It was right decision for you two, but we love our house and home We did the costs and it is cheaper for us living at home than pay higher rent How ever you retire, the important thing is that you are happy and at peace

We are in our early 70’s. This year we sold our house and received top price. This money added with our retirement fund has put us in a financially comfortable position, far beyond our previous dreams. We have moved to a new apartment with a pool, billiards room, roof top exercise room, party room and roof top barbecues. We were able to clear out all our excess junk and furniture. Lock the door and go, off on an Alaskan cruise in August. Apartment life with mostly retirees, has improved our social life with little to no responsibility. Loving life, no worries.

@kahvac

2 ай бұрын

Are you happier now ?

@user-ss7yf7ce9v

2 ай бұрын

@@kahvac We have never been happier

@kahvac

2 ай бұрын

@@user-ss7yf7ce9v I'm happy for you ! .......... May you enjoy life in good health !

@ThisIsOurRetirement

2 ай бұрын

So happy for you both we love apartment living too ❤️🙂

@BoninBrighton

2 ай бұрын

It’s exactly what we did- who knew this modern low maintenance high spec apartment living could be so much fun with no chores to do!

My house almost doubled in value in 7 years ago and I sold it for almost $2 million generating a massive retirement cash flow. The best investment decision in a lifetime. 😊 💰

@ThisIsOurRetirement

2 ай бұрын

Awesome!

@davisholman8149

Ай бұрын

I have hall a million in equity in my 4 bed 3 bath large home. Rather than sell, I plan to lease out my house here in Scottsdale🌵Arizona. There is a huge market for leasing & it will cash flow an additional 2K in monthly income for me., even keeping back money for repairs. I have can travel on that easily with my additional retirement income.

If you’re happy it’s never a mistake

@ThisIsOurRetirement

2 ай бұрын

Very true Joey 🌺☕️

@nrs6956

2 ай бұрын

@@ThisIsOurRetirementAGREE!

@Moving.To.Charleston

2 ай бұрын

Yes! that's the most important factor.

@joewasrippedoff8152

2 ай бұрын

They are not happy that’s why they keep mentioning it. They are full of regrets it shows in their words and body language nobody that’s healthy would choose to live in an apartment over a house unless you are financially strapped and desperate, an apartment would feel like a seniors residence.

Downsizing is also another option. We sold our big house and bought a very small one - less taxes, heating, maintenance, etc. Our bills are much lower with no rent or mortgage. Every scenario has its merits. Depends on how much you can get for your house, where you want to live, your lifestyle, and so on. Our big house felt sad once the children left to be honest. It was a lot of upkeep. I loved it but I was not sad to leave it. Another family moved in and that made me happy.

@genxx2724

2 ай бұрын

On the other hand, the big house is very nice when the family comes for gatherings, and you will use the bedrooms for grandchildren to stay.

@BoninBrighton

2 ай бұрын

@@genxx2724it’s a fantasy though as often ‘family’ don’t sleepover or have other ideas about Xmas

@BoninBrighton

2 ай бұрын

We were exactly like you- 28 years of a large complex family home with land….we now have a modern easy to lock up and leave apartment by the sea for when we are travelling. We plan to eventually rent it out and use that for travel too…

@karenmurtaghyoga9195

2 ай бұрын

​@@genxx2724 Absolutely. Not a one fit for every situation as there are benefits to a variety of living options. For us, downsizing felt like a huge relief. But, I also have a friend who downsized to a condo, didn't like it and moved back into a house. Some move in with their children or vice versa - sometimes that is wonderful option and sometimes it really is not.

@rustykatt3870

Ай бұрын

HI karen. I'm glad you preserved some property investment. I'm seeing so many seniors who did not, and now are renters without a lot of money.

There are no mistakes. Just decisions.

