Have you considered changing HOW you live? The bigger house, the maintenance, the stress? Have you considered selling your luxury home and buying a luxury condo?
With the proximity to the lifestyle you love and none of the maintenance it can be a beautiful move for many.
I know people that have moved from having the house with the pool in Mississauga to a condo with a pool downtown Toronto. They were spending all their free time in the city at shows and events anyways so why not move closer to the things that they love?
They love the lifestyle. Less maintenance, less commute and a growing community of like-minded people.
Toronto has top of the line medical facilities and there are enough philanthropic activities to keep you busy for three lifetimes over.
Whether it’s the opera, theatre or my favorite, Cirque du Soleil there is always something to do. With some of the best restaurants, your culinary explorer awaits.
Moving can make sense from a lifestyle perspective but it can also make financial planning sense.
Whether you’re buying a less expensive home or even keeping the same price there are multiple options to finance the property.
One of the great things is that as people age there becomes more financing options. For people over 55 they become eligible for reverse mortgages which allows people to not tie up their capital in their primary home and instead finance the purchase in a way that doesn’t require payments.
Perhaps you’re still high in cash flow and you want a way to aggressively pay down your mortgage. There are options for that too.
Even a more traditional mortgage might be an option and with rates at historically low levels this may seem like a great option.
One of the other great things is that if you like to winter somewhere warmer then the luxury condo might be a great option for you.
As I mentioned before with the different types of financing we can get creative in financing that fairweather lifestyle.
Capital gains, income taxes and financing costs are all things that must be carefully considered before making a move financially. I work with your various partners such as your accountant and lawyer to come up with an optimal solution.
Consider your different options, imagine the ideal lifestyle and let’s have a consultation.
I know many amazing luxury home realtors that we can work with in order to find the picture perfect future.
Reach out for your confidential consultation.
Until next time,
Trevor Dale, CFA
This report is provided by TK Dale Wealth Management Inc. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. This report contains economic, investment and market analysis and views, including about future economic and financial markets performance. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. TK Dale Wealth Management Inc. is not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.