Condo Buying vs Renting Which Is Better - We Compare
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- Опубліковано 7 лют 2025
- Is it better to buy a condo than renting an apartment or home, we compare condo buying vs renting the pros and cons for either an apartment, adult lifestyle bungalow, condominium or house. These are choices you might make in retirement. Condo Buying vs Renting Which Is Better - We Compare
Both choices have advantages and disadvantages, we explore the options and costs. We list things to consider when selecting a home and show you how condo fees are calculated.
We considered all options before settling on renting an apartment for our retirement. Condominium fees can rise more than inflation but you have the building and exterior maintenance taken care of. Condo Buying vs Renting Which Is Better - We Compare
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Very glad you guys found a place that checked all your boxes, and I appreciate you sharing the numbers 🙂. I retired in 2015 with plans to move back to the small town I was born and grew up. I did it, but realized it was a mistake... I'd been gone 35 years, it didn't feel like home anymore. Moved back to the city (Pittsburgh) and found a super apartment near everything, with a gym, laundry & trash on every floor and a bus stop right outside the 100 unit building (sold my car). I'm in my sixties now, I live alone, I don't need to own property. I love it. Love you rascals too, keep those videos coming! 💕😊
Hi Douglas wow sounds like you have found a great place too , we also have trash on each floor which is amazing we also felt like you when we visited the UK 🇬🇧 we didn’t recognize the place ( that video is coming out in 3 weeks 😂) enjoy your weekend Cheers 🍷🇺🇸🍺🇨🇦🌺
Good morning @dougmorris9317. Can you share your apartment location and rent price? I'm retiring and also renting in Pittsburgh. Thanks.
@@pingxin8028 I live in Bellevue/Avalon, about 6 miles north of downtown Pittsburgh. My rent is 850.00, includes heat, air, water and trash. But it could go as high as 900 in a year.
@@dougmorris9317 Thank you very much for the info @dougmorris9317. We rent in a 55+ apartment building near Rabinson, $1555 for a one bedroom, 625 sf. Your apartmrnt rent is nice and I will look into that area. Thanks again!
I have learned that when you are young it's about building assets but when you are retired it's about cashflow. A different focus for a different time of life.
That’s true and we are loving being retired Cheers 🍷🍺🌞
OR OUTFLOW .....
It’s not what you make ....it’s what you spend theory ‼️
@@Dutchy-1168 I find in retirement that it really is all about money-in/money-out and making sure your cashflow works for you. When you are younger and at the mercy of whatever your salary you can get from your employer, you are paying off the mortgage, saving and investing for retirement, the kids education or whatever--you are building up your assets. The classic spend less than you make. In retirement you are spending down those assets like your retirement savings, perhaps the equity you've built up in your house if you've sold and downsized or are now renting. Heck, if your income is from spending down your own savings or other assets you can essentially set your income to be whatever you want (at least for a time). It's a different mindset altogether.
don't hoard nor be materialistic when you are young. people buy too much thinks they don't actually need
I'm with you guys! I've been renting, and traveling, since retiring early and have no regrets. I some times think about buying a house, I like tinkering with cars, but renting has spoiled me and I don't want to spend my time on maintenance chores. You guys are a great couple, compliments!
You got it that’s exactly how we feel too it’s wonderful Cheers 🍺🍷🌺
Does your rent go up every year?
2 years ago we sold our beloved huge country home near Shedden, Ontario. Our 10 children had all moved out, 7 are married with their own children. It was too much upkeep for me, and we were 30 minutes away from the nearest town, St Thomas. We bought a house in St Thomas before the prices went crazy, and have no mortgage. I dearly miss the country, having known nothing different for my 63 years. I will just have to adjust. I stumbled on to your channel. I really enjoy watching you both. My husband is almost 65 and plans to retire. Also, thank you for making me appreciate Canada more. 🇨🇦
Thanks for watching We are sure you will learn to like you new home especially when your husband retires we wish you well and glad you enjoy watching our channel. Cheers 🍺🍷🌺
You've gotten to be the highlight of my week! If I had a restaurant, I'd give you free meals just to show up and create a beautiful atmosphere.
Thanks so much for a lovely comment we appreciate your support Have a great weekend Cheers 🍺🍷🌺
BTW a newly constructed building
is being rented in Chatham. The prices seem to be just as high as London, so I ask, why Chatham and not London? I think there are better choices up there.
Not sure 🤔 take a look at both places Cheers 🍺🍷🌺
I agree, free meals for life to have you as our neighbours.
@@spezia8066 Thank you 🍷🌺
Condo buy is renting that’s tough to get out of
After dealing with the condo board and the management company (parasites) your months fees it’s best to rent..At least you can get out when you can’t take it anymore
That’s what we feel, the quality of condo board members is questionable
Solid information. I bought a condo outright in a beautiful wooded part of Connecticut 5 years ago. I'm fairly satisfied, but one does have to abide by alot of micro-managing rules, and in my case, stand by helplessly while management decides to cut down hundreds of mature trees for "safety reasons". The trees are why I bought the place! Thanks for this helpful video.
Oh wow that’s so sad 😞 one of the reasons we are in our apartment is the gorgeous view we have from the 8th floor of trees and a lake. Thanks for watching have a great weekend Cheers 🍺🍷🌺
@@ThisIsOurRetirement my dream is to live in a simple one storey home on an acre...
@@david-lt9wj We hope that wish comes true for you
How sad, trees are so important for the climate. That’s what worries me of buying a condo, there is always a condo association nazi who makes terrible decisions.
