Скачать или смотреть Renting Or Buying After A Downsize: Which Is The Right Choice For You?

A lot of downsizers I meet are interested in exploring rental the market as an option when they sell their home. That way they can use the equity in their home to travel, gift, invest or simply as funds to live on for their next chapter in life!

When we talk about rentals in the GTA I think it’s really important to understand what the rental market is really like. Of course, some people haven’t rented since college; and things may have changed a lot!

So there are several types of rentals; there are seniors apartments, traditional, purpose-built apartment buildings, private rentals from small landlords; retirement homes & a relatively recent hybrid; independent apartments with full kitchens generally built by the retirement community developers, like Chartwell or Amica.

A lot of people would like to rent within a senior apartment/retirement complex; but in the GTA these are generally not for profit communities with long wait lists.

You’ll see a lot of that type of rental in the United States, but in Ontario, the Ontario human rights code prohibits discrimination in rentals. So we tend not to have that type of community here. However, there are traditional rental apartments that tend to attract retirees, and one of them in Durham even has on site services geared to seniors!

Renting in a traditional apartment gives you security of tenancy. That means you don’t have to move unless you want to. The downside to many traditional apartments is that you don’t have things like en-suite laundry in your apartment; or amenities like a gym or a pool.

The next type of rental would be a private rental from a small landlord. These type of properties can be attractive because the property features tend to have more luxurious features. There are many condo buildings that attract retirees, however, they tend to be owner occupied, and you may not find many suites for rent.

It’s good to know in some cases there may be lots of competition for private rentals. Landlords tend to be cautious & there’s a lot of paperwork required, it’s good to know that upfront so you can be prepared. And not every realtor deals in finding rentals!

If renting is on your wish list, I highly recommend that you sit down about six months out from selling your house and see what’s available in your desired area. Find out what the cost of renting is, check out different floorplans and layouts, or check out how many private rentals come up in the area you would like to live.