Yikes - just noticed the grammatical error in that quote.
That being said, I've also walked into nomad's landmine as well.
Yikes - just noticed the grammatical error in that quote.
Getting to this post a bit late. I too live in Ottawa. I lived in the Conservatory (Richmond/Grenon) for 14 year and another higher-end place after that. When I first moved in (1990), the place was two years old and had everything. Eventually, I married had kids, and moved into a house. So, I kind of did things in reverse: I was surrounded by retirees at the Conservatory.Spidey wrote: ↑10 Sep 2017 18:19 As for apartments, I would consider something along these lines:
http://williamscourt.com/?gclid=EAIaIQo ... gJbYPD_BwE
If more people start thinking like I am, perhaps apartment REITs are a good investment.
Wow bacon and bud. Seems delightful.SoninlawofGus wrote: ↑18 Sep 2017 10:54With marijuana being legalized, this is becoming a bigger issue -- and it was for me back then. Right across the hall, four students moved in and smoked up daily. I just mostly hate the smell of it. The students tried to cover it by cooking bacon, which just meant the hall wreaked of bacon and marijuana.
Sounds like renting might just be the best option earlier in retirement rather than later.SoninlawofGus wrote: ↑18 Sep 2017 10:54Getting to this post a bit late. I too live in Ottawa. I lived in the Conservatory (Richmond/Grenon) for 14 year and another higher-end place after that. When I first moved in (1990), the place was two years old and had everything. Eventually, I married had kids, and moved into a house. So, I kind of did things in reverse: I was surrounded by retirees at the Conservatory.Spidey wrote: ↑10 Sep 2017 18:19 As for apartments, I would consider something along these lines:
http://williamscourt.com/?gclid=EAIaIQo ... gJbYPD_BwE
If more people start thinking like I am, perhaps apartment REITs are a good investment.
I loved living in that apartment and not having to worry about so many things that I do now in our aging house. I long for that environment almost daily. OTOH, there were serious downsides that I suspect I have downplayed in my mind over the years: elevators (just getting groceries was a pain), noise, insects (yes, even in a new place you can't depend on the cleanliness of your neighbors), and smells. With marijuana being legalized, this is becoming a bigger issue -- and it was for me back then. Right across the hall, four students moved in and smoked up daily. I just mostly hate the smell of it. The students tried to cover it by cooking bacon, which just meant the hall wreaked of bacon and marijuana.
The apartments you've linked above look nice, but the location is not great. I used to think that location didn't matter much in apartments, but when my wife and I moved out of the Conservatory into a downtown building (the Bona Vista, I think, was the name of it), we ultimately disliked the new location and moved out a year later.
One thing never almost never mentioned is the weather. Man, have we had some weather since buying our house! We lived through a microburst in 2014 -- terrifying, took down our 45-year-old maple and most mature trees for two blacks. Damage everywhere. A tree fell and nearly killed a kid. We've had record-setting rain this year and then a one-day record back around 2004. And then a long drought last year (killed our grass completely). None of it good for homeowners. But back in 1997, I was in an apartment for the ice storm -- one of the first areas in the city to get electricity back. And the weather was just something to enjoy back then -- blizzards, floods, wind, whatever, bring it on; I would just watch it all happen out my big window with my Ottawa river view.
I think you are right. And I would shop for neighbourhood first. Proximity to shopping and public transit will anticipate a declining desire or capability to drive. You will be much more likely to walk every day if you can accomplish something as well. Condo council is another key factor. Look for a group that like local independent contractors rather than companies. Make sure that there are rules about sublets that you are happy with. Most of all, avoid "soup Nazi managers"!scomac wrote: ↑18 Sep 2017 23:47I know several folks that live in adult lifestyle communities that cater more or less to active seniors. It's a great concept, but extremely expensive in my mind as you must purchase the building while leasing the property and paying for it's maintenance. For all intents and purposes you are owning and renting concurrently which is probably the worst of both worlds, but the demand for these sorts of homes is very strong. In the mean time, I'm thinking that a condo of some sort maybe a reasonable compromise provided that the location is suitable.
Thanks for the advice Keith! When our oldest son purchased his condo, location, condo fees and finances were the key considerations. His complex is 20 years old. It's quiet even though they are next to a rail line. Unfortunately it's not really amenable to walking even though they have direct access to the trail system in a wooded area. The units themselves are just okay. He has had a couple of HVAC issues to deal with since he has been there. A good starter place, but not really what my wife and I are looking for. Unfortunately new developments are becoming increasingly pricey with $650K price tags along with $500-$600 per month in fees which is really not any better than the adult lifestyle communities. Living in southern Ontario is becoming an increasingly expensive proposition!kcowan wrote: ↑19 Sep 2017 08:17 I think you are right. And I would shop for neighbourhood first. Proximity to shopping and public transit will anticipate a declining desire or capability to drive. You will be much more likely to walk every day if you can accomplish something as well. Condo council is another key factor. Look for a group that like local independent contractors rather than companies. Make sure that there are rules about sublets that you are happy with. Most of all, avoid "soup Nazi managers"!
