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The Benefits of Downsizing to a Toronto Condominium as an Empty Nester

toronto empty nester condo buyers

 

As your children grow and leave the family home it is only natural to re-consider your real estate needs. Perhaps the three bedroom house you own seems a bit excessive now that there are fewer people to fill it. You’re not alone in these feelings. Many empty nesters are selling their homes for a liberating downtown condo lifestyle that comes with many benefits.

 

Less Maintenance and Upkeep 

Perhaps the largest disadvantage to keeping your family home is the upkeep it requires to maintain it. Condos are ideal for empty-neste'rs who are looking to reduce the amount of maintenance they have to do around their homes. When purchasing a condo, maintenance of the common element is including meaning no more mowing the lawn or dragging the trash to the curb. Living in a condo is synonymous with personal freedom and time for yourself.

 

Perfect for Empty Nester's who Want to Travel 

Now that the kids are out of the house, your plans could include more travel. Downtown Toronto condominiums are ideal for those with the travel bug. After the sale of your family home, there is likely to be leftover capital to travel with. The benefits of reduced maintenance means fewer chores to come home to. Onsite security also gives you the peace of mind you need to enjoy your vacation without worry.

 

A Condo is a Great Second Home 

Empty nester's sometime choose to move full-time to their cottages up north but still desire a place in the city for downtown weekend getaways. Condominiums are ideal for this lifestyle. You can purchase a smaller suite in downtown Toronto and come down to soak up the culture and energy of the city whenever you like. Owning a condo in the city also means feeling more at home. Staying at hotels can often be less personal, less comfortable, and cost you more down the road than a condominium will. The best part of owning a condo as a second home? As mentioned before, onsite security and maintenance gives you the freedom to simply lock the door and leave without any stress.

 

A Good Investment 

Choosing to downsize to a condominium in Toronto can be a great investment for empty-nesters. Condos in downtown Toronto are available in virtually every price range. You can use this the equity you've accumulated on your family home to travel, live off, or invest. If your condo is your second home it could make for a great rental opportunity. In addition, condos can be passed down to other family members in the future.

 

Amenities Without Hassle 

Condos in downtown Toronto come with amenities that can be very enticing. Most buildings offer swimming pools, recreation and fitness centers that you can use at your leisure. Unlike the family pool, these amenities are maintained by the condominium meaning you don’t have to lift a finger to enjoy a life of luxury. Living in downtown Toronto also means having fantastic restaurants, exciting culture, and unique entertainment just steps outside your door.

 

Things to Consider When Downsizing to a Condominium 

It is important to keep your personal needs in mind when choosing to downsize to a Toronto condominium. For example, if you have pets ensure that the condo you’re interested in will allow them. It is also important to consider how much space you need. Should there be any extra room for guests or grandchildren? Does the condominium you’re interested in offer guest suites for friends visiting from out of town? Finally, it’s important to consider the needs that come with aging. Will the stairs in your family home become a challenge? A condominium is ideal for retirement as they are extremely accessible and, often, are just one level.

If you have any questions or want to chat about the benefits of downsizing to a condominium in downtown Toronto, do not hesitate to contact Nadine Robbins today.

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Nadine Robbins, Sotheby's International Realty Canada
1867 Yonge Street, Suite 100
Toronto, ON, M4S 1Y5
(416) 878-6860

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