Hi again ..I sold my home 5 years ago...and found a wonderful suite....renting....2 bedroom...free parking...washer and dryer...includes water...but pay Hydro...for $1125.00...I to didn't want to pay condo fees or taxes again...when I go away my landlord checks my place ..and my best friend takes care of my mail and plants ..only think I like to have is a cat again...but he doesn't allow pets ..but not a deal breaker...I just love it her..the building is only 7 years old ..all new appliances...I am very blessed...I agree with you..my house was just to big just for me . ..I raised my family and renting was less stressful...especially with upkeep...I enjoy your videos...got both my virus shots ..hoping to travel soon...take care...
We thought that the most relevant part to our retirement move was that we were leaving a costly big city for a smaller (cheaper) community. That was a major consideration-leave some family?-make new friends ? But, it was right for us and as you say...checked the boxes we needed at that time of life. Have met many new friends -who, like us-moved into a smaller community .
Absolutely moving to a cheaper area is a big part of the secret to success sounds like you did a great move too Cheers 🍺🍷🌺
Also add to your condo list: pet restrictions in strata bylaws. Walkability Score. Included onsite storage for suitcases and seasonal wares.
Great points TFS didn’t think pet restrictions in Condos and our walk ability score is awesome 10 mins to a grocery store Cheers 🍺
Most rentals here in Canada also have pet restrictions. Here in BC it can be very hard to find a rental that allows pets. In Ontario the rules around pets are looser.
Pets aren’t allowed in our building either but that’s why we like it LOL 😂
@@ThisIsOurRetirement Dog barking is the absolute worst! I've always had a dog but make sure my dog does not bark and annoy people.
The best apartment that I ever lived in was in Singapore. In the basement of the apartment building was a supermarket, the next building over was a department store, it was next to great restaurants and had a nice pool and gym! I found that I most loved having the supermarket in the basement. Go shopping and take the shopping cart into the elevator and then into the kitchen! Brilliant idea!
Sounds wonderful TFS have a great week Cheers 🍷🍺🌺
Just going over this older video and wanted to put my perspective forward, We had the same concerns as you guys about buying a condo but we did lots of research to make sure they had been putting enough money to one side for repairs etc, we also moved provinces and it is definitely cheaper, our condo fees are 525 including hydro and water with property tax being 120 pm, we do have indoor parking includes but didn't want a gym or pool as it is an added expense.
Our concern about renting here in Alberta is the landlords can increase the rent to whatever they want but I do suspect in time that Ontario will have to stop the rent control as the owners are struggling with all the extra costs so just something for future retirees to keep in mind and to research your rental of purchase thoroughly.
Have a great day guys!!
Thanks Lynn, the key is you did your homework and took a decision based on research. You are probably right about rent control.
Moving to a less expensive area is a wise move at any age. We now live on the outskirts of a smaller town and there are lots of positives. LIving in a less built up area, especially with the pandemic situation is a blessing. X
Hi Deborah nice to hear from you hope you are keeping well and enjoying your new place. We have visited our trailer and hope to be back there this week it’s so peaceful during the week . Hope you are having some nice weather we are having a heatwave at the moment Take Care Cheers 🍺🌺🍷
Apartments certainty has its perks, free heat, water, sewage and garbage disposal. Enjoying you videos. I really like the Niagra Falls area.
Yes they do and we have a pool 🏊♀️ when it’s not Covid LOL 😂 Cheers 🍷🍺🌺
Thank you. You provide such valuable information on your channel. Plus you are such a cute couple. Keep up the great work!
Thanks so much 🌺
You guys have been a big influence on our plans. This video showed up on my feed, two years later :). Our current plan is to sell, move and rent. However, before that, we are downsizing all our stuff first. I want to reduce the "drag" of all our stuff on our lives before we make the move.
Thank you so much for your kind words, best of luck with your downsizing.
Great video! Many people aren't aware of the extra condo costs. My Mother got hit with a huge cost when the condo that she lived in had to replace the parking garage floor - I believe it was about $15K.
Wow that’s a huge amount of money one of those hidden condo costs 💵 thanks for sharing hope you are enjoying a great weekend Cheers 🍺🍷🌺
This is why we left Toronto and subsequently left Ottawa. We are in Kingston now, a block from the lake and we love it here! So many amenities for a smaller city.
Yes Kingston is a nice city also has a large retired community
Winters in Ottawa are brutal.
They can be, you get used to them after 25 years...........☃️☃️☃️
agreed, lived there for 20 years
I’m lucky because my condo fee is 597 per month including heat (radiant) and hydro. So true about the fees though. My property taxes are reasonably cheap. Great video as usual Tina and Norm 👏👏
Thanks for watching and glad you enjoyed it hope you are having a great weekend Cheers 🍺🍷🌺
Thank you for sharing. It is never easy making life decisions that effect our quality of everyday living. Stay safe.
Thanks for watching enjoy your weekend Cheers 🍺🍷🙂
I just like listening to you two talk. Very helpful information too. Have a nice weekend. Thanks, John
That’s really nice thanks enjoy your weekend Cheers 🍺🍷🌞
I moved from BC to NS and bought a 1600sqft house detached outright and invested the rest of my money in dividend stocks which I live off.
Sounds like a great plan, thanks for watching.
Wow, that's quite a big move. I moved from the island to Ottawa (not retired, my ex's job got transferred). I was there 7 years and it felt SO far from my family/friends. I'm now back in Victoria. My version of retiring and moving somewhere cheaper would be going up island lol.
Toronto is a world class city, the little apple. I lived in upstate NY, now in Las Vegas. Holidays were taken in southern Ontario and Quebec. I love Tina and Norm.
