Discussions

As a senior now would it make sense to rent vs have a mortgage? Still have a bit of mortgage to go on my house but was wondering if I sold it and reaped the profit of the sale then that would more than last me a lifetime of renting. No more maintenance expenses and other homeowner related costs. Trying to weigh this situation out?

Decisions, decisions Gr8 topic as am in exact situation here. Rent or buy a condo. Rent? u rite no worries on maintenance.  
Condo ? At least investment where u will make money when sell.  
But first gotta sell my house, and omg there is nothing in Bdn to rent or really to buy, far and few betwween  
 
Edited by HAGD, 2024-07-19 16:42:23

I think people overlook one aspect of house ownership and that's stability.  
 
When you own your standalone home, you are the boss..for the most part, obviously you have to follow city bylaws and what not, but there's no one dictating specific upgrades, colors, materials, etc.  
 
Once you start renting an apartment, getting into a condo or a home with a strict HOA you lose so much control.  
 
You are dictated by so many rules and there are so many more potentials for bad neighbors, and not just one or two but maybe a whole floor of them.  
 
I'd say stay with your house until you have to leave due to medical or physical reasons, you can always hire someone to mow grass and shovel snow, probably for less than a condo charges per month.  
 
My biggest fear would be selling and finding a rental only for the rental owner to up and sell 6 months later and forcing me out into an already tight rental marketplace, and having to sacrifice quality of life.  
 
Edited by hutchster, 2024-07-19 20:24:28

However. Being a senior would open up the over 55 places and life lease accommodation. These places are less likely to be sold and leave you hanging.

Info on selling 55plus condo, why would it be harder to rid of, don't understand, but that is something to think about forsure .  
Don't want to be left hanging  
Sure don't want life lease, or congregate liveing, main floor condo would be ideal  
 
Edited by HAGD, 2024-07-21 09:58:46

Said if you rented somewhere and then it was sold you could be looking again for somewhere to rent. I was saying the over 55 places and life lease condos wouldn’t be sold and leave you homeless.

ah, ok Thankyou much, over thinking on my part  
yes and that has happened, owner sells, and leave us homeless

I don't know your age or your health situation. But I feel strong about quality of life and happiness.  
 
Do you like to travel, do you have pets, is house management stressful, do you like to garden, do you like to have large family gatherings? These are very different in an apartment than in your own house.  
 
Today could be your last day, nobody knows. So when you make that decision think about what will make you happiest.  
 
Good luck!

Buying a Life Lease apartment can also have its drawbacks as well as the other issues that face renters. Your down payment does not accrue interest. If your Life Lease complexes are mismanaged as some of those reported in Alberta you can take a considerable financial loss. So often seniors decide to move closer to medical services and family when health declines, and in a smaller centre, finding a buyer can be challenging. Insurance costs for payments kept In Escrow are not regulated,and have doubled and tripled over the years with the increased costs to lease holders. Life leases are meant to be until end of life, so that should be given great consideration

Life leases are meant to be kept for as long as you want it. The amount I paid as a buy in wasn’t a lot, under $20,000. I don’t get interest on that money, but my rent is significantly lower than renting an apartment, so that more than makes up for no interest earned. And when I leave, either by choice or by life events, I get my money back or it goes into my estate.  
When my spouse died, I chose to sell my home. I didn’t want to try to manage the yard, the snow or the upkeep on my own. I have never regretted it.  
If I want to travel a bit, I can lock my door behind me and go . If I want community, it’s here. If I don’t feel sociable, then I don’t have to be. It may not be everyone’s choice of place to live, but for me it’s great and I think worth considering on the OP’s part.

Goodness for under $20,000.oo, it must not be in Brandon or must be small. The north hill life lease I believe is $150000.oo.  
My friends mother bought near Co-op years ago and paid $100,000.oo years , years ago and it was really quite huge of an apartment, Think J&G.  
She passed on now a year ago and yes got her $100,000.oo back but no interest on that.

The cost for entering a life lease goes down with each passing year as the cost for constructing the building is paid off, it has nothing to do with the size of the building. For example, life leases at Lion's Manor start at around $9,000 in the old building, and top out at $53,000 in the new phase.  
 
I am 48 years old and I have already put my name down for Lion's Manor.  
 
The thought of having a fixed rent below market really appeals to me, and that money will be returned to my estate to help offset funeral costs. So it's a win win for someone in their twilight years who might have a decent retirement/pension plan.  
 
Edited by PrimeConvoy, 2024-07-23 11:49:28