Most North Toronto Empty Nesters imagine selling the family house, buying a condominium apartment in their neighbourhood, and banking the difference. Once they start shopping, it often becomes clear that a condominium apartment with the features they are expecting is going to cost as much or more than the house they are living in.
Empty Nesters with a desire to move must choose between banking some money or being willing to afford what their wish list will cost. The former approach would entail deciding how much money is to be taken off the table and then making a decision based on funds available. If renting is an option, then all the money in the family house can be taken “off the table.” With the second approach, the Empty Nester shops for what he wants and buys when he finds it. The money in the family house then goes towards paying-for or defraying-the-costs-of, the new residence.
The approach you choose and the decisions you make will depend on your financial goals. On the bright side, whether you buy a large or small unit, you will still enjoy all the benefits of condominium living. Simplifying one’s lifestyle is bound to bring on the joys of “renaissance living.”