Thank you,
Excellent advice! Ultimately you need to balance the need for proximity to services and amenities vs rent costs. Living in a city eliminates the need for a $30 to $50K car, insurance and gasoline, maintenance etc. My wife and I rented a condo in downtown Toronto and walked everywhere (grocery shopping, entertainment, sporting events, doctors, dentists etc. We rented a car when required which was about $300 a month.
Renting is the best option in retirement but if you want a low rent option prepare to drive everywhere.
Sounds like a great plan in renting a Condo have a great weekend Cheers 🍺🍷🌺
We are planning to stay in our home. We paid it off 5 years ago. We pay taxes and utilities. We also have to pay to keep up the maintenance. Even with all that we actually end up ahead because we have a basement suite we rent out.
That sounds like you have a great plan , for us selling and moving gave us a wonderful new chapter in our lives for retirement and we have not looked back the place we live in now has only been since we retired and life is good . Have an awesome weekend Cheers 🍺🍷🌺
A lot to consider! We have decided for now to stay in our home since it’s paid for and not much on the market in our area.
You have to do what feels right for you, have a lovely weekend.
Unless there is a very good reason not to I'd say stay in the home you've paid for.
Glad you found the right place to retire. We own our home and I have a beautiful townhome I rent out on a lovely golf course with great mountain views, Front porch on the golf course and large private court yard in back with a 2 car garage and full basement. The HOA fees have gone up due to building insurance going up. Our home insurance has gone up too. Local fires during dry winter was a shock here in Colorado. First time in Boulder Country beyond mountains homes were burnt. Our did not burn, but over 1000 homes did. My townhome is further east and south and BEFORE the fires our complex insurance increased $50,000 a YEAR! Expect another increase as property values andcost to rebuild have skyrocketed. I had to spend $93,000 on repairs since 2015 on house and townhouse, a big chunk of my retirement savings, which was a shock as well. Fortunately, my husband has a pension and will start Social Security this year. I have two years to wait for my Social Security.
I want to retire to the townhome. But. My husband also wants to sell our main home and buy a home in Arizona. Which I find much too hot for 4 or 5 months. It gets to 120 degrees F in summer. It usually over 100 degree F from May to September in Phoenix. Yuck. Plus no natural lakes. Colorado is so much nicer & winters are not that cold anymore. But, the winds took a tiny fire and whipped it.
Wow Diane sounds like a lot of costly repairs for you , guess we are very familiar with forest fire damage , we agree with you some places are just too hot 🥵 at certain times of the year have a great weekend Cheers 🍷🌺🙂
Wise advice..as a renter I am 100% convinced that was right for me.. especially if you are single...fast forward to the crazy times today in Ontario...it may make even more sense.thanks again 🌞
Well said! it’s right for us too Cheers 🍷🍺🌺
Like you we are expats and retired to the Orlando area, cant believe that you are prepared to shell out that amount of money forever on rent, for me waking up in the morning owing nothing but property tax (we homestead) and utilities gives me a great nights sleep, plus my property is doubling in value.
Just to be devil’s advocate don’t you remember 2008 when people basically walked away from their property. Having the equity from our home safe and invested......have you not seen what the stock market has done over the last 10 years. Any spending on your property.....anything is something renters don’t do.
Yes I remember and I bought foreclosures, short sales and even properties at auction, brits were walking away and abandoning their villas, the banks could not get rid of them fast enough. they have now doubled in price. If you are ever down this way call in I am sure we could have some great conversations.
@@williamjsmith9877 It would be a great conversation Cheers 🍷🍺
Don't be a stranger
@@ThisIsOurRetirement Maintenance and repair costs . . . renters are free from those unexpected expenses. And some can be very costly.
Very interesting comparison. I’ve seen no where else. Thanks!
Glad you liked it! hope you are enjoying a nice weekend Cheers 🍷🌺🍺
In Quebec, you are required by law to plan for future repairs and replacements. Based on a long term repair
eplacement costs, we invest a certain amount of money each year. We then invest that money to supplement that account over the next 10 years or so. This is the best thing the government has done for the condo market. We no longer worry about replacing balconies, or windows, because the money has been set aside for such occurrences.
That’s very interesting to hear 🙂
Also need to consider the convenience of transportation and the distance from the hospital
True we have a hospital 🏥 in our town Cheers 🍷🍺🌺
Great video, yes hidden cost and fees Condo fees never come down and assessments and Insurance are ski rocketing,
In BC it’s every 2 weeks for insurance.
Absolutely a check list , rents now even 1 hour from Vancouver are 1900 to 2500 it’s crazy ... that will nibble away at once’s capital:)Cheers 🥂🍾🥂
It’s funny that you think it will nibble away at the capital from the sale of the house, but we have found that with interest, pensions, passive income and even spending a lot on travelling the last 5 years buying a car and a trailer our money has gone up LOL 😂 so it feels really good we are so glad we decided to rent and when the pool 🏊♀️ reopens life will be awesome 🤩 Hope you are both well and staying safe have a great weekend Cheers 🍺🍷🌺
Enjoying the warmth of the summer sunshine, keeping in the shade though and watched your video. I'm sitting on our very spacious balcony overlooking the river 't Wantij and feeling very privileged. Our apartment is spacious, outsider parking, no gym or swimming pool, but that was never a 'must have'. We decided to but instead of rent. Never made a better decision with the investment we now have we can always still sell at a later date and rent in a retirement community. It is so sensible you have these videos, and I hope many younger people are made aware if future options and can work towards those in good time. 🥂 😎 🙏 happy weekend, see you next week. I'm off to edit some more videos. 🎥 👍 on my balcony of course! 😎
Wow that sounds lovely with a great view who could want for more , it is nice having a spacious balcony brings the outside in .
