, their apartment folks are very social and of similar age. Coffee groups, exercise days, Happy hour Fridays. My husband and I both learned that we wont be waiting as long as our parents did to move into an apartment. Thank you Tina and Norm ... your retirement videos are so inspiring!
Your apartment sounds lovely ….esp. since it’s concrete. Here in the USA they don’t build with concrete in interior walls. I miss my apartment days…perhaps one day.
very helpful informations. Thank you very much. My husband died 10 yrs ago n my kids studying in other cities. At the start, they told me they still want a home to go. Now they have partners, and slowly i have problems in maintaining the house, its time to give it up and do downsizing. Your videos are helping me on mind setting to balance the emotional connection of my house to me. Thank you very much.
i bought a house to retire but a house with two units now i deal with tenants and i have had great luck but i cash cheques each month and my residential expenses are very low. This is something to consider for some. Different strokes for different strokes.
The compromise, of course, is a condo, which I have. There clearly are pros and cons…largely the same as those associated with apartment living, but it’s a workable solution for those who want to minimise the burden of home ownership as one ages in place but still has the feeling that they remain ‘invested.’ I gripe about what I think are exorbitant fees and property taxes etc. but would likely pay considerably more in rent. It’s the Goldilocks scenario.
Wow! I’m envious. 1200 square feet and all the amenities for a reasonable cost. I live and am attached to staying in 14:51 downtown Toronto. Something similar would cost at least $3,000. I enjoy your Algarve videos. We just got back from a 5 week stay. Perfect weather this year.
We took a middle ground approach - we paid cash for a condo. It's a nice, two-bedroom, two-bath place, with two balconies. It's a secure building, all utilities are included, there's a beautiful park-like courtyard, a small community garden, etc. The bookmobile from the public library comes twice a month. People are very nice and sociable. The property taxes are extremely low - around $45/month. We're currently renting it out because we're in a different state, taking care of my elderly mom. But while it was empty, we didn't worry about it like we would a home. We have good, trustworthy neighbors that have a key to our place and would check on things for us, but we really had no concerns. I feel like we have the best of all worlds.
I bought a retirement condo for my mother, she pays the condo fees and taxes so it doesn't cost me anything. She moved to a different community for older retirees that has one meal per day, housekeeping, a community bus, activites, etc. The fee also includes all utilites so she pays (autopays) one fee per month, done. It's a small 2BR 2BA and I have visited her (extended months-long visits because I live overseas) and it's quite good because we both have our own ensuite situation with the living room in between us. She is 88 and is still very independent and still drives. It's in a beach town (Myrtle Beach) and she is about 4 blocks to the beach. Lots of restaurants and other amenities, golf (she is not into golf, but some are), etc. I am super happy to have found this and will rent it out in case I decide to live there in my own retirement if I ever come back to the US...
Your apartment sounds like a lovely place to live. My husband and I are going to be selling our large home now, and going to buy a small bungalow townhouse in a retirement area in Niagara (new build). They have snow removal, lawn cutting, pool, tennis courts, gym and social activities for a small fee. We get to do the social things we want to participate in. As you mentioned, isolation is not healthy as we age.
Your building is really ideal, I agree and the pool seals the deal. In our town house taxes have just gone up 10.5% for 2023 so you're absolutely right about that. Lots to think about. Thanks for taking the time to make such a good video. Happy spring! Enjoy the travel trailer 🤸♀️🤸♂️🤹♂️
We wonder about cooking smells, barking dogs, tenants that don’t look after the property, elevator technical issues, 28 degree Aprils when building heat is still on, hot and cool sides of the building etc.
Our building is pet free (dogs and cats), very minimal cooking smells in the hallway. This is an upscale rental building that is very well screened for incoming tenants. No horror stories here!
The thing that would worry me the most about living in a flat is boredom. For the last few days it has been raining and I soon get cabin fever if I can't get outside to do gardening or other outside chores. I suppose there are alternative ways to keep busy though, such as voluntary work. I'm fortunate that here in Croatia there is no tax on owning a property.
Actually we are never bored we have You Tube , swimming in our indoor pool , gym , outside balcony , travelling, planning time at our summer trailer staying May 1st have a great weekend Cheers 🙂🍷🌺
I love you sharing your reasoning. I own my condo outright but taxes this year went up 12%, strata fees 15%, assessments for two new elevators plus condo insurance dramatically up but my pension 0%. So I’ve been doing the same calculations my only hold up is the lack of rental housing of your type in Vancouver. Since I am single & 74 I think I’ll hang in then go to assisted living.
I think the key to choosing an apartment for long term is something like rent control. Not many places in the US have it to protect you from potential large rent increases when your lease ends. There is a lot of peace of mind about not worrying about damage to the house when you are gone over winter.
Congrats on your great success of hitting it lucky with a great rent-controlled roomy apartment. The toughest maintenance for me (75) is climbing up the ladder and tying my safety rope on to the chimney and walking/crawling around the perimeter edge of the steep-sloped roof cleaning out the leaves from the eavestroughs. And then doing the same on my second house nearby (which is empty). Causes my knees and ankles to shake, and the heart to flutter! (always secure your ladder with a another string to the chimney as well, so the ladder doesn't blow down and leave you stranded.)
My husband and I sold our 3000+ sq.ft. home here in the US, and bought one that is 900 sq.ft. We considered renting an apartment, but rent here continues to rise. A 1 bedroom 1 bath apartment 2 years ago rented for around $600 plus utilities. That same apartment is now $1050-$1200 per month plus utilities. Here most landlords demand first and last months rent, plus security deposit, and then you have to pay $700 to the electrical company to set up your power, $500 to the city water company to get the water turned on, then $100-200 for garbage removal. The mortgage on our small home is only a little over. $800/month. The utilities were already on, all we had to do was transfer them into our names at no cost. You are so lucky to have laundry free, and concrete structure. MOST apartments in my area are horribly built.
$1300! In Northern California 45 minutes north of San Francisco where we live, that would get you a bedroom in a four bedroom house with a bunch of other people.
Hey 👋 Norm & Tina, We leased an apt & townhome for 1 1/2 years. One year in Florida. Returned to a house, but different region of the USA. Property taxes including all utilities total $267 per month. Excellent. I like privacy, peace & quiet. Unlike when we leased for $2,500/mo, footsteps above, constant movers of furniture, Palmetto roaches, snakes in the lanai, alligators in the retention ponds, exterminator chemicals, broken plumbing, electrical issues- lightning strike, new but awful appliances, flushing toilets, annoying music, smoke(in smoking prohibited housing), bad security by doors left ajar on purpose by some, maintenance workers always intruding, inspections. It too, was an all brand new apartment complex unit. Not what we wanted after all. One year in, I love yard work- mowing, planting bulbs for tulips & daffodils, and the bunnies, birds, other wildlife. We open our windows on all sides of the house and sunroom, and enjoy the fresh air and breeze. It is lovely. And now, as a plein air oil painter artist person, I can set up an easel in my own yard. No restrictions. Would I rent again? Maybe when I’m 80. God willing. Enjoyed the video! Thanks!!
Hi Tina and Norm. Had to tell you this! You had left a review on your train trip about eating pizza at SOCO restaurant in the Delta hotel in Toronto. My husband and I went to Toronto for a blue Jay game and rock of ages. We had pizza there both nights! It was amazing we had the pepperoni with honey yummmo! Who says you can’t eat dinner under $30. Thanks for the tip!!
Here's another option... I own my Phoenix house, love it, but would like to travel for months at a time. I'm 66. I remodeled so I have a 1/1 apartment for myself. I can rent the rest of the house for $2000-2500/mo. I can also get about $220k line of credit via a reverse mortgage. Rent income is tax free or almost and the the reverse mortgage is tax free. The reverse mortgage line of credit acts just like a bank account, I can transfer whatever amount I need. The line of credit amount increase over time. The $220k gives me security. The rent more than covers travel to places like SE Asia where a decent place is $300-400/mo rent. $500-700/mo in a beach resort.
The most detailed you,ve shared about apartment living. Very helpful, in what to look for. Nice to haves, what we should consider... ~ Ben, Vancouver ISLAND
I loved living in condo when I was there. Favorite part was the heated/ultra lit underground parking and beautiful exercise room. I felt like I was cheating winter. Here is the bad part; it never happened to me but in places like Toronto, bed bugs and roaches are a major problem. You can never get rid of them. There are always tenants that help proliferate them. If anyone gets in that situation, moving is your only option.
Norm and Tina, Thanks for the insights. I'm in California and it is such a central idea that one must buy a house, simply must. I have relocated out of Los Angeles and sold my house. As COVID came along just at the same time I made my move I rented an apartment. The social interaction and the repairs handled by people the landlady knew was more important than I had given any thought to. I'm glad you two are so articulate with these thoughts on life planning. I want to move to Portugal as I loved the time I've spent there. The "got to buy a house idea" is something I thought I would always follow, but maybe not so much after all.