@ThisIsOurRetirement

2 ай бұрын

Very well said Cheers 🍻🙂

We are planning to stay in our house for a while. It is bigger than we need, but we love the neighborhood and all our friends. Also, we renovated every space in the house over the last 12 years. And that extra space comes in handy when my wife is mad at me.😉

@ThisIsOurRetirement

2 ай бұрын

😂😂🌺

@oldbloke204

2 ай бұрын

@@Steve-gx9ot Wow.

@brendalabranche365

2 ай бұрын

@@Steve-gx9otI realize we haven’t met, but may I divorce you..

@muhammadmudassir7002

2 ай бұрын

If there is no financial stress better to live in your dream house In my opinion......

@oldbloke204

2 ай бұрын

@@muhammadmudassir7002 That's the way we look at it. We live in a very popular tourist town in a nice place with nice gardens. Lots of wildlife, good weather most of the time etc etc. It's also appreciating tax free at a quite scary rate as well.

My area does not have rent controlled apartments. A couple of years ago, I discussed selling my home and downsizing with my financial planner. He recommended that I research areas where I’d like to live before making a decision to sell. I was shocked at home prices and the price of rentals. Even with the cost of upgrades and maintenance, it’s less expensive for me to stay put. I am happy that selling worked out for you. I enjoy your videos.

@ThisIsOurRetirement

2 ай бұрын

Sounds like you did a lot of research and saw what was best for you , we are happy for you glad you enjoy our videos Cheers 🌺🙂☕️

@wgotowym8004

2 ай бұрын

Parents are in the 80s. they love having their own garden in the backyard. It's their favorite past time​@@ThisIsOurRetirement

@jgriffin282

2 ай бұрын

How do you find rent controlled properties? Because uncontrolled rentals seem like a nightmare.

We paid off the house, heloc the downsized bungalow, 8 years ago. Retired two years ago. Sold the family home , paid off the heloc, and bought a condo. Traveled, the rental has doubled in value, we max out the tsfa...every thing was as close to perfect as possible. Then my wife, best friend and soul mate passes away. Somethings you just can't plan for. Enjoy your day, everyday. Ty Tina and Norm.

@boohoo4962

2 ай бұрын

🙏❤

@ThisIsOurRetirement

2 ай бұрын

We are so sorry for your loss William , please take care 🌺🤗

@brendalabranche365

2 ай бұрын

Sorry for your loss

@robertmiur2388

2 ай бұрын

Very sorry

I know I have mentioned this before but you guys actually changed our lives, after watching your channel during covid we took the plunge, sold our house in Ontario and had enough capital to pay off our debts and buy a condo closer to our children and grandchildren in Edmonton which we love. I knew this was our last chance to get this right so for us renting was too scary and we feel secure knowing we own our space, yes we know the pitfalls about special assessments etc but we look at that cost the same as needing a new roof, furnace etc in a house, the condo fees are less than we paid for all the extras of a house such as property tax, electric, house insurance and so on. We have had a few trips since retirement and if we hadn't moved my husband would still be driving long distance and I would still be washing laundry in a Hotel. We love to watch your videos and you guys are not telling everyone this works for everyone but you are telling your story and have inspired many of us to look at our future plans and decide what's best for us so Thank you for all the advice and tips (including the train trip) lol.

We did exactly the same thing, sold our mortgage free very large home and even larger garden, seven years ago and very happy we did!!!! All of our travel, wonderful experiences with family and friends that we couldn't have afforded with the never ending maintenance of keeping up with our 29 year old house. We live in a new condo that is beautiful and modern with very little upkeep especially when compared to a large house and yard!! Congratulations on reaching 70.000 subscribers!!! You have created a great channel!!!! 😊

@ThisIsOurRetirement

2 ай бұрын

Thank you 🌺

We took some pushback for selling our home when we retired but am glad we did. No repairs, maintenance , more freedom to travel. Apt living suits us.