We hope you are keeping well and staying safe have a great Sunday Cheers 🍷🌺🍺
Your apartment building looks lovely. I think you made a great decision to rent. I haven't made up my mind which way I want to go yet but it's nice to see renting can be a great option.
Sometimes it’s hard to decide Eddie , we were going to buy a house then met a wonderful man who told us about renting and we had a 360° turn around but so glad we did Cheers 🍷🙂🍺
Great information, this is where my husband I are at... he will be retiring sept 2022... so we are starting the planning process.
Thank you for sharing your details 🤗 have a great weekend!
Glad it was helpful! good luck with your plans have a wonderful weekend Cheers 🍷🍺🌺
Thanks for sharing! Always LOVE hearing your thought process for decisions you’ve made. Cheers!
Thanks for watching have a wonderful weekend Cheers 🍺🍷🌺
We've downsized and renting a condo. I've met so many Seniors pre covid on a meetup rec group in my city that hang on to real estate "for their kids to come home to"(once a year maybe).... Gahhhhh makes me crazy. SELL IT,... GET RID OF IT. We live in a condo downtown walking distance to everything and anything. Quick trip to airport. Only thing we're missing is a pool in the bldg. It's not even a Seniors bldg.
We hear you don’t hang on to the house for a once a year visit , sell it invest the money and enjoy your retirement. Your place sounds great we were fortunate to get the pool ( closed for Covid but will open soon ) dream come true for me Tina and 10 mins walking to the grocery store . Have a wonderful weekend TFW Cheers 🍺🍷🌺
Don't sell it rent it out !
Good advice. I always like to hear what the real experiences are rather than the sales pitch, whether it be properties, cars, etc. Thanks!
Glad you enjoyed it have a wonderful weekend Cheers 🍷🙂🍺
We live outside of Vancouver and I am retiring in 208 days (not that anyone is counting LOL). We have a small rancher that we raised our two girls in and now are empty nesters. We have looked at various options but it is very hard to beat the low cost of living we enjoy here with no mortgage, even considering the inevitable maintenance that is part of the deal. We also are near the grand kids which is important to us. We keep going through the options but end up full circle. Thanks for the pointers; we will keep an open mind on your renting idea.
Thanks for watching and yours might be the best option for you we wish you well with your retirement, although we were near family we also were near more family when we moved . For us it works not having the stress of home ownership allows a lot more freedom to do other things .
Cheers 🌺🍺🍷
If you have looked after your house surely maintenance costs won't be too high ?
Fascinating. I retired at age 56 and love my retirement. I live in the UK but I did want to move to Canada in my younger days. I love the insightfulness of retiring in Canada in comparison to being retiring in the UK. I also enjoy listening to your Canadian life in general...
Thanks for watching we are glad we are retired in Canada 🇨🇦, they do look after seniors well with pensions and healthcare Cheers 🍷🇬🇧🍺🇨🇦
We bought a house in a smaller Cdn city. The house was built with an apt. lower . We have great tenants who check on the place in the winter. We bought a small mobile home in florida in a seniors park self owned and love it there. With a tenant covering so many costs we live quite cheaply. The florida property is available to rent although we have not rented when not in use.
Sounds like an awesome plan, well done.
Great video! Renting an apartment in retirement makes sense. My wife and I are near retirement and unfortunately we are often not very sensible people. We bought a condo in downtown Victoria (expensive, not often the safest place after dark). However we like to remodel, which we couldnt do with an apartment (we gutted our condo, had new kitchen, floors, paint, etc installed). We could pay off our condo but decided to invest the money instead while the interest rates are so low. And it never rains or snows in Victoria!
Sounds like you have a great plan we wish you well Cheers 🍺🍷🌺
I was in Vancouver in mar 2008 and it snowed, albeit that was pretty unusual.
We really appreciate you showing us the math! We did our own math and it helped us to decide our best place to live when we are retired. We really appreciate this channel to help us to prepare for retirement, ask the tough questions and decide if we need to work at little longer or if we have enough to pay for retirement right now. Please keep the videos coming! Really appreciate both of you!
That is awesome! we appreciate your support, just remember you don’t need as much money as the media tells you 😱 also don’t forget all the government pensions that add up a lot , enjoy your retirement Cheers 🍺🍷🌺
I have often said renting a place with amenities can really save you money in the long run. It also has the advantage of when it gets old or run down or gets too expensive, you can just move to another newer place with great incentives. Owning costs lots more in many cases and you can make more investing the difference than your owned property is worth when you are ready to sell it. But you have to take those steps for your future to make a go of it. Great job. Thank you! ❤️👍👏 Donovan & Jodi
Glad we share the same outlook, it can make financial sense 😀😀💕
Thanks Norm and Tina. So many important decisions. I think crunching the numbers will guide what makes sense. Sometimes you just cannot follow the crowd. Cheers
Thanks for watching have a great week Cheers 🍺🍷🌺
Hi Tina and Norm, Your strategy and options were SO well articulated !! Thanks for your always informative discussions! Cheers and a great weekend! 😀🍷🇨🇦
Our pleasure! glad you enjoyed it have a great weekend Cheers 🍺🌺🍷
I love your videos! They have so much good information. Shared with friends. 💜
Awesome! Thank you! have a great weekend Cheers 🍺🍷🌺
I rent my house to masters or PhD students Sept 1 to April 30 and head to Mexico.I live a few kilometers from Brock.I rent my house for 2000 and rent in mexico for 1000 and my house price in Niagara doubled in 5 years
Sounds like a great idea that works well for you Cheers 🍷🌺🍺
You are savvy to rent out your place rather than sell it.