Thanks for sharing Marianne, we too love visiting Portugal 🇵🇹 but like having our apartment to come back to ( best of both worlds ) and just travel to places but then come home Cheers 🍷🇵🇹🌺🙂🇨🇦
Thanks for another great video sharing your perspectives. I have been watching your videos for a long time and just retired, sold the house, relocated closer to the kids and moved into a condo. Yes - Underground parking, no more snow shoveling. Leave for as long as we like and not worry about the house, the yard, etc. I went to the hardware store and saw all the dirt and lawn supplies on display and am glad I am not doing anymore landscaping projects. In our case we purchased a condo and have condo fees and taxes, but we also own the place. We are loving the condo/apartment life.
I have lived in apartments then condos most of my adult life. Love this style of living. Your place looks so lovely in the background. Would love to see a tour in an upcoming video.
Happy Saturday Norm & Tina! Another great video. You are so right about the potential increases in property taxes. In the Greater Toronto Area, we know of seniors who have had to sell their homes because the property taxes have risen to a level they can no longer afford. The increases have happened because small older homes on their streets were bought by developers who tore them down and built huge homes. So sad that people can be forced out of their lifelong homes by development. We are keeping our eyes on that ball in our subdivision. You are also right about the home maintenance aspect. We spent the winter in Portugal, living in apartments, small space living has won me over. Now that I’m home I’m resenting the amount of time that taking care of my 2500 sq ft house takes. Anyway, thanks for all your insights - so very valuable. Keep up the great work! So glad you’ve found such a fantastic place to live.
You made the wise choice to rent rather than buy a condo. If you end up not liking your crazy neighbors or find out about other issues you can always move again. Also, it's best to rent or buy in an Over 55 community just to make sure that it's a quiet neighborhood. I don't think I would want to rent or buy an apartment that is for all ages. Buyer or Renter beware that if you are over 60, 70, or 80 and move into a family apartment, condo, or townhome community it may be noisy and you may have quiet neighbors when you first start living there but you may soon have noisy families moving in next to you since most renters prefer to eventually buy a house or move.
Great video and alot of great information. My wife and I are in our mid Fifties, and farm in Northern Alberta. We encouraged and helped our 20 year old daughter to buy a condo in the nearest city, where she works. We told her that when she was ready to upgrade, we would buy it from her and rent it out for a while, until we are ready to sell the farm and move into town. This way we will have less to worry about when we go to Costa Rica for the winter and RV in the summer. The fees would be less than our taxes, etc, on our farm. With underground parking and less to worry about, we will be set for retirement. We have both lived in apartments before and feel this won't be too big of a shock for us.
Sounds great Doug we too winter in Portugal 🇵🇹 and RV at our trailer in the Summer but so enjoy the comforts of coming home to our apartment in between Cheers 🙂🍷🌺
Another great video. Now I am jealous, as we have very few areas with rent-controlled apartments. You two have a wonderful unit, quite large with so many nice amenities at a very reasonable price. Plus, I love the entire unit being concrete. That was always my dislike of apartments, being able to hear everything you neighbors did above, below or on the sides. I live in a single-family home just under 1000 sq ft, and the annual expenses are very low. When I moved in however, I did a lot of renovations to make the place to my standards. If there were units like yours available in nice locations it would definitely be a consideration, but I know of none.
Even though I'm no where close to traditional retirement age, I also decided it made more sense for me to rent than continue to own. I have the added bonus of living in a coop, which keeps my costs super low and provides incredible security. Every once in awhile I get curious about the housing market again, but the numbers don't make any sense for me. AND- I love that I don't have worry about maintenance cost and hassle.
Selling up and moving to a rental is really on our radar right now but I have such of fear that we would regret. I would love if you would give us a tour of your apt - it would help to see the space you get. Thanks!
We've been in this condo for 7 yrs now. We first moved into a senior only bldg. But moved out after our year lease was up...uggggh. hated it We're in a mixed bldg rental. It's owned by BC teachers pension fund, (I think)even though we're in Alberta. There's 9 suites on each floor. It's 24 floors double towers with underground parking 2 fitness rooms etc, it's perfect location I can walk anywhere and drive only short distance if I need to. It's in the free transit train zone downtown if I want to go anywhere in the neighborhood. I have 3 different public library branches within walking distance. There's bike paths and walking river paths right outside my door. Several grocery stores of every description within walking. The intl airport is on a easy transit route takes less than 40 min to get to or easy driving to. There's so so many dining opportunities or take out within two blocks. It's really a great neighborhood. I've noticed many more Senior couples moving in especially since COVID funny enough. The maintenance is superior. I to had an ongoing sink backup also. The plumber and her assistant showed up with all their equipment to clean out the pipes at 10pm after I called the emergency number at 8pm... ON A SATURDAY NIGHT. Even though I had it under control and cleaned up. We have great housekeeping staff that works 5 days a week. The common areas always sooooo clean. And the security canned be beat. We really are spoiled. The only thing I miss is counter space and a back yard in the summer. I can go visit my kids for that. Bahaha My mother 89 this year refuses to move out of her house in BC. It's an ongoing concern for us siblings. Her garden she refuses to downsize, snow removal, lawn upkeep, the 3 bdrms she doesn't use, the basement the attic(full to the brim with stuff) gahhhhh the list goes on. My kids won't have that issue. Sorry this got so long😊
Thanks for sharing and it sounds like you are in a lovely rental too , isn’t it nice for someone else to fix everything if things go wrong hope you have a wonderful weekend Cheers 🍷🌺🙂🌞
Your children will appreciate this & I have done the same even a “drop dead book” with instructions. Very selfish when someone leaves this for others & I turned my brother down being his executor since he won’t declutter after having a nightmare as my sisters executor.
Obviously it is a huge benefit Kevin and there are both Provinces in Canada 🇨🇦 and States in USA 🇺🇸 all with rent control to consider moving too Cheers 🍷🙂🌺🍺
It's nice to hear some love for apartment living. Like you, I've been retired 7 years. I'm single, I've always lived in an apartment but when I retired I was looking for a change and moved into a much bigger building with a gym and underground parking, and elevators. I don't have laundry in my unit, but we do have laundry facilities on every floor. I do wish I had a balcony, at least I have lots of windows including a 7 ft by 7 ft one in the living room which gives it a loft feeling. The maintenance people here are really wonderful, a couple years ago I asked if I could paint an accent wall in my place and they offered to do it for me at no extra cost. Still... at the risk of sounding boastful I have a good bit more in my retirement account than 7 years ago and I'm wondering if I should look for an even nicer place. I'm only one guy, I don't need a ton of stuff but still.. 🙄
It sounds like you have a really nice place too Doug, the balcony was important to us to be able to be outside and BBQ 🍗, laundry on your floor is good and really enjoy having elevators , doesn’t hurt to have a look around and if you think you might get more enjoyment take a look 👀 Cheers 🙂🍷🌺🍺
Our mortgage is $1200 incl. tax and if we sell and go into an apartment it will be $1200 - 1800 in Central Alberta. They can put the rent up once a year in this province BUT that can be any amount whether it's $50 or $500. Decision decision....
Yes rents do go up once a year , we are fortunate as we have rent control it’s usually 2% very small so selling and renting worked for us . Happy New Year 🥂🥳
thx for sharing guys. As an empty nester, i dream of becoming unhinged from this money pit we call our house. Here in the Usa, rent control apartments arent the most desirable locations. So you guys did good.
It is a hard decision Michael to change from the money pit to living stress free in an apartment but so worth it , give it more thought we hope it works out for you Cheers 🇺🇸🍷🙂🌺🇨🇦
This is the first time I've ever seen this channel, and I'm not 10 seconds into the video and I can answer the question... Because "This is your retirement"! You've worked all of your lives to finally get to do what you want to do and who wants to spend the rest of your lives taking care of a 2,000 ft² house with a yard? I applaud the decision... Dump the junk, get rid of the yard work and the home maintenance and what somebody else worry about all that. You pay your rent every month, if something goes wrong you call maintenance and you spend your golden years actually enjoying them.
We’ve been watching you both for a couple years in our planning toward retirement. Renting is best, esp in todays crazy house prices, inventory, and interest rates. The hidden phantom costs in ownership are huge to keep a property going and up to date. Currently in a home we are seriously looking at renting. Love your content and the recent train trip you did. Thanks!
You will remember I think how small houses are in UK. We downsized in 2019 to a 3 bedroom bungalow. It is only 99sq meters , for our family of 3 it is perfect size. We are very lucky we have a very big plot by UK Standards. We don’t intend to move from here. No matter your circumstances so important to be content and happy e with where you live.
Holy Mokey 950CAD/month for property tax!!!!!!!!!!!!!!!!!!!!!!! and we thought 2.5K GBP/year for council tax was high!! Thanks for the info Tina and Norm. Quite interesting...its food for thought. Part of us is reticent to give up the "busyness" that a house+garden offers, our beloved plants - gives us so much joy...and I will miss the mancave where i can anglegrind, saw and "do things" to my hearts content....Did you miss any of that Tina & Norm. Wish you both well and as always, thanks for your videos.