Yes I think you have to be patient. Define what you want and then target the area. Our friends in The Beach are prepared to sell when someone meets their price and rent until their target location comes on the market. Yes that creates storage and disposition problems but it does optimize the important issue which is place! It is not without sacrifices...
Concern regarding neighbor related issues is my biggest concern and is why I will say in my home for another decade or so - however, when the time comes that a person wants single level living with no yard work, neighbors will likely be a reality. My suspicion is that much of the concern regarding neighbors can be mitigated by living in somewhat higher end rental accommodation. And such concerns are one of the reasons that I'm leaning toward renting - If I do have to bail, I don't risk having to pay realtor fees and sell in a down market. The things that I've found ruin condo living are expensive and inefficient management and the condo atmosphere that regards the condo board as a mini city hall with "citizens" constantly looking for ways to spend my money or complain about their neighbors.SoninlawofGus wrote: ↑18 Sep 2017 10:54
I loved living in that apartment and not having to worry about so many things that I do now in our aging house. I long for that environment almost daily. OTOH, there were serious downsides that I suspect I have downplayed in my mind over the years: elevators (just getting groceries was a pain), noise, insects (yes, even in a new place you can't depend on the cleanliness of your neighbors), and smells. With marijuana being legalized, this is becoming a bigger issue -- and it was for me back then. Right across the hall, four students moved in and smoked up daily. I just mostly hate the smell of it. The students tried to cover it by cooking bacon, which just meant the hall wreaked of bacon and marijuana.
I work at a golf course and several members of Antrim Glen are members/regulars at the course. They even have their own mixed league with regular tournaments. The development is rural in nature, but self contained, made up of single level, single family units where you own the structure and lease the land. All grounds maintenance services are covered. There's a pool, tennis courts and a rec center as part of the package with lots of programs that you can sign up for. The unit prices are running $400K and up depending upon size and finish with monthly fees in the range of $800-$900. This strikes me as being exceedingly expensive, but if you're coming from a higher cost area then it can look fairly attractive I suppose. It's a tough pill to swallow though if you're selling in the immediate area and moving there. Friends of our had been looking at another Parkbridge community that is closer to where we live and it was a non starter for them coming from a freehold bungalow. They decided that they would be further ahead to renovate where they were.AltaRed wrote: ↑19 Sep 2017 11:40 Scomac, I saw on CBC News last night about a new Hamilton based lifestyle community underway by the devleoper of big resort (Disney scale) resorts and the original(?) developer of Wonderland(?) in the GTA area. If that is what you mean by lifestyle commnities? That sort of thing would appeal to us I think but it doesn't have to be of that scale. I wouldn't worry about cost really. If one currently has a big house worth $750k or so, what is wrong with buying a lifestyle community condo for a simlar price if one doesn't really need the equity to supplement their remaining capital? I still want upscale* appliances, granite countertops, etc. even if I am 85 and not overly mobile.
Surely there are 'communities' that have nice units in good locations with a lot of activities, including woodworking and the like, that don't have the 'vacation' effect, but provide amenities. One out here is essentially right on the lake with walking trails and walking distance (for seniors) to shops and restaurants.
We had been thinking about a condo in downtown Kelowna of similar scale (could park a boat out front) but they are older, need complete renos and more importantly, tend to be mostly vacation rentals. No one wants to buy a condo whereby most of the units are owned by absenteee landlords. I would want to be in one that forbids vacation rentals, B2B, VRVO et al.
* The condo we go back to in Maui from time to time is a spacious 1BR with King bed, and nice kitchen with SS appliances, granite countertops, etc, etc. We are going back there again this winter for about 4 weeks. The condo complex has pools, spas, outdoor restaurant by the beach, etc, etc, for all our liesure fun.
I agree about sticking with higher end rental accommodations to ensure that your neighbours are compatible. After reading this thread, I checked what was available for high end rental in Ottawa. This place looked interesting. The units look nicer than many high end condos. Great central location overlooking the Rideau River. It was built about 1 year ago, and is completely full, with a long waiting list. It looks like there is a good market for high end rental accommodations.Spidey wrote: ↑19 Sep 2017 16:25
Concern regarding neighbor related issues is my biggest concern and is why I will say in my home for another decade or so - however, when the time comes that a person wants single level living with no yard work, neighbors will likely be a reality. My suspicion is that much of the concern regarding neighbors can be mitigated by living in somewhat higher end rental accommodation. ...
Just chatted to these folks this morning. They are 85 and moving to one of these http://www.regencyresorts.ca/ simply... because it is time to do so. Good on them!AltaRed wrote: ↑19 Sep 2017 17:11 Our neighbours 2 doors over just put their big house up for sale. They are clearly 80-85 years of age and that house is just way too much for them to handle any more. I haven't yet asked them where they are going but I suspect it is a retirement community, or independent living facility.
Update:kcowan wrote: ↑19 Sep 2017 15:06...Our friends in The Beach are prepared to sell when someone meets their price and rent until their target location comes on the market. Yes that creates storage and disposition problems but it does optimize the important issue which is place! It is not without sacrifices...