Another great video guys. Condos are the biggest money trap anywhere. I firmly believe a good quality apartment outside the major metropolitan area gives you the best bang for the buck. Usually better scenery, quality of life etc. Yes, in house laundry is a must... A big patio is a must! Parking in Texas is also important. Assigned spaces are very important here. We are seeing more and more parking garages with the newer structure's. Have a great weekend!
Thanks for watching yes you get great value for money in a small town couldn’t be without Laundry, indoor parking , large patio and indoor Pool 🏊♀️ Cheers 🍷🇺🇸🍺🇨🇦
Excellent info!! 👌 My husband and I are in our early 40s, but this is still extremely helpful! The idea that renting is “throwing money away” is simply not true - as outlined in your easy-to-understand video!
We don’t have kids, we love to travel, and so for all intents and purposes, we consider ourselves a “working-retired” demographic, if you will.
We currently rent an apartment in Vancouver, (after 12 years living in Asia), and when we returned home to Canada, I just assumed that we’d buy a condo because technically we can afford it.
My extremely financially savvy dad, however, persuaded us with pretty much the same info and number-crunching visuals as featured in your video, and we realized that continuing to rent was the right decision for us.
Thank you as always for sharing your insights in such a positive and well-rounded way! I love you guys! 🥰
Looks like we have a lot in common with your Dad LOL 😂 he gave good advice if when renting you save and invest the extra you would pay in home ownership we think you will be ahead of the game . Cheers 🍷🍺🌺
Good information. Thanks for sharing!
Thanks for watching Cheers 🍺🍷🌺
For those looking to get away during the winter who own a condo or home, Trusted Housitters is a good choice. This way your home is not vacant while your away.
Thanks for that suggestion Cheers 🍷🍺🌺
Great video guys. Lots of good information. We are staying at the moment because we aren’t far from a city, maybe ten minutes. Lots of room and still affordable. This may all change when I hit retirement age. Take care you two. ❤️🇨🇦❤️ Cheers!!!
Thanks for watching hope you are well enjoy your weekend Cheers 🍷🌺🍺
Thank you so much for sharing your personal information. I am considering my retirement options at present and am leaning toward renting too. I can invest the equity from the sale of my house and use the interest to partially fund my retirement in a year or two, rather than postponing another 5-10 years. I am 61 and single and have a low mortgage. I dont have any HOA fees b/c I live in the country. But that also means I have to maintain the house repairs, well, septic, large yard, etc. and I have to drive everywhere. My biggest concern is rent control, which is hard to find, plus finding a suitable apt. building somewhere near my kids in Virginia, that's relatively quiet between walls/floors. The idea of selling my house and renting seems very daunting, but I'm getting closer to ripping off the band-aid! Thanks for your inspiration.
We went through what you are thinking 🤔 sometimes the fear is worse than doing it , we had all those problems with our house and had to drive 20 mins everywhere. But the freedom you get after selling and investing the money 💰 is priceless. We started looking to be near one of our grown up kids , when you start narrowing down an area is amazing what you can find , we now both live in the same building LOL 😂😂We wish you well Cheers
🍷🇺🇸🍺🇨🇦🌺
Love you guys. You explain everything so clearly and ive us food for yhought. Keep up the great work!!!
Thank you! Will do!
Hey Tina and Norm!! So great to see you guys and love your outfits today. It was interesting to hear about all the hidden costs when looking at units. We see stuff like that here all the time.. HOA, and all those other garbage extras. It's crazy if you buy a condo, that it would still be $1000 a month to maintain plus the taxes. It totally makes sense why you opted to rent an apartment, especially since you want to travel more in your retirement and don't need such a huge responsibility at home with a huge house! We love the view of the lake where you live currently! We are glad this checked all the boxes and more! Great video and love you guys to the mother effin' moon! 🌛💖😘🤗🥰
Good morning ☕️Bears and Butters TFW yes we did a lot of research before finding our apartment, even though international travelling is on hold we find the same freedom and flexibility being able to go back and forth to our new trailer you just don’t need to worry . We hope you are both staying safe and keeping well our weather is up around 30° 🌞a heatwave for us , have a wonderful Sunday Cheers 🍺🇺🇸🍷🇨🇦🤗
Great topic, or the great debate as we like to call it. This is a relevant topic for everyone, not just retirees. We thing the most import thing is what is your current situation and what is the situation in the place you want to live.
That’s very true TFS and have a wonderful weekend Cheers 🍷🍺🌺
Thank you for your informative videos, my wife and I really enjoy hearing your comparisons and lifestyle, please keep up the great video information.
Thank you! Will do! enjoy your weekend Cheers 🍷🌺🍺
Another great video. 🇨🇦
Thank you 🌺
great couple I enjoy your vlogs so much info and no pressure.
Thanks so much!
I absolutely love the idea of renting. There are so many benefits, the value of purchasing for me keeps going down. It is so expensive to own.
But I will never live in a place without laundry in the unit. No one over the age of 20 should share a laundry.
This was fantastic.
Totally agree!! 😂 If you’re over 20 and having to save up quarters to share laundry facilities, it’s time to reevaluate your life! 😜
You are so welcome! yes in suite Laundry 🧺 was a must for us too the pool was a big extra but most welcome Cheers 🌺🍷🍺
Great comment 😂😂🌺
@@Jennifer_7600 Well I guess it's time to re-evaluate my life...I'm 43 and have to use quarters for my apartment's laundry room. Apartments with in-unit laundry are very expensive.