@ThisIsOurRetirement

2 ай бұрын

Isn’t it wonderful we love it too 🌺🙂

Sold our 4 bedroom house 6 years ago. Kids are grown. Sure we could get more now, but would have missed out on travels during this time. I looked at rising HOA, insurance, property taxes, maintenance and repairs, etc. I have no regrets. I hear of many people spending small fortunes on roofing, plumbing, a/c, painting, landscaping, etc.....Invested most of funds into SP500. We use gym, pool spa, at apt complex and travel worry free. Enjoy you two!

@ThisIsOurRetirement

2 ай бұрын

Awesome 🌺🙂

@oldbloke204

2 ай бұрын

What's the plan if the investment goes the other way?

In about 3-4 years when I join my wife in full retirement our house will be sold ASAP. There’s a financial component but lifestyle is the main motivation. Don’t want to cut grass, change furnace filters or replace furnaces. Also, sump pumps can be a problem if I want to be somewhere other than home. I’m just not attached to my house…home can be anywhere !

@KevinNordstrom

2 ай бұрын

Just pay a landscaping crew. If your house is paid off it's still cheaper than renting that continue to go up

Lots of phantom costs with home ownership we used to love renting and now also happy as owners, everyone should run the numbers and make the best choice for their specific situation 😊

Many thoughtful points Tina and Norm! I recall an interview with the late Charlie Munger. He was asked what people did in the Great Depression. He quipped that you went to the hardware store for some plywood/studs and built a room in the basement for affected relatives. Speaks to the precarious nature of home supply.

@rustykatt3870

Ай бұрын

Hi whiterabbit. Thank you for sharing this information. This was survival during the Great Depression.

@whiterabbit3439

Ай бұрын

@@rustykatt3870 You are welcome. I miss Charlie Munger and his "Mungerisms"!

Your assessment of home ownership and moving to an apartment overlooks a key thing for people like my wife and me. We are retired and live on acreage in a rural farming area in a large house I completely remodeled nearly 30 years ago. It's been paid off for years. We're surrounded by fields, pasture, and woods and, most importantly, have no one living near us. We can't see the neighbors from our house on a hill. It's completely private. I've lived in homes in our nearby city with neighbors on our doorstep and have lived in apartments, too, when younger. We would lose our minds cramped up living in a condo or an apartment. But, then, I grew up on a large dairy farm in the 1950's. The need for space is wired in. By the way, we still manage to travel.

@ThisIsOurRetirement

2 ай бұрын

As you age social isolation can become an issue. You likely spend a large amount of your retirement income on maintenance and cosmetics of your home.

@Brightangel55

2 ай бұрын

Sounds like heaven on earth 😊

@renataferreira8829

2 ай бұрын

Anti social?

@BoninBrighton

2 ай бұрын

We also lived in a rural area… with horses and land BUT the chores became too large a part of our life so we moved to the city to a condo overlooking 40 acres of parkland and 5 mins from the sea. We can walk into the green hills and city transport is frequent. We’re one hour from London. We love our life now.

@JBoy340a

2 ай бұрын

I expect as our physical abilities fade due to age we will have to move from a stand along home with associated upkeep to a condo or other lower maintenance single story situation. Getting old sucks, but it is better than the alternative.

I’m really glad it worked out so well for you, Tina and Norm. Here in Florida things are a bit different. I really would like to ditch the home ownership and pool and lawn maintenance, but it seems like the rents are just out of control. Insurance is high, but thankfully taxes are pretty stable.

I have mixed feelings about this topic. While not enthused over the burden of home ownership, I’ve run the numbers and renting would be more costly for me. The senior living apartments where I live are all luxury and outrageously expensive. I don’t worry so much about property taxes as much as insurance but there’s renters insurance to go along with renting. Can’t ever escape insurance.

We built our home 4 years ago. We just heard that 2 bedroom rentals are more expensive than our house payments. We can't afford to rent and are very pleased that we have a fixed low interest rate on our home. We could sell for $150k more than we bought it for but we're going to stay here.

@whiterabbit3439

2 ай бұрын

Yes, every case is different. In Canada max mortgage term is 5 years, so can be dicey. Early 1980s Canadian interest rates were 20~ %.