Hey guys. Great video that will certainly apply to my wife and I in the coming years. As we get towards retirement, we think about costs such as a new roof, furnace, central AC, etc, that may come when they reach the age of 30+ years. These are significant costs and ones we'd rather not incur. I think those costs, as well as general upkeep, must be factored in when determining rental costs, which have also skyrocketed in the last few years. On the other hand, losing the freedom of a two car garage, as well as other perks of mortgage free home ownership must be taken into account. It won't be for a few years, but I imagine it will be our toughest retirement related decision ever. Take care guys.
Our house was morgage free too Mark but not without monthly home ownership costs compared to rent at the time there was $100 difference. We actually do have a two car space here, it’s a hard decision but having sold our home invested the money the quality of life and freedom , no stress for us we have never looked back . We wish you well in your decision oh and rent control is top of the list Cheers 🍷🌺🍺🌞
Thankyou for the great videos you post. I live in central Canada.I love Condoliving.I have manyconvenienceslikeyou do.There is a medical clinic in the Mall below us ,so indoor medical help is easy to access. I live in a small city.Most of the folk living here are friendly . The shut down of social activities caused much isolation and the depression .Lonliness ,especially from your grown children and grandchildren and toldthis is best for you by the medical and government powers is sad.
Another helpful and interesting video. Thank you, Tina and Norm. I'm 71 and living in a very modest 1-bedroom apartment in the US. It is a very different and much more costly reality here. Seniors and retirees are really suffering financially because of it. I live in a large city in Texas, and there are no apartments in my city with the amenities you have for the price you are paying in Canada. In my city, a 2-Bedroom, concrete-walled apartment, in a mid-rise complex (2-6 stories), with parking garage, washer/dryer in each individual apartment, AND BILLS PAID, with the excellent management and maintenance staff you have, start at $1964 per month, WITHOUT bills paid and without elevators. Then they tack on extra fees for an assigned/covered parking space and trash disposal. So the equivalent in the US, once electricity bill and fees are added, comes to around $2,200+ for a 2-Bedroom. 1-Bedroom apartments in the US, with the amenities you have in Canada, start around $1500-1600 in my city, or more (without bills paid). And the rent is much higher in other cities in the US. And there is no rent control. I am sorry to say that seniors/retirees living in apartments in the United States are financially suffering and don't see a way out. It's a terrible shame, and I am ashamed of my country and government for allowing it. Thank you for your wonderful channel. It's always a pleasure to see you both and enjoy the content you produce. Take care!
@@ThisIsOurRetirement Thanks, but I'm in Texas and the nearest rent control areas are California and New York -- both with extremely high costs of living. I have lived in both CA and NY and it is expensive!
Lots of great info …. Your lucky to have found your forever home. If we ever decide to go that route it helps to know what to look for ! Thanks enjoy your week 😊small town USA 🇺🇸
Hi Norm and Tina: I hope you are enjoying the Jamaica weather! Your in a great place. I am glad I am not a building manager anymore. I think we will pick an area that has markets/entertainment/symphony’s and good access to the airport. Unfortunately my budget for rent has gone up to $3500 a month. I have all the criteria including your great suggestions. If you were my neighbour I might be able to turn up the Pink Floyd once in a while! It is what it is. Cheers!
It’s it amazing weather Paul and we didn’t have to travel LOL 😂 hope you managed your trip . Wow you should get a great place for that budget 🤩thanks for watching and enjoy the weekend Cheers 🍷🙂🌺🍺
Thank you ! Your lifestyle is exactly what I want for my retirement, sell the house , rent a nice apartment with garage and ensuite laundry Easy daily life doing all the things I am to tired and busy to do and travel travel travel! Problem is , I live in Montreal, the average price for a nice 1 bedroom apartment in a good building is 2000/month Hopefully I will be ready to move to a cheaper town when I retire , but I am doubtful
Montreal is one of the metropolitan areas in Canada that has the lowest rent! There is more than just Westmount you know! Toronto and Vancouver are way more costly. Good luck in finding a suitable rent in other parts of town
Every time I snow blow my sidewalk , the driveway and the sidewalks of the block(since I'm out there anyway), every time I mow the lawn , fertilize and weed n feed, every time I have to pick up branches after wind storm I think of your decision to move into an apartment and have those hours to do something else other than puttering around the yard.
We admire you Mark for doing it but we so don’t miss it ! we are so glad we made the decision to sell and rent our lovely apartment hope you have an awesome weekend Cheers 🍷🌺🙂🍺
I thank you for this video. You have given us lots to think about. I appreciate your transparency. Another thing is that if you both had to go into a nursing home, you would not loose your home to the facility expenses. I have always worried about that. Thank you.
Agree with your decision. I too decided on apartment living in retirement and I love the freedom from home owner maintenance. Rent control is fabulous and better than property tax.👍
We have spent the last 7 months living on a sailboat in the Caribbean and our home in Ontario is sitting empty. We really should consider an apartment but I love my garden so much that it would be a difficult adjustment. Ontario should have more allotments.
Thanks for sharing your experience and suggestions. Your apartment sounds wonderful; you're living like royalty! Thanks for warning us about your wild parties! 😄 Carry on!
Thanks for sharing your experience Tina & Norm. Renting vs owning is a personal choice but those choose to rent can unlock huge amount of equity to fulfil their retirement goals for sure. Keep up the great work and enjoy the unusual warm April days.
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My 86-year-old mother owns her 2-story 4-bedroom colonial in a suburban community and has been there since 1971, when it was a new build. Now my dad is gone and she has significant mobility problems. The house and its large yard are too much for her, and we worry about falls. Senior independent living communities nearby have long wait lists and astronomical fees. It’s overwhelming for her. A two-bedroom apartment would be a good bridge for her from that large family home to potentially nursing care in the future, but I think she would balk at the idea of paying rent. She started her married life in an apartment 60 years ago and they always bought houses thereafter. The realization I’ve come to as I get older myself is that everything in this life is temporary-we can pretend that we ‘own’ stuff but in actuality everything is only on loan. We can’t take anything with us…and spending one’s last years in a rental property leaves fewer burdens on one’s survivors. Thanks for your perspective.
That’s exactly why I live in an apartment. My son is active duty Air Force. Why on earth would I leave him with the mess of coming from who knows where to sell a home and it’s belongings. I think that’s cruel. I’ve downsized to a small luxury apartment and love it.
100% true
Practically absolutely. However humans rarely think practically. There is a comfort staying in a home a person likes and is familiar with for the last couple of years of their lives. Yup falling is a risk, but that doesn't reduce in an apartment. And there are serious risks in assisted living anyone with a memory of covid will realize.
I've seen a few people over 80 forced moved from their home into assisted living by family "for their own good". The new environment depressed the elderly person, health quickly declined, and in less than 6 months were gone. Yes, maybe these people may have fallen and would have been in pain, unable to move for hours, even days, maybe even passed, but is that really worse?
I'm 66, healthy and moving from the US to SE Asia. One reason is to prepare for long term care if I'm lucky enough to live that long. Find a homes, get it organized. There I can afford live-in housekeeper ($100-200/mo) and even a live-in Registered Nurse ($500-800/mo).
@@MrWaterbugdesign I dream about an expatriate retirement too. For those fortunate enough to have the financial means and the physical vitality, it’s a great adventure. I lived abroad for 6 years in my 20s, in the prime of my health and energy. Even then having to navigate the bureaucracy of being a foreigner along with language and cultural barriers was very draining. The prospect of being elderly and alone needing medical assistance as a foreigner without a support network is pretty scary. My mother is not ready for assisted-living; mentally she’s firing on all cylinders and still drives and does her own errands and is active in her church. She does use a cane now and a mobility scooter in stores. She’s got a handicapped placard for her car. While a fall could certainly happen anywhere, The greatest likelihood of her falling is on her slippery stairs at home that she has to use to get to her bedroom and the shower. Her laundry machines and a half bath are on the first floor, but she does have to go up and downstairs at least a few times a day. She’s on various medications. The possibility of her having a potentially fatal or a bone breaking fall is significantly reduced if she wouldn’t have to navigate stairs. She’s had a grab bar installed in her bathroom shower but she’d be a lot more comfortable with a walk-in shower and no stairs. Her kids can only make suggestions; we can’t force her to do anything, nor is it our intention to do that. All indications are that she intends to never leave that house. As long as she’s compos mentis, that’s her call. The future is a bridge we will have to cross when it gets here. I would just urge everybody with adult children to communicate clearly with them about important paperwork and other things they will need to know when you become incapacitated or pass away. We do not know the details of my mother’s financial picture, will, insurances, wishes about heirlooms or her doctors. We want to respect her privacy, but if she required urgent nursing home care or died suddenly, we literally would not know where to begin with her affairs. There are four of us and believe me it’s not from lack of trying that we have scanty information. She refuses to discuss it. So we have stopped pressing about thinking about downsizing her home and have accepted that we are going to have to deal with everything when the time comes. The familiar is a haven from changes that are scary, but in terms of her physical daily life, her comfort and ability to navigate her home would be greatly increased If she would be willing to explore a new living situation.
The problem with moving from a home where you've lived for a long time is that you would also likely loose the connections and friendships you've developed over the years, which is an important social structure for quality of life. People become familiar with their local grocery store and employees, library, clinic, etc. My mother would be lost without those chats and those connections.
My wife and I have similar experiences. We sold a large home and went to live close to our daughter. Our original plan was to buy a house close to her and spend the rest of our lives there. A local apartment house was offering a special price in downtown Nashville. We thought it would be fun to stay there till we found a house. Five years later we’re still in an apartment and see no reason to change. Cheers to you all
Norm and Tina, I love your content! I am turning 60 this year and an older friend recently said to me "the 60's are go-go, the 70's are slow-go and the 80's are no-go". Your content addresses aging without all the fear. Thank you!
It’s ironic but I started out living in an apartment building such as yours for the first 8 years of my marriage. It was close to downtown Ottawa as well with swimming pool, exercise room , hot tub and store inside the building. I loved it ! Then we bought our first home which was a freehold townhouse, eventually bought a single house and now I found myself missing my old apartment with all the conveniences as I’m getting ready to retire;) this is the cycle of life , we live in a circle ⭕️ ❤
Funny how that can happen takes moving on to know what you then missed we hope you find a nice one for retirement Cheers 🙂🍷🌺
@@ThisIsOurRetirement 🙏🏻❤️
So true! We started in Ottawa also, moved to Toronto, after two homes we find ourselves looking more to the next phase. We have and do enjoy all the stages. It’s all about the mindset as we move through the seasons of life and what it can deal. Enjoy the journey ❤️
I retired in 2022 and sold my house and am now renting an apartment. My motivation was getting rid of all the house responsibilities - shovelling snow, repairing things, etc. Like a huge weight off my shoulders. And I was able to sell at a market peak. I love my apartment and certainly appreciate your videos and advice over the past year.
That is wonderful we are so happy for you have a wonderful weekend Cheers 🍷🌺🙂🍺
Love being free from the whole house responsibility thing. My appointment is so easy to clean and keep up with.
Norm and Tina, I love your channel. I live on a 3rd floor, no elevator, condo. I had a stroke and am unable to do stairs. We live very close to my husband's work and the rents and apartments are $2,000-$3,500. My problem is my mortgage is very low and now having to retire before 60, my retirement is very low.I keep trying to find something to come available. You are blessed you are healthy.
We bought an apartment 4 years ago to live in when we retire and sell out house. We love the apartment, and hate driving back to our house. I’m so sick of living in a house with all the upkeep and yard work, snow removal. I’ve always loved apartment living better than house living.
I agree 100%. I have owned many houses over the years and made the leap to apartment living 3 years before I retired. Downsizing was very eye opening and can be traumatic, so I always recommend to do that long before you are of senior/elderly in age. I love the uncomplicated, simple living of being in a smaller space. I have since moved to a small town where the rent is even cheaper. I have loved every moment and wouldn't turn back. Thanks for sharing and I agree with all of it. Hugs from Huntsville ON. 🇨🇦
Your apartment sounds very similar to mine. My husband and I downsized almost five years ago from a house to an apartment after our children moved out. We have never looked back. Best decision ever for all of the reasons you listed, particularly regarding cost containment. Everything except my electric is included in my rent except for my electric which is so low it's hardly worth mentioning. I'll never go back to home ownership. We've bought and sold 4 houses in our marriage, and we're not great at it. Now we can travel, let someone else fix the broken stuff, and live our lives.
The decision of renting vs owning depends on where you live and the cost of housing. I live in Southern California. I own my house which is a detached 1450 sq. ft. 3 bed/2 bath. I pay $1,600 a month for mortgage, taxes and insurance. My house will be paid off in 11 more years. A house this size in my community rents for almost $4,000. To rent a 3/2 high-density apartment in my area is at least $3,500.
My house in So Cal’s paid off, but we’d like to get out So Cal.
Calculating "cost to carry" is really a great way to make an evaluation. We did the same thing last year when we decided to sell our mountain vacation home and it was so eye opening. We sold one of our cars last week after examining the cost to carry on it as well. It's so easy to say "well, it's paid for" when you don't have a mortgage or car payment - we had to remind ourselves that there was more to it than that. Have a nice weekend!
Totally agree thanks for sharing Kris we just now have one car have a great weekend Cheers 🍷🌺🙂
1. You are fortunate that you have rent control in Canada. Rent control is rare in America, for seniors or anyone else. Inflation has caused rent to increase, as well as other expenses. Last year, I received a notice that my apartment rent would increase by 15%. This makes it very difficult for everyone, especially seniors.
2. You have a great channel. I enjoy it.
Thanks so much Thomas!
#thomascunningham111 Yes, you are so right. I'm 71 and there are no apartments in my city with the amenities Norm and Tina have for the price they are paying in Canada. In my city, a 2-Bedroom, concrete-walled apartment, in a mid-rise complex (2-6 stories), with parking garage, washer/dryer in each individual apartment, AND BILLS PAID, with the excellent management and maintenance staff they have, start at $1964 per month, WITHOUT bills paid. Then they tack on extra fees for an assigned/covered parking space and trash disposal. So the equivalent in the US, once electricity bill and fees are added, comes to around $2,200+ for a 2-Bedroom. 1-Bedroom apartments in the US, with the amenities Norm and Tina have in Canada, start around $1500-1600 in my city, or more. And they are much higher in other cities in the US. And there is no rent control. In the US, seniors/retirees living in apartments are financially suffering and don't see a way out.
I live in Alberta and there's no rent control....very expensive to live in an apartment ...I wonder where Tina and Norm live so I could move there 😊
@@magda5820 I think that they live in Ontario.
I had a 4 bedroom house, on my own, but it needed alot of repairs . Lived in iceland so the weather played havoc on the exterior, it needed a new roof, windows and was alot to keep up. My kids moved to different countries and all my friends moved away to different areas, so when i retired, i sold up and now i live in Spain. I am not going to buy as it will be such a hassle when i die, so i rent. I feel safer, im in short walking distance to all amenities and a few min from the Mediterranean. The only problem is the apts and homes are built differently and one can hear the neighbours, the walls are not insulated. But i like it here and when i go, there will be so little the kids have to deal with, since they are scattered around Europe
Couldn’t agree more! My husband and I split our time between our cottage and a small 500sq ft apartment in the city. We get to enjoy lake time and city/family/friends/grandkids time. Don’t miss living in a house whatsoever! Cheers!
Wonderful we so agree Cheers 🍷🌺🙂
Somewhat similar situation here...we are in a life lease in a seniors complex...best thing we ever did moving here. A little over 1200 Sq ft, 2 bed 2 bath, open concept, on suite laundry, high security...we love it. No more worry about jobs we could look d no longer handle around the house and way less expensive And yes, we're in Canada. 😊
That’s terrific, thanks for sharing. 😀😀
I think you are fortunate to have these large rental apartments available. In my home town, south central BC, there is just nothing like that. Rents are expensive, very expensive, and most are owner rented so you could get evicted at any time. There is one new building where they rent apartments to seniors but they are small and pricey. It’s something that I would look into when I’m older.
At 66 we are thrilled to live in our own home. We are both active and fit and have built and renovated countless homes so we understand what can happen. With property taxes, utilities, hydro and gas our monthly cost is less than $600. We could not rent this house back for less than $3000 a month. We also have a dog….
When we go on holidays neighbours keep an eye on the house and shovel our driveway (excellent people) , the dog goes to a kennel and we shut the water off….never an isssue.
We just repainted and refloored, doing all the work ourselves! Certainly increased the home value and cost us very little. At some point we’ll have to leave but not yet!
Good on you for finding a solution that worked for you. I’m certainly not ready for that….yet.
It’s funny you say you aren’t ready for that yet ! we didn’t think we were till we did and so glad we did , the older you get the harder both physically and mentally it gets to sell the family home and downsize to the new chapter in your life as retired Cheers 🌺🍷🙂
I’m 46 and my husband is 50 and this was really insightful to me for us and my thoughts for my in-laws.
Wow! What a wonderful, thought-provoking conversation about why a retiree might consider renting vs owning later in life. I'm a year or two from selling my 30+ year home and I thought I had it all figured out, but now I have a new angle to research - renting vs buying. I say that as a good thing. Much better to make informed thought through decisions vs what you'd always thought was normal. Thank you, once again for raising my awareness. Can't wait for the next video.
We are so glad you enjoyed our conversation Alice , we thought we had it all worked out till we met someone who told us about him and his wife living in an apartment, it changed our outlook for retirement too Cheers 🍷🙂🌺
Thank you both for sharing your experiences. There are many ways to retire and you found a solution that works for you. That’s what it’s all about.
I too sold my large house when I became a widow and went into retirement, I did choose to buy my small apartment but because I down sized it was only the cost a third of the money I sold my large detached house. This put a big chunk of money into my bank to supplement my pensions to give me a better retirement. Although I live in an apartment I do have a small garden area which I felt was a bonus.
This is one of the hardest decisions faced by retirees. In our case, the home is paid off and fairly inexpensive to live in, but we want the freedom to travel for longer durations. An apartment would be far more expensive, but allow us to not be concerned about an empty home that could have issues in the winter with heating and plumbing. First world problem, but a concern, none the less.
Have you done the numbers , when we did we were surprised at how little the difference was but we got so much more , pool underground parking , gym , no worries of unexpected maintenance and expenses hope you find your answer that works for you Cheers 🙂🌺🍷🍺
Another thing to consider is that the money obtained from selling the house can be used to generate income to help cover the cost of the monthly rent.
You can own a townhome for less than a house with no more exterior maintenance. But still have your own garage, patio, for storage. We have a house with live in for years with a driveway we have to shovel in winter which is a problem as we are getting older. But, I built a 2 bedroom plus office townhouse, 2.5 baths, with laundry room on bedroom level, 2 car garage attached. built it brand new and put my dream kitchen and huge master with 5 pc bath and huge walk in closet , bath, stone corner fireplace, beautiful Mountain views on a golf course bordering open space. I rent the town house now but plan to live in it soon. It has a 1000 sf basement with 9.5 ft ceilings. We can finish that basement and have 2700 sf. We can rent out our house or sell it. Right now we aren't ready to move. But, the townhouse is in a master planned community with grocery stores and recreation center within walking distance. It also has a beautiful pool, clubhouse, and many parks, 8 miles of hiking/biking trails. It is a special area and hard to find now. I would live in townhouse right now, but husband not ready to move yet. I have stayed friend with neighbors at the townhouse and go to Xmas parties. I like location of our home too.
Sounds like it’s in Tennessee! ?
@@RoxanneJ Canada
Hello Tina and Norm! Highly informative video. I do not have much to say about apartment living as I always lived in houses for the past 70 years. I lived once for 3 mos. in an apartment because the builder did not finish the house as promised. I did not get used to it. Currently, I live in a 2300 sq feet home in a 55+ community. I pay an HOA in the high 300's. That covers the security guard services, a nice big club house with a lot of amenities and a large auditorium for events, grass cutting, shrub trimming, 18 bags of mulch per year and the outside painting of the house every 5 years at no cost. I think i will remain here while I physically can. If things change with my health, my next step would be a home for the elderly. That would be a whole different story. Until... All the best...
A couple of my friends are currently building their retirement dream homes, one on a lake in cottage country and another in the woods near a rural town. I really wonder what they will do when down the road they need more medical care or lose the freedom to drive. I’m in a bungalow in the city suburbs and I know it will eventually be more than I can manage. As for isolation, most days the only people I see are out my front window. You are very fortunate to have found such a lovely place at reasonable cost and to be near family and resources.
It does make you wonder doesn’t it 🤔Quincy , we are very happy with our decision have a wonderful weekend Cheers 🙂🍷🌺
I've had my fair share of home ownerships (sole owner) for 14 years from 4-plex apartment to luxury condo to acreage. Been renting since 2017 and loving it. I have huge income, single woman... I couldn't care for yard work, cutting grass and shoveling snow. It's also hard to deal with tradespeople as a woman. I love the freedom. I can call my landlord if the furnace needs fixing and it doesn't disrupt my own schedule. Plus I love the idea of being able to move/relocate if I want to.
Some Great Tips; your right not all landlords are the same. You got a good one there.
• concrete building. Many new apartment buildings are going wood. Yikes!
• living above 7th flr puts you above rescue capabilities of most Fire Depts.
• Washer Dryer, fantastic
• Appliances & own repair folk. Wow
You did good.
Appreciate it.
Our fire department can get to our floor with their ladder truck,we checked before signing the lease
Thank you for sharing your story. My husband is nearing retirement age and although he’s a very handy guy, he says he’d love to rent and be freed from the responsibilities of home maintenance. I’ve begun to look at possibilities but the rental situation in BC is terrible. We also have a cat and so few buildings will accept pets. We’ve thought about moving to a different province but all our family is here, so that’s not a desirable option. It’s difficult to know what to do, so we remain in place.
You definitely got in at a good time as rents have gone up so much the past two years! And, if you can, as you have, find the right apartment it is a great option. Newer builds seem to be good and as you have found, a place with a lot of other retired or older tenants can be nice as well. Easy walk to amenities is important also.
Thanks for watching Karen we are fortunate that we got in at the right time and with rent control and utilities included it’s great . Being able to walk to a grocery store is great too Cheers 🍷🌺🙂
Quite a compelling picture. I think the point about just locking the door to go travelling is really crucial. Given your (and my intended) lifestyle.
We think so it really works for us.
Two can live as cheaply as one! If one is single however, there is much less income for renting a nice place.
Thanks for watching Cheers 🌺🙂🍷
But if you have great income and great financial habits, and your partner is lazy and free-riding.... your freedom, independence and peace of mind are priceless!
Tina and Norm are lucky they have each other. Others end up wih gold diggers.
A a
A 😅i
Single for me looks a lot more flexible. Heck you can even sleep in a car if you want to or move to a smaller city or country without asking anyone else
@@last_samurai6690 Right! Being single, you are responsible for yourself. You are accountable to yourself only. You can work hard and make sacrifices knowing you're the only one who will be affected, good or bad. You don't have to worry about whether your partner will carry their own weight or will be willing to make the same sacrifices.
I just turned 70 been renting 10 years now. This is actually my third apt in 3third different location because I wasn't sure where I wanted to settle. Been here going on 3 years now and I love it. Settled in a small resort coastal area in so Texas. I worry about nothing. Yes my rent went up 45 dollars this past year but my sisters home insurance went up 72 dollars. I don't look at it as throwing money away. I look at it as money well spent for peace of mind.
Thoughtful info about a good housing situation but a few miles away just across the border it's pretty different :: not so many new, large, fully featured apartment buildings, no rent control, etc. The comparison costs of owning vs renting are not so heavily leaning towards renting so not so cut and dried. But you identified a lot of important criteria we that also sought for our housing solution. You guys put a lot of solid effort into your video's content.
Thanks Gary we are glad you enjoyed it have a wonderful weekend Cheers 🙂🍷🙂🍺
We did the same….husband’s health issues and we love it. We do not have garage parking but w/d. Plus garbage pick-up and we are close to amenities
You are so lucky you decided to rent when you did! A friend of mine moved into a Drewlo building right after they stopped including utilities, just a bit too late to be grandfathered in. Would you ever do an apartment tour of your place? I loved your trailer tour.
Thanks for the suggestion JoAnne , yes it’s great having utilities included especially with all the increases Cheers 🌺🙂🍷
Spot on 💯 about the ever increasing property taxes and increase in the water sewage bills. Those two bills will probably drive me out of my current house here in the metro Detroit area of Michigan.
Same thing is happening in Ontario; property taxes and utilities are really rising. My husband and I are already prepared for possibly being priced out of our subdivision in the next few years. Ugh.
We agree it’s frightening what the increases have been Ann now we are hearing it’s Gas and Hydro that prices are going through the roof as well 🇺🇸🍷🌺🇨🇦
It’s a sad state of affairs what is happening Libbyann 🍷🙂
My parents moved from their home after 40 years living in a house last spring, they are both in their 80's. Health issues started pushing them out of their home. So many plus's to their move! They are saving so much money in the apartment. Their utilities' alone are saving them a ton. We are in western Canada and the costs are astronomical for utilities ... insurance ... taxes ... food ETC. They are way less lonely, their apartment folks are very social and of similar age. Coffee groups, exercise days, Happy hour Fridays. My husband and I both learned that we wont be waiting as long as our parents did to move into an apartment.
Thank you Tina and Norm ... your retirement videos are so inspiring!
Your apartment sounds lovely ….esp. since it’s concrete. Here in the USA they don’t build with concrete in interior walls. I miss my apartment days…perhaps one day.
very helpful informations. Thank you very much. My husband died 10 yrs ago n my kids studying in other cities. At the start, they told me they still want a home to go. Now they have partners, and slowly i have problems in maintaining the house, its time to give it up and do downsizing. Your videos are helping me on mind setting to balance the emotional connection of my house to me. Thank you very much.
We are pleased to share ideas for retirement and especially what we have done. We hope you find a good solution for your downsizing.
i bought a house to retire but a house with two units now i deal with tenants and i have had great luck but i cash cheques each month and my residential expenses are very low. This is something to consider for some. Different strokes for different strokes.
That is awesome!
The compromise, of course, is a condo, which I have. There clearly are pros and cons…largely the same as those associated with apartment living, but it’s a workable solution for those who want to minimise the burden of home ownership as one ages in place but still has the feeling that they remain ‘invested.’ I gripe about what I think are exorbitant fees and property taxes etc. but would likely pay considerably more in rent. It’s the Goldilocks scenario.
Thanks for sharing Murray you wanted some ownership and we wanted none LOL 😂😂have a wonderful weekend Cheers 🍷🙂🌺
Wow! I’m envious. 1200 square feet and all the amenities for a reasonable cost. I live and am attached to staying
in 14:51 downtown Toronto. Something similar would cost at least $3,000. I enjoy your Algarve videos. We just got back from a 5 week stay. Perfect weather this year.
So glad you enjoyed the Algarve, there are cheaper rentals just might have to move a bit out of downtown Toronto Margaret Cheers 🍷🌺🙂🌞
We took a middle ground approach - we paid cash for a condo. It's a nice, two-bedroom, two-bath place, with two balconies. It's a secure building, all utilities are included, there's a beautiful park-like courtyard, a small community garden, etc. The bookmobile from the public library comes twice a month. People are very nice and sociable. The property taxes are extremely low - around $45/month. We're currently renting it out because we're in a different state, taking care of my elderly mom. But while it was empty, we didn't worry about it like we would a home. We have good, trustworthy neighbors that have a key to our place and would check on things for us, but we really had no concerns. I feel like we have the best of all worlds.
I bought a retirement condo for my mother, she pays the condo fees and taxes so it doesn't cost me anything. She moved to a different community for older retirees that has one meal per day, housekeeping, a community bus, activites, etc. The fee also includes all utilites so she pays (autopays) one fee per month, done. It's a small 2BR 2BA and I have visited her (extended months-long visits because I live overseas) and it's quite good because we both have our own ensuite situation with the living room in between us. She is 88 and is still very independent and still drives. It's in a beach town (Myrtle Beach) and she is about 4 blocks to the beach. Lots of restaurants and other amenities, golf (she is not into golf, but some are), etc. I am super happy to have found this and will rent it out in case I decide to live there in my own retirement if I ever come back to the US...
@@erbiumfiber It sounds like you have a perfect set up!
Your apartment sounds like a lovely place to live. My husband and I are going to be selling our large home now, and going to buy a small bungalow townhouse in a retirement area in Niagara (new build). They have snow removal, lawn cutting, pool, tennis courts, gym and social activities for a small fee. We get to do the social things we want to participate in. As you mentioned, isolation is not healthy as we age.
Sounds great Gail we wish you both all the best have a wonderful weekend Cheers 🍷🙂🌺
Your building is really ideal, I agree and the pool seals the deal. In our town house taxes have just gone up 10.5% for 2023 so you're absolutely right about that. Lots to think about. Thanks for taking the time to make such a good video. Happy spring! Enjoy the travel trailer 🤸♀️🤸♂️🤹♂️
Your welcome glad you enjoyed it that’s a big increase in taxes ! have a wonderful weekend Cheers 🙂🍷🌺
We wonder about cooking smells, barking dogs, tenants that don’t look after the property, elevator technical issues, 28 degree Aprils when building heat is still on, hot and cool sides of the building etc.
Our building is pet free (dogs and cats), very minimal cooking smells in the hallway. This is an upscale rental building that is very well screened for incoming tenants. No horror stories here!
The thing that would worry me the most about living in a flat is boredom. For the last few days it has been raining and I soon get cabin fever if I can't get outside to do gardening or other outside chores. I suppose there are alternative ways to keep busy though, such as voluntary work. I'm fortunate that here in Croatia there is no tax on owning a property.
Actually we are never bored we have You Tube , swimming in our indoor pool , gym , outside balcony , travelling, planning time at our summer trailer staying May 1st have a great weekend Cheers 🙂🍷🌺
I love you sharing your reasoning. I own my condo outright but taxes this year went up 12%, strata fees 15%, assessments for two new elevators plus condo insurance dramatically up but my pension 0%. So I’ve been doing the same calculations my only hold up is the lack of rental housing of your type in Vancouver. Since I am single & 74 I think I’ll hang in then go to assisted living.
Thanks for sharing Marjolaine have a wonderful weekend Cheers 🌺🍷🙂
I think the key to choosing an apartment for long term is something like rent control. Not many places in the US have it to protect you from potential large rent increases when your lease ends.
There is a lot of peace of mind about not worrying about damage to the house when you are gone over winter.
Congrats on your great success of hitting it lucky with a great rent-controlled roomy apartment. The toughest maintenance for me (75) is climbing up the ladder and tying my safety rope on to the chimney and walking/crawling around the perimeter edge of the steep-sloped roof cleaning out the leaves from the eavestroughs. And then doing the same on my second house nearby (which is empty). Causes my knees and ankles to shake, and the heart to flutter! (always secure your ladder with a another string to the chimney as well, so the ladder doesn't blow down and leave you stranded.)
Can’t believe you are doing that at 75 ? can you not pay someone to do it Have a wonderful weekend Cheers 🍷🌺🙂🍺
Recently received advertisement for living quarters beginning at 300 sq ft. Somewhat of a cell in a foreign country!
We are 1345sq ft very comfortable
My husband and I sold our 3000+ sq.ft. home here in the US, and bought one that is 900 sq.ft. We considered renting an apartment, but rent here continues to rise. A 1 bedroom 1 bath apartment 2 years ago rented for around $600 plus utilities. That same apartment is now $1050-$1200 per month plus utilities. Here most landlords demand first and last months rent, plus security deposit, and then you have to pay $700 to the electrical company to set up your power, $500 to the city water company to get the water turned on, then $100-200 for garbage removal. The mortgage on our small home is only a little over. $800/month. The utilities were already on, all we had to do was transfer them into our names at no cost. You are so lucky to have laundry free, and concrete structure. MOST apartments in my area are horribly built.
$1300! In Northern California 45 minutes north of San Francisco where we live, that would get you a bedroom in a four bedroom house with a bunch of other people.
You might have to move to another state Barbie , lots of our viewers have and found deals have a great weekend Cheers 🇺🇸🍷🇨🇦🌺🙂
Hey 👋 Norm & Tina,
We leased an apt & townhome for 1 1/2 years. One year in Florida. Returned to a house, but different region of the USA. Property taxes including all utilities total $267 per month. Excellent. I like privacy, peace & quiet. Unlike when we leased for $2,500/mo, footsteps above, constant movers of furniture, Palmetto roaches, snakes in the lanai, alligators in the retention ponds, exterminator chemicals, broken plumbing, electrical issues- lightning strike, new but awful appliances, flushing toilets, annoying music, smoke(in smoking prohibited housing), bad security by doors left ajar on purpose by some, maintenance workers always intruding, inspections. It too, was an all brand new apartment complex unit. Not what we wanted after all.
One year in, I love yard work- mowing, planting bulbs for tulips & daffodils, and the bunnies, birds, other wildlife. We open our windows on all sides of the house and sunroom, and enjoy the fresh air and breeze. It is lovely. And now, as a plein air oil painter artist person, I can set up an easel in my own yard. No restrictions. Would I rent again? Maybe when I’m 80. God willing.
Enjoyed the video! Thanks!!
Thanks for sharing Eric it sounds like you are now in a happier place and we are happy for you, have a wonderful weekend Cheers 🇺🇸🙂🍷🇨🇦🌺🍺
Hi Tina and Norm. Had to tell you this! You had left a review on your train trip about eating pizza at SOCO restaurant in the Delta hotel in Toronto. My husband and I went to Toronto for a blue Jay game and rock of ages. We had pizza there both nights! It was amazing we had the pepperoni with honey yummmo! Who says you can’t eat dinner under $30. Thanks for the tip!!
Here's another option... I own my Phoenix house, love it, but would like to travel for months at a time. I'm 66. I remodeled so I have a 1/1 apartment for myself. I can rent the rest of the house for $2000-2500/mo. I can also get about $220k line of credit via a reverse mortgage. Rent income is tax free or almost and the the reverse mortgage is tax free. The reverse mortgage line of credit acts just like a bank account, I can transfer whatever amount I need. The line of credit amount increase over time.
The $220k gives me security. The rent more than covers travel to places like SE Asia where a decent place is $300-400/mo rent. $500-700/mo in a beach resort.
The most detailed you,ve shared about apartment living. Very helpful, in what to look for. Nice to haves, what we should consider...
~ Ben, Vancouver ISLAND
Our pleasure! enjoy your weekend Ben Cheers 🍷🙂🌺🍺
I loved living in condo when I was there. Favorite part was the heated/ultra lit underground parking and beautiful exercise room. I felt like I was cheating winter. Here is the bad part; it never happened to me but in places like Toronto, bed bugs and roaches are a major problem. You can never get rid of them. There are always tenants that help proliferate them. If anyone gets in that situation, moving is your only option.
This is an upscale rental building that is very well screened for incoming tenants. No horror stories here! enjoy your weekend Cheers 🍷🙂🌺
Norm and Tina, Thanks for the insights. I'm in California and it is such a central idea that one must buy a house, simply must. I have relocated out of Los Angeles and sold my house. As COVID came along just at the same time I made my move I rented an apartment. The social interaction and the repairs handled by people the landlady knew was more important than I had given any thought to. I'm glad you two are so articulate with these thoughts on life planning. I want to move to Portugal as I loved the time I've spent there. The "got to buy a house idea" is something I thought I would always follow, but maybe not so much after all.
Thanks for sharing Marianne, we too love visiting Portugal 🇵🇹 but like having our apartment to come back to ( best of both worlds ) and just travel to places but then come home Cheers 🍷🇵🇹🌺🙂🇨🇦
Thanks for another great video sharing your perspectives. I have been watching your videos for a long time and just retired, sold the house, relocated closer to the kids and moved into a condo. Yes - Underground parking, no more snow shoveling. Leave for as long as we like and not worry about the house, the yard, etc. I went to the hardware store and saw all the dirt and lawn supplies on display and am glad I am not doing anymore landscaping projects. In our case we purchased a condo and have condo fees and taxes, but we also own the place. We are loving the condo/apartment life.
I have lived in apartments then condos most of my adult life. Love this style of living. Your place looks so lovely in the background. Would love to see a tour in an upcoming video.
Thanks for the suggestion Linda have a wonderful weekend Cheers 🌺🍷🙂
Happy Saturday Norm & Tina! Another great video. You are so right about the potential increases in property taxes. In the Greater Toronto Area, we know of seniors who have had to sell their homes because the property taxes have risen to a level they can no longer afford. The increases have happened because small older homes on their streets were bought by developers who tore them down and built huge homes. So sad that people can be forced out of their lifelong homes by development. We are keeping our eyes on that ball in our subdivision.
You are also right about the home maintenance aspect. We spent the winter in Portugal, living in apartments, small space living has won me over. Now that I’m home I’m resenting the amount of time that taking care of my 2500 sq ft house takes. Anyway, thanks for all your insights - so very valuable. Keep up the great work! So glad you’ve found such a fantastic place to live.
Very sad isn’t it what’s happening so glad you enjoyed Portugal 🇵🇹 agree living in an apartment far less up keep than a large house Cheers 🌺🍷🙂
Very relevant. We are facing that process.
Hope it helps Linda have a wonderful weekend Cheers 🙂🍷🌺
You made the wise choice to rent rather than buy a condo. If you end up not liking your crazy neighbors or find out about other issues you can always move again. Also, it's best to rent or buy in an Over 55 community just to make sure that it's a quiet neighborhood. I don't think I would want to rent or buy an apartment that is for all ages. Buyer or Renter beware that if you are over 60, 70, or 80 and move into a family apartment, condo, or townhome community it may be noisy and you may have quiet neighbors when you first start living there but you may soon have noisy families moving in next to you since most renters prefer to eventually buy a house or move.
Hello BRITTS! Viewing on new(refurbished) confuser!Much faster than the old one!CHEERS from wetcoast!!!
Thanks for dropping by have a wonderful weekend Darryl Cheers 🍷🌺🙂🇨🇦
Great video and alot of great information. My wife and I are in our mid Fifties, and farm in Northern Alberta. We encouraged and helped our 20 year old daughter to buy a condo in the nearest city, where she works. We told her that when she was ready to upgrade, we would buy it from her and rent it out for a while, until we are ready to sell the farm and move into town. This way we will have less to worry about when we go to Costa Rica for the winter and RV in the summer. The fees would be less than our taxes, etc, on our farm. With underground parking and less to worry about, we will be set for retirement. We have both lived in apartments before and feel this won't be too big of a shock for us.
We did exactly that, about a year ago. Just trade Costa Rica for Belize. It was a huge change for us, but a fantastic jump. ENJOY this chapter. Bill
Sounds great Doug we too winter in Portugal 🇵🇹 and RV at our trailer in the Summer but so enjoy the comforts of coming home to our apartment in between Cheers 🙂🍷🌺
Thanks for watching William Cheers 🍷🌺🙂
Another great video. Now I am jealous, as we have very few areas with rent-controlled apartments. You two have a wonderful unit, quite large with so many nice amenities at a very reasonable price. Plus, I love the entire unit being concrete. That was always my dislike of apartments, being able to hear everything you neighbors did above, below or on the sides. I live in a single-family home just under 1000 sq ft, and the annual expenses are very low. When I moved in however, I did a lot of renovations to make the place to my standards. If there were units like yours available in nice locations it would definitely be a consideration, but I know of none.
Thanks for watching we don’t hear anything from other apartments and having rent control is a huge plus Cheers 🍷🌺🙂
Nice t-shirt Norm 👌😃
Another interesting video. Have a good weekend!
Thanks Honorata have a wonderful weekend Cheers 🍷🙂🌺
Even though I'm no where close to traditional retirement age, I also decided it made more sense for me to rent than continue to own. I have the added bonus of living in a coop, which keeps my costs super low and provides incredible security. Every once in awhile I get curious about the housing market again, but the numbers don't make any sense for me. AND- I love that I don't have worry about maintenance cost and hassle.
Well said! we are glad Sharon you too enjoy living in an apartment our pluses totally out way anything negative have a wonderful weekend Cheers 🍷🌺🙂
Selling up and moving to a rental is really on our radar right now but I have such of fear that we would regret. I would love if you would give us a tour of your apt - it would help to see the space you get. Thanks!
We have a great apartment of 1350 sq foot with two beds and two bathrooms , huge balcony we love it Cheers 🍷🌺🙂
We've been in this condo for 7 yrs now. We first moved into a senior only bldg. But moved out after our year lease was up...uggggh. hated it
We're in a mixed bldg rental. It's owned by BC teachers pension fund, (I think)even though we're in Alberta. There's 9 suites on each floor. It's 24 floors double towers with underground parking 2 fitness rooms etc, it's perfect location I can walk anywhere and drive only short distance if I need to. It's in the free transit train zone downtown if I want to go anywhere in the neighborhood. I have 3 different public library branches within walking distance. There's bike paths and walking river paths right outside my door. Several grocery stores of every description within walking. The intl airport is on a easy transit route takes less than 40 min to get to or easy driving to. There's so so many dining opportunities or take out within two blocks. It's really a great neighborhood. I've noticed many more Senior couples moving in especially since COVID funny enough. The maintenance is superior. I to had an ongoing sink backup also. The plumber and her assistant showed up with all their equipment to clean out the pipes at 10pm after I called the emergency number at 8pm... ON A SATURDAY NIGHT. Even though I had it under control and cleaned up. We have great housekeeping staff that works 5 days a week. The common areas always sooooo clean. And the security canned be beat. We really are spoiled. The only thing I miss is counter space and a back yard in the summer. I can go visit my kids for that. Bahaha
My mother 89 this year refuses to move out of her house in BC. It's an ongoing concern for us siblings. Her garden she refuses to downsize, snow removal, lawn upkeep, the 3 bdrms she doesn't use, the basement the attic(full to the brim with stuff) gahhhhh the list goes on.
My kids won't have that issue.
Sorry this got so long😊
Thanks for sharing and it sounds like you are in a lovely rental too , isn’t it nice for someone else to fix everything if things go wrong hope you have a wonderful weekend Cheers 🍷🌺🙂🌞
Your children will appreciate this & I have done the same even a “drop dead book” with instructions. Very selfish when someone leaves this for others & I turned my brother down being his executor since he won’t declutter after having a nightmare as my sisters executor.
Being in the 'right' property as we age is key. The fact you live in rent contolled property is a critical factor in your scenario.
Obviously it is a huge benefit Kevin and there are both Provinces in Canada 🇨🇦 and States in USA 🇺🇸 all with rent control to consider moving too Cheers 🍷🙂🌺🍺
It's nice to hear some love for apartment living. Like you, I've been retired 7 years. I'm single, I've always lived in an apartment but when I retired I was looking for a change and moved into a much bigger building with a gym and underground parking, and elevators. I don't have laundry in my unit, but we do have laundry facilities on every floor. I do wish I had a balcony, at least I have lots of windows including a 7 ft by 7 ft one in the living room which gives it a loft feeling. The maintenance people here are really wonderful, a couple years ago I asked if I could paint an accent wall in my place and they offered to do it for me at no extra cost. Still... at the risk of sounding boastful I have a good bit more in my retirement account than 7 years ago and I'm wondering if I should look for an even nicer place. I'm only one guy, I don't need a ton of stuff but still.. 🙄
It sounds like you have a really nice place too Doug, the balcony was important to us to be able to be outside and BBQ 🍗, laundry on your floor is good and really enjoy having elevators , doesn’t hurt to have a look around and if you think you might get more enjoyment take a look 👀 Cheers 🙂🍷🌺🍺
It definitely sounds like a nice place, and it's the perfect place for you!
It really is! have a wonderful weekend Julie Cheers 🍷🙂🌺
Great points!
Thank you have a wonderful weekend Cheers 🙂🍷🌺
Our mortgage is $1200 incl. tax and if we sell and go into an apartment it will be $1200 - 1800 in Central Alberta. They can put the rent up once a year in this province BUT that can be any amount whether it's $50 or $500. Decision decision....
Yes rents do go up once a year , we are fortunate as we have rent control it’s usually 2% very small so selling and renting worked for us . Happy New Year 🥂🥳
thx for sharing guys. As an empty nester, i dream of becoming unhinged from this money pit we call our house. Here in the Usa, rent control apartments arent the most desirable locations. So you guys did good.