@@schw0373 If it doesn’t bother you, go for it! 👍 I’m personally just too exhausted to do it anymore. 😕 I’ve also been lucky enough to find affordable apartments with in-suite laundry for most of my life. No laundry is a dealbreaker for me. 😆
Here in the Boston, MA area it's cheaper to rent an Apt unless you buy with 80% down payment or something. With the more typical 20% down, and considering increasing RE tax, Ins, yes Condo fees and special assessments... here you're paying approx $1000-$1500 more per month to own a 1,000sf condo than to rent it. (The better rental deals here are the two or three family homes where I'm guessing the landlord has the mortgage paid down.) The corporate developments going up everywhere are no bargains for rents however. So unless your hoping for more quick RE appreciation gains - renting "the right place" may be becoming the way to go for retirees. And let others gamble on the predicted RE bubble!
Great comment all we can say is we are loving renting no grass to cut or snow to clear LOL 😂😂it’s releases stress that home ownership brings Cheers 🍺🇺🇸🍷🇨🇦
Great information enjoyed this and shared sledgehammered that like button stay safe awesome and blessed
Thanks for watching hope the family is well enjoy your weekend Cheers 🍷🇺🇸🍺🇨🇦
A new travel suggestion for you.
The 516 Arouca is the longest pedestrian suspension bridge in the world.
Per Lonely Planet’s Andrea Smith, the bridge is located in the Arouca Geopark, a destination in the northern region of Portugal where visitors can hike, go white water rafting and explore historical sites. Arouca is designated a Unesco Global Geopark for its significant geological characteristics.
The park is also home to Neolithic graves and Roman and medieval ruins, as well as the Monastery of Arouca, which served as a religious center for nuns, and sometimes monks, between the 10th and 19th centuries.
Stay healthy and safe!
Great thanks for your comment have a great week Cheers 🌺🍺🍷
Gosh I can tell you guys live in Canda where its very cold in the winter ,here in the UK very few people park their cars in their garages even if they've got one .....
Yes we noticed that in fact lots of people seem to just park on the street which makes them even more narrow to drive 🚙down TFW and have a great week Cheers 🍷🇬🇧🍺🇨🇦
Norm is getting hip now! Hurley shirt!
Thanks, it's a nice shirt
Very easy to listen to you two!! We have never owned a condo... thank you for putting this information out there
Glad it was helpful! have a great week Cheers 🍷🍺🌺
That's so nice of you Diana,,,,,, hello 👋 how are you doing I hope you are having a wonderful day.
For simplicity renting is the best option. Especially if you are willing to purge and keep your space clutter free.
Great comment David thanks for sharing we love renting Cheers 🌺🍷🙂
When my mother-in-law downsized and sold her house, she insisted she wanted an apartment. My husband and I tried to talk her into a condo but she insisted on the apartment. It was the best move in the long run. She had a lot of flexibility in her lifestyle, it was affordable, and it was easy for us to handle when she passed away. We learned a lot from that experience and when we are ready we plan to rent rather than buy.
Theresa your mother in law was a very smart lady , and we came to the same realization that she did have a wonderful weekend Cheers 🍷🌺😎
Love your energy with one another, and positivity. I think for me that’s one key to retirement: if a person can retire with a spouse they enjoy….what a wonderful thing. 💛 More affordable together too!
Love that! have a wonderful weekend Cheers 🍷😎🌺
Thank you ,,can you make the same video but for this time ,,because buying condo is the same renting these days with this crazy renting high. Prices
Thanks for the suggestion
More great information with specifics that are ever so useful.
Glad it was helpful!
Interesting information. Thanks for sharing. Support and greetings from Poland :)
Thanks and welcome to our channel enjoy your weekend Cheers 🍷🌺🍺🙂
Thank you, Tina & Norm !
Thanks for watching enjoy your weekend Cheers 🍺🍷🌺
The pipe bursting thing can be prevented by just shutting the water off before you leave, relieve the pressure off the pipes. I had a neighbor years ago that use to go off on trips all the time, I looked out for hooligans while she was away. She never had an issue with leaky pipes while she was away, plenty while she was home though.
True but it’s not just the pipes it’s heating , sump pumps , freezing pipes 🥶and more , when you rent all that goes away it’s awesome. Thanks for watching Cheers 🍷🌺🍺
@@ThisIsOurRetirement yeah but you're paying over 1900 CAD a month currently right? My monthly mortgage is 1000 USD a month. Once my mortgage is gone that drops to around 550-600 USD a month. If I could find a place to rent like you have for 600 a month, then yes it would be worth it. I am probably a more extreme example because I'm in skilled trades. Not that I want to keep working forever though.
In US $ we pay $1200 a month including heating and electricity and access to a small gym and indoor swimming 🏊♀️ pool. We have no other expenses associated with our living space . The main thing selling the house gets rid of unexpected maintenance expenses of home ownership, it works for us .Cheers 🙂
@@ThisIsOurRetirement I can kind of see the point, like you don't have to do anything but call maintenance people to fix something. Or take it upon yourself to fix it. Hope they fix it right etc. So you're still likely to deal with this at some point renting as that building ages. I've lived in apt before so when I was mucho younger and because of my mechanical mind I would often just fix stuff myself rather than call maintenance to fix it. Like toilet flapper, clogged aerator, things like that. Then in apt you also have to wonder about your neighbor if he / she sets the building on fire while cooking or something. See those all the time on the news.
I guess I'm to cheap to pay $1200 USD for an apt. LOL. $7000 a year is easily a really nice trip per year, maybe 2 if you find some deals.