@deniseryan4146

2 ай бұрын

Rent here in Pennsylvania is 1500 a month. Yikes! I'll stay in my paid for house with family and good medical care nearby. We put away $275/ month for taxes. We can't live anywhere for that amount. Until a better idea comes by, we're all good! Now, gotta get packing for our cruise!

@jandmvideos9051

2 ай бұрын

@@deniseryan4146 I’m with you. I live in Tennessee where rent used to be low. Not anymore. I’m thankful that my mortgage was paid off years ago.

Your setup seems lovely. I love the idea of a stress free and simplified living arrangement. If it was easier to find a good rent controlled place with all of the amenities you have, I would totally be in favour of that kind of living arrangement.

I’m so glad to hear you talk about this. We are 67 and 71, husband is still working, we are debt free including the house. Yet, We won’t be able to live off our SS. We are planning to put our house on the market next month. It’s such a hard decision, but you make me feel better. Thanks!❤

@ThisIsOurRetirement

2 ай бұрын

Your very welcome we wish you both all the best with your sale , for us it’s been 8 years and we have never been happier Cheers 🇺🇸☕️🇨🇦

@rehrbar

2 ай бұрын

Wow, working at 71. At 57 I dread the thought of working til 65. As a factory worker my body is more or less finished. Taking it day by day right now…

Guys, the secret to your retirement after selling your house is that your apartment is RENT CONTROLLED. As you recognize without that you would be in financial pain right now. I checked and it seems that in Toronto apartments occupied after 2018 are not rent controlled, presumably because it is not financially viable to build new rent controlled apartments anymore. No such thing in Oz except state housing and that is swamped. The other issue that comes to mind is if the apartments that are rent controlled are privately owned and costs are rising so much how can the landlord survive financially. For these reasons most couples in your situation in Oz sell the family home and then BUY an apartment for security and to lock in future capital gains.

@85728itsmeee

2 ай бұрын

Mom and pop landlords are being squeezed out, landlords rapidly rising costs are not controlled but rents are so that can only go badly until the big corporations own everything.

@pastryshack551

2 ай бұрын

We don't know where this couple lives, because rent controls can ot go on for years unless this is subsidize housing. Most of the retired I know have rented out their homes and have been traveling all over the world. When they decide to return their nest egg will be there. As long as you are healthy, I think it's a good idea to hold on to your home. The value of their home in today's market would be very high. 8 years is a long time to walk away from thousands of $.

TOPIC IDEA.. “ retiring at the cottage”. This is often talked about in my neck of the woods ( Ontario) .. A three season cottage costs half of what a year round “house on the lake” costs (( what we’re in now)) .. We’re considering this option. Selling the big, expensive house ( with super high taxes) , and finding a cute cottage to spend summer and autumn in. Then travel to warmer climate when the snow falls…

@bonnieralston1706

2 ай бұрын

Your plan will work as long as you are able to travel to warmer climates in the winter months. However, when health or mobility issues evolve with aging, what will you do with a property that isn't winterized and you can't use? It would be best to buy a house, that can be lived in 12 months of the year.

You can’t predict the future, you cannot change the past. Enjoy the present. If we sold our house we would have to include our two young adult children… they are a joy

@TheBillaro

2 ай бұрын

you would include your children in the sale? 😅

We sold our house 5 1/2 years ago and downsized to an apartment once our kids were gone. Best decision ever. No more spending weekends fixing things, looking for someone to fix things, having to come up with the money to fix things (sense a theme?). No more missing out on travel because of house stuff. The peace of mind is priceless.

@ThisIsOurRetirement

2 ай бұрын

Totally agree Kathryn it’s awesome 👏🌺🍷

You guys are great. Your situation is very unique in that your apartment is rent controlled. Odds of anybody finding your situation in the US is zero. Also you have had the good fortune of investing the proceeds of the sale of your house in a bull market. We sold our house in the northeast and paid half for house in midatlantic Cut our taxes 70%. