Downsizing your home? What are the options?

There are so many options available to those looking to downsize, rightsize or simplify, allowing them the freedom to enjoy a more ‘care-free lifestyle’.

For some, Downsizing simply means moving to a home with smaller square footage, convenient one-floor living, or perhaps a smaller property that requires less maintenance is the answer. Detached bungalows, bungalow town homes and semi-detached homes are solutions that attract many in the 55+ population. One-floor living is also appealing to those that are planning to move once and "age in place".

To others, downsizing, rightsizing or simplifying may mean moving to a community where they can pursue recreational activities or perhaps they want to travel and not have the burden of a large home to maintain while they are away. Still others opt for homes that are not smaller at all but offer the amenities that suit their lifestyle.

Retirement Communities allow seniors the opportunity to enjoy an active life free from household chores.

Consult with a Certified Senior Housing Professional and explore the numerous options open to 55+ and seniors in Hamilton, Stoney Creek, Grimsby, Lincoln and throughout Niagara at Seniors Realty Solutions

Condominium

Town homes, apartments and sometimes detached homes
Privately owned residences with shared common areas
Monthly condo fees cover exterior building upkeep and maintenance of the grounds
Governed by a Condo Corporation with by-laws, rules and regulations

Adult Lifestyle Communities or Retirement Villages

Specifically built for retired older adults
Housing options may include apartments, condos, detached homes, life lease units
Often feature built-in amenities such as swimming pool or recreation centre

Continuing Care Retirement Communities

Allows residents to “age in place” and move within the same community as needs change from Independent Living to Assisted Living and sometimes to Memory Care and Long Term Care

Seniors’ apartments

Independent private rental units
Some offer dining facilities and amenities and possibly recreation

Life Lease

You are purchasing the right to occupy a unit along with shared use of common facilities for a set number of years or “for life”. After that time period, the lease is sold at fair market value to another older adult. Typically managed and owned by others – could be non-profit community or faith based group

Land Lease

You own the structure and lease the land