It is a hard decision Michael to change from the money pit to living stress free in an apartment but so worth it , give it more thought we hope it works out for you Cheers 🇺🇸🍷🙂🌺🇨🇦
This is the first time I've ever seen this channel, and I'm not 10 seconds into the video and I can answer the question... Because "This is your retirement"! You've worked all of your lives to finally get to do what you want to do and who wants to spend the rest of your lives taking care of a 2,000 ft² house with a yard? I applaud the decision... Dump the junk, get rid of the yard work and the home maintenance and what somebody else worry about all that. You pay your rent every month, if something goes wrong you call maintenance and you spend your golden years actually enjoying them.
Thanks for watching and welcome to our channel Cheers 🍷🌺🙂
Down to earth & practical information. One of your best videos. Thanks for the priceless information. Best wishes to you both.
Our pleasure! have a wonderful weekend Cheers 🙂🌺🍷🍺
You guys come up with so many good points , really gets me thinking of what we are gonna do thanks for sharing .
Well done. Good luck.☘
Thank you and thanks for watching Cheers ☕️🌺🙂
We’ve been watching you both for a couple years in our planning toward retirement. Renting is best, esp in todays crazy house prices, inventory, and interest rates. The hidden phantom costs in ownership are huge to keep a property going and up to date. Currently in a home we are seriously looking at renting. Love your content and the recent train trip you did. Thanks!
I am so glad you found something that works for you. Blessings to both of you and sending you rays of light. Blessings.
Thank you so much! 🌺
You will remember I think how small houses are in UK. We downsized in 2019 to a 3 bedroom bungalow. It is only 99sq meters , for our family of 3 it is perfect size. We are very lucky we have a very big plot by UK Standards. We don’t intend to move from here.
No matter your circumstances so important to be content and happy e with where you live.
As long as you are happy Deborah that’s the main thing have a wonderful weekend Cheers 🏴🍷🙂🌞
I hope you're both well. Norm looked a bit under the weather this week. Maybe ready for another trip! x
Norm is fine thanks Linda , we are awaiting some medical results have a wonderful weekend Cheers 🍷🙂🌺
Another thing to consider is that the money obtained from selling the house can be used to generate income to help cover the cost of the monthly rent.
Holy Mokey 950CAD/month for property tax!!!!!!!!!!!!!!!!!!!!!!! and we thought 2.5K GBP/year for council tax was high!! Thanks for the info Tina and Norm. Quite interesting...its food for thought. Part of us is reticent to give up the "busyness" that a house+garden offers, our beloved plants - gives us so much joy...and I will miss the mancave where i can anglegrind, saw and "do things" to my hearts content....Did you miss any of that Tina & Norm. Wish you both well and as always, thanks for your videos.
Hey guys. Great video that will certainly apply to my wife and I in the coming years. As we get towards retirement, we think about costs such as a new roof, furnace, central AC, etc, that may come when they reach the age of 30+ years. These are significant costs and ones we'd rather not incur. I think those costs, as well as general upkeep, must be factored in when determining rental costs, which have also skyrocketed in the last few years. On the other hand, losing the freedom of a two car garage, as well as other perks of mortgage free home ownership must be taken into account. It won't be for a few years, but I imagine it will be our toughest retirement related decision ever. Take care guys.
Our house was morgage free too Mark but not without monthly home ownership costs compared to rent at the time there was $100 difference. We actually do have a two car space here, it’s a hard decision but having sold our home invested the money the quality of life and freedom , no stress for us we have never looked back . We wish you well in your decision oh and rent control is top of the list Cheers 🍷🌺🍺🌞
Thankyou for the great videos you post. I live in central Canada.I love Condoliving.I have manyconvenienceslikeyou do.There is a medical clinic in the Mall below us ,so indoor medical help is easy to access. I live in a small city.Most of the folk living here are friendly . The shut down of social activities caused much isolation and the depression .Lonliness ,especially from your grown children and grandchildren and toldthis is best for you by the medical and government powers is sad.
Another helpful and interesting video. Thank you, Tina and Norm. I'm 71 and living in a very modest 1-bedroom apartment in the US. It is a very different and much more costly reality here. Seniors and retirees are really suffering financially because of it. I live in a large city in Texas, and there are no apartments in my city with the amenities you have for the price you are paying in Canada. In my city, a 2-Bedroom, concrete-walled apartment, in a mid-rise complex (2-6 stories), with parking garage, washer/dryer in each individual apartment, AND BILLS PAID, with the excellent management and maintenance staff you have, start at $1964 per month, WITHOUT bills paid and without elevators. Then they tack on extra fees for an assigned/covered parking space and trash disposal. So the equivalent in the US, once electricity bill and fees are added, comes to around $2,200+ for a 2-Bedroom. 1-Bedroom apartments in the US, with the amenities you have in Canada, start around $1500-1600 in my city, or more (without bills paid). And the rent is much higher in other cities in the US. And there is no rent control. I am sorry to say that seniors/retirees living in apartments in the United States are financially suffering and don't see a way out. It's a terrible shame, and I am ashamed of my country and government for allowing it. Thank you for your wonderful channel. It's always a pleasure to see you both and enjoy the content you produce. Take care!
There is rent control in 7 states or cities, Google it!
@@ThisIsOurRetirement Thanks, but I'm in Texas and the nearest rent control areas are California and New York -- both with extremely high costs of living. I have lived in both CA and NY and it is expensive!
Lots of great info …. Your lucky to have found your forever home. If we ever decide to go that route it helps to know what to look for ! Thanks enjoy your week 😊small town USA 🇺🇸
Absolutely! thanks for watching Cinde have a great weekend Cheers 🇺🇸🍷🇨🇦🙂
Hi Norm and Tina: I hope you are enjoying the Jamaica weather! Your in a great place. I am glad I am not a building manager anymore. I think we will pick an area that has markets/entertainment/symphony’s and good access to the airport. Unfortunately my budget for rent has gone up to $3500 a month. I have all the criteria including your great suggestions. If you were my neighbour I might be able to turn up the Pink Floyd once in a while! It is what it is. Cheers!
It’s it amazing weather Paul and we didn’t have to travel LOL 😂 hope you managed your trip . Wow you should get a great place for that budget 🤩thanks for watching and enjoy the weekend Cheers 🍷🙂🌺🍺
Thank you !
Your lifestyle is exactly what I want for my retirement, sell the house , rent a nice apartment with garage and ensuite laundry
Easy daily life doing all the things I am to tired and busy to do and travel travel travel!
Problem is , I live in Montreal, the average price for a nice 1 bedroom apartment in a good building is 2000/month
Hopefully I will be ready to move to a cheaper town when I retire , but I am doubtful
Best of luck! sometimes you need to look at change to get what you want we moved 6 hours Marisa to find ours have a good weekend Cheers 🍷🙂🌺
Montreal is one of the metropolitan areas in Canada that has the lowest rent! There is more than just Westmount you know! Toronto and Vancouver are way more costly. Good luck in finding a suitable rent in other parts of town
I look forward to your podcast each week! Have a great weekend.
Your very welcome Kristin have a wonderful weekend Cheers 🌺🙂🍷
Every time I snow blow my sidewalk , the driveway and the sidewalks of the block(since I'm out there anyway), every time I mow the lawn , fertilize and weed n feed, every time I have to pick up branches after wind storm I think of your decision to move into an apartment and have those hours to do something else other than puttering around the yard.
We admire you Mark for doing it but we so don’t miss it ! we are so glad we made the decision to sell and rent our lovely apartment hope you have an awesome weekend Cheers 🍷🌺🙂🍺
Happy weekend Tina & Norm 🏴 ☕️ 🇨🇦
Thanks for watching have a great weekend too Rachel Cheers 🏴☕️🌺🍷🙂
I thank you for this video. You have given us lots to think about. I appreciate your transparency. Another thing is that if you both had to go into a nursing home, you would not loose your home to the facility expenses. I have always worried about that. Thank you.
We think Kathy we would go down the route of paying for nursing help , care , meals on wheels etc coming to us have a wonderful weekend Cheers 🍷🙂🌺
Agree with your decision. I too decided on apartment living in retirement and I love the freedom from home owner maintenance. Rent control is fabulous and better than property tax.👍
We have spent the last 7 months living on a sailboat in the Caribbean and our home in Ontario is sitting empty. We really should consider an apartment but I love my garden so much that it would be a difficult adjustment. Ontario should have more allotments.
Wow living the dream congratulations
Thanks for sharing your experience and suggestions. Your apartment sounds wonderful; you're living like royalty! Thanks for warning us about your wild parties! 😄 Carry on!
You are so welcome! have a great weekend Chris Cheers 🍷🙂🌺🍺
Great info. Thank you.
Thanks for sharing your experience Tina & Norm. Renting vs owning is a personal choice but those choose to rent can unlock huge amount of equity to fulfil their retirement goals for sure. Keep up the great work and enjoy the unusual warm April days.
Absolutely!! it’s is a choice but so glad we did it wow yes amazing warm weather which is lovely have a wonderful weekend Cheers 🙂🍷🌺