The Freedom of Apartment Living: A Smart Move for Seniors

Apartment living can offer independence, flexibility,  shared amenities, lower maintenance costs and a built-in community of often like-minded neighbours. It’s safe, secure, and ideal for a “lock-and-go” lifestyle—ideal for travel or simply having peace of mind. However, there are also some potential downsides to strata living, such as the rules and bylaws. Even though the condominium owners may have done prudent budgeting, there is always a possibility that a large unforeseen expense can arise. Special levies are sometimes required and each of the owners has to pay their share. When working with our clients we thoroughly read the documents which includes minutes of the meetings, financials and the strata’s depreciation report, which can provide good insight into potential special levies. Before making the decision to live in a strata development, it is important to weigh the pros and cons carefully. Doing so will help to ensure that you make the best decision for your individual needs and preferences.

Recently, I helped a client transition from her home to an apartment. She loved her home, yet was driving distance from all amenities and has three flights of stairs. She made the proactive move to a bright and accessible one-level apartment. Her thinking ahead decision allowed time for decluttering, updating and preparing her home to sell for top dollar! She moved before she had to. Now, she’s within walking distance of the library, shops, and the beach—where she’s enjoying sunsets and city views. Her apartment’s future equity will help finance retirement living when she’s ready. Her plan is working beautifully, and she couldn’t be happier.

If you're considering a move to strata living, let’s talk!