@@AustinAirCo Let’s just say we are all different you like your life and we love ours 🙂
Great information i am looking for same as yourselves 1 bedroom london area no grass or snow but undecided about a car
Sounds great we did buy a car 🚗 and with Covid so glad we did Cheers 🍺🍷🌺
Always an interesting presentation. The math will be different for everyone. For us renting doesn't eliminate extra costs - it's a fact of building maintenance - but it does introduce other variables. We're moving to a less expensive part of the country and closer to the family which is a high priority. We were thinking of capturing growth in real estate values towards the days when we need to fund the latter days of our living.
Just be careful to not leave the disposal of your home until age affects your ability to cope with it. Otherwise you have a great plan, we did the same move to cheaper and near family, only we rented and invested the capital. Thanks for watching.
Also, condos can be difficult to sell. Unless you find a cash buyer, many lenders simply will not take on the risk of a condo.
We agree that’s why we like renting our apartment Cheers 🇨🇦☕️🇺🇸
I guess you are living very close to us, I live in London Ontario. You said the rent of apartment pretty much like a London Ontario.
Yes that’s very true very similar thanks for watching Cheers 🍷🌺🙂
Problem for me is that I would want a place near the canal. Like at the corner of Colonol By and Rideau. I always lived by the canal - or within a ten minute bike ride. Would be hard for me to be anywhere else ... but moving completely to a new place totally suits me!! What a great idea 😂 And you are dangerously close to 30k subs! What the ... you guys are like MAGIC!!! Well done. Could not have happened to a lovelier pair 🥰🏴🙏🍷🍷🍷🍷
The canal area is wonderful but one of the most expensive areas of Ottawa....always thought you had expensive tastes Karen. For various reasons where we moved is great we enjoy a lake view, it’s tranquil. We never thought we would get any views on UA-cam, so we are as surprised as you. It’s going to be over 30° today sunny blue skies.......no rain lol 🏴🇨🇦🍷🍺☀️☀️☀️
It was not out of reach when I moved there in 1985. My student days were at Cooper and the canal, then MacLaren and Kent. Then bought a house on McGillvary in Rideau Gardens (across the canal from the Glebe). I couldn’t afford to live there anymore 😂
The Glebe is crazy expensive, our insurance broker was on MacLaren 💰💰💰
Small world! I LOVED my place on McLaren. It was this huge loft apartment, open concept, hardwood floors, huge rooftop balcony - and dirt cheap to rent. Really lucked in. Those were the days ....
Sounds amazing 🍷
My condo insurance does not require a check every 24 hrs, in fact unless you will be away for more than 30 days there is no issue. It also depends on the cost of rentals in the area, in Guelph a decent place is anywhere from $1500-$1900 where as my condo fees (include gas and water), hydro, insurance and property tax is $575 so my cost of living is much less by owning my condo. Mind you I have 600sq feet in a new building, so smaller than you were looking at. Also in the 4 years since my purchase the value has gone up by 200k.
You have lost 4 years of interest on your capital and rental apartments are larger than 600 sq ft. Also you have the risk of the condo board increasing the condo fee, sometimes a large amount if a major repair or renovation is needed.
@@ThisIsOurRetirement However my equity has increased by 200k and I bought in a new building so major repairs will not be needed for quite some years. Also my cost of living is lower so more money is kept in my investments.
The only problem I can see with renting is the thing you forgot to mention and that is :
For however long you rent, you miss out in the rapid ( especially in southern Ontario ) escalating value of real estate ! In our case, my wife and I would have missed out on an increase of $ 300,000 in just the last year ......plus we lived rent free
You don’t live rent free if you have to do maintenance repairs cut grass snowblow and property tax, these are all costs that renters do not pay. You are right property has gone up rapidly unusually so. The federal government has increased the financial stress test purchasers have to go through, this will reduce the amount of buyers and eventually slow the market as they continue to increase the % rate of the stress test. When you take all the cost of homeownership the net profit is quite small. If you want to move to a smaller house, you will be paying more because of the market. We are happy to have our capital safe from the housing market. In 5 years we have spent $25k each year on travel plus bought a car and trailer, we have still grown our capital. Enjoy the 30° weather this weekend.
@@ThisIsOurRetirement Where are you this weekend enjoying 30c? 🌞
@@spezia8066 Southern Ontario 🍷🌞
I’ve been trying to find a way to contact you. I am looking for an apartment like yours for our retirement. Could you share with me the town you live in (privately if you are more comfortable doing that). I want the exact amenities that you have and I am having trouble finding an apartment building or a property management company that offers them. I am east GTA, but willing to move. I love your channel. So glad I’ve found it. It has helped me a lot.
@@sherrytobin8922 Hi Sherri for personal reasons we choose not to say exactly where we live , but if you Google Drewlo Holdings in Southern Ontario they have over 80 properties in many small towns would be a good place to start looking .
Thanks for watching we appreciate it and have a great weekend Cheers 🍺🍷🌺
So crazy ., it added up . All these expenses
Hidden fees
Thanks for watching 🌺
It's so nice to see you again. 🤗 Your apartment building is gorgeous especially with all of the amenities that are included. Is it possible to get a long term lease there or is the contract renewed on a yearly basis? It's always a good idea to look for a place further away from a major metropolitan area (for many reasons). Here in the States, the price difference between urban and rural areas is shocking and of course there are advantages and disadvantages for both areas. We are seeing a large population shift from high tax states to States with lower tax rates. I assume that may be happening in Canada as well? Thanks for an enjoyable program today. Take care and have a pleasant weekend. 👍🤗❤🛫🙏🌎
When you first move in it’s a 12 month lease then it’s open month to month, two months notice if you move out . Have a great weekend Cheers 🍷🇺🇸🍺🇨🇦
Here in BC (Canada) you only need to give the landlord 30 days notice to move. Tenants definitely have lots of power here (the rules are really scewed towards tenants). Nce you rent somewhere your rent is pretty much frozen and the landlord can only increase your rent by an amount set by the government (linked to what the government "claims" is the inflation rate which is extremely understated).
