After all the children has left the family home and retirement approaches, people often wonder if they should not sell the house. Too big and/or too expensive.
Here are a few choices that you may find yourself depending on what to consider about your personal situation.
- SELL HOME AND BUY A CONDO
This option may prove to be an interesting solution because, by separating from a family home in favour of a condo, one generally reduces the living area and a lot and therefore of surfaces to be maintained.
However, we keep a capital to which we have access (provided that this condo is not encumbered with any mortgage).
But you have to take into account that if your maintenance costs can drop considerably, they can be replaced very quickly or perhapseven be overtaken by the cost of condos and possible repairs that you will have no choice but to postpone.
And finally ask yourself the following question: "Is condo life for my current life". Condo life is the choice of a condominium life.
- SELL AND RENT
Renting can offer you a freedom as a pensioner that is not negligible.This may allow you to travel over a long period of time without having to pay for an empty dwelling during these periods of absence.
For other people, who are quite homely, who are not frequent travellers and who like to stay in their own comfort, this option would probably not be appropriate.
Of course all this is, above all, conditional on the fact that the return obtained during the sale allows to insure all the expenses of rents and others over the long term, for retirement does not mean that your life is about to end, on the contrary:-).
- STAY IN FAMILY HOME AND OFFER A PRT OF IT FOR RENT
If your municipality’s regulations allow you to do so and the space is well organized, you can develop a dwelling by converting part of your property and earning rental income. You will therefore reduce the unused space and gain a significant financial gain by carefully analyzing renovation costs so that they are quickly profitable.
There is also a choice to opt for a reverse mortgage and many other options.
So ask yourself the right questions and analyze your situation before you start. But above all, know that a Sutton Québec broker will be willing to accompany you in your project and guide you as a professional.