src="//"> Tips for transitioning to a new home or condo for retirement |
Apr 222017

(NC) Although many of us dream of the leisurely days of retirement, the transition from a busy working life to days of unscheduled free time can be daunting. If your retirement plans involve leaving an urban centre and starting fresh in a small community, the transition can feel overwhelming.

“Today’s hot city real estate market makes leaving urban centres and retiring in a small town a sound financial choice, but there is unquestionably an adjustment,” explains Mariah Hamilton, regional director at Millborne Real Estate in Kingston, Ontario.

Hamilton specializes in helping retirees find new homes in eastern Ontario. She says there are some simple steps to make the transition smooth.

Hamilton recommends making multiple visits to the town to make sure it has the stores, services and activities you like. Is there a local library, a bakery, a good selection of restaurants? Linger at the local coffee shop and get a feel for the locals. Are they chatty and welcoming, or closed off to strangers? If you enjoy the arts, is there an opportunity to get involved with the local theatre? If you’re a boater, are there spectacular waterways to explore? For example, communities like Gananoque on the St. Lawrence River is very popular with retirees as it has so much to offer.

Retiring and downsizing is a big psychological shift and the process can be daunting. These expert tips will help:

  1. Start planning several years before you want to retire, as many people realize too late they should have downsized sooner. Assess your financial situation and explore all of your options. Do you want to remain near friends and family?

  2. If you know you want a condo, you will get a better property at a significantly better price if you make a down payment during pre-construction and you’ll be able to customize your suite. The property will be ready when you are set to retire.

  3. Retirement brings a different lifestyle and a different home, so allow yourself plenty of time to adjust. If possible, gradually ease your working hours and practice slowing down. Spend as much time as possible in the community where you plan to move.

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