Yes we get very small increases usually under 2% which is great and ours includes utilities! 🌺
You guys are great
Thank you !
Our pleasure! glad you enjoyed it , we hope you have a wonderful weekend Cheers 🍷🌺🍺
My maintenance for a 900sq ft 1 bedroom is $830/month. My maintenance includes real estate taxes. The rent for a studio down the hall is $1450/month. If you can afford it the long term solution is to buy. Depends on the price though. Bought when I was 36 years old, not sure it is worth paying for now at 62 years of age.
Your example doesn’t include the cost of buying your condo.
True, forgot the apartment goes for $400,000 now.
Great advice thank you! Can I ask which town you chose? I am living in Ottawa and can relate to the expense you mention here. Thank you!
We moved to Southern Ontario Wanda , things are a lot cheaper than Ottawa Cheers 🍷🙂🍺
We are not financial planners, please consult a financial advisor to get the best recommendations for you.
I quite understand your not wanting to be far from anywhere when you're retired, even though you are still young enough and fit enough to drive. Later in life, maybe several years after retirement, a lot of driving may not be wise or even possible through deteriorating eyesight or whatever. Also we decided that here was a chance to do our bit for the planet and use the car only occasionally. Ideally living where you can walk to anything you need is best. Walking is good exercise for older people and being able to get to your library, essential shops, art galleries, cinema, restaurants, church, neighbours etc. is a better option. As you said in one of your videos, it's convenient not to go out to a swimming pool or gym if you have them in the building. The next best thing is being able to walk to one. Otherwise choose somewhere which is really well connected by an efficient system of public transport. It's onbthe cards that we may not be able to go on driving for ever.
Yes you are right, we were traveling a lot before the pandemic and this has put a stop to it at a time of life that we are at our most healthy. It has really made us think twice about our values and what is important. The apartment building has just installed indoor electric charging stations for electric cars, this might be something we will look into.Thanks for your insights and sharing your ideas.
One thing people can consider is just smaller older houses. Houses built in the 40s and 50s are a lot smaller than modern houses. I'm single and wanted nothing to do with an HOA and I found a 948 sf house that was built in the 1950s. It was far cheaper than a modern house as people just don't want smaller houses. What is wonderful about older houses are since the lots and houses are so much smaller they are so much easier to maintain
Thanks for sharing have a wonderful weekend Cheers 🇺🇸🍷🇨🇦🙂
Condo you have to pay a maintenance fee every month. Apt. you do not have to do so.
No that’s true that’s why we like it have a great weekend Cheers 🍺🍷🌺
Landlords earn a net 3% to 15% rental income. If you don't understand what net income means then go ahead, keep renting.
Moving to an area that is less expensive is the best idea.
It definitely worked for us have a great weekend Cheers 🍺🍷🌺
But surely if you go to cheaper area ,you have to accept more social problems in the area..
@@david-lt9wj That doesn’t happen in Canada, the advantage is things like rent , services are way cheaper so it’s a bonus 🌺
@@ThisIsOurRetirement :-O!!! I don't think it's a given in the U.S. either. :-l If you go to a cheap area in a city, sure. But here, if I moved from NJ where I live even across the river to PA or DE, it would immediately be a lower cost of living without higher crime. My goodness.
It is really helpful. We are moving to Nicaragua next and looking forward to the lower cost of living.
Good sound advice thanks..
Glad it was helpful! have a great weekend Cheers 🍷🌺🍺
After getting retirement with your Canadian passports, you can rent 3+1, 120 square meters villa in Valdosta Georgia USA , or in Tampa Florida, Destin Florida ( Louisiana Creole Chefs are headquartered in Destin and show their best seafoods , turtle soup varieties, alligator meat meals with gravy sauces serving to you). Those places rental prices are between 550 to 700 usd per month , water included inside the rental agreement. As foreigners you must rent car instead of purchasing as you can only own and use that car for 2 months with temporary plate, no right to change into permanent car plate. Living close proximity to public bus stations are crucial for easy transport. I am alumni of Mba Georgia College in Milledgeville GA USA and UCSD San Diego Tourism and Hospitality Mgt Certificate Holder with Mittelstufe 2 , B1 Goethe Institut German language certificate from Dortmund Germany in 1994.
Thanks for the interesting comment hope you have a wonderful week Cheers 🍷🇺🇸🍺🌺
These newly built apartments in Sydney were built with poor qualites like Opal tower and Mascot tower. The owners have to pay funture to fix it themselves.
That is a shame, we rent our apartment so the landlord pays for repairs and maintenance and they are very good at it.
Hi Norm & Tina. New subscriber here. Thank you so much for sharing your retirement journey 😊. Looking forward to more of your exciting videos😍!
Thank you so much! have a great day 🍷🌺🍺
@@ThisIsOurRetirement, I am not sure if you already touch upon insurances i.e. life, extended health & dental, critical illness, etc. Can you kindly cover this on your future videos, please?
Totally agree with you 👍🏻🇨🇦
Thank you 😀😀🇨🇦
Just found your channel. I enjoyed your discussion. Thanks.