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Finding a Home when Downsizing
If you decide to downsize, you have several options. For example, you can:
- Move to a smaller house. When possible, look at smaller homes with a creative eye. Can a living room be used as a guest room? Does the kitchen have a breakfast nook you can use instead of a formal dining room? Will your furniture fit in the new home or do you plan to sell or replace?
- Move to a condominium. A condo requires less (or no) maintenance work on your part, and often includes security and/or leisure features. But if you're trying to reduce your expenses, make sure all the costs (including maintenance fees) fit your budget. Learn about buying a condo.
- Move to the U.S. or another country. Find out about the cost of American health care, Canadian dollar value, rules governing Old Age Security pensions, etc. before making your final decision. No matter where you're looking to move, consider renting before you buy, to make sure the place meets your expectations. Carefully research both the quality and cost of living in the locations you're looking at. Try your local library or bookstore for information on retirement relocation.
- Move to a retirement home or senior citizen complex. There are homes for every need and budget. Some offer an efficiency apartment with meals taken communally, others offer full amenity apartments with eat-in kitchens. Some expect their tenants to be fully independent; others will also have services for tenants with health concerns and reduced mobility. To help you choose, there are agencies that specialize in matching homes to your needs and budget.
- Move to an extended-care facility. These are located throughout Canada, for people requiring full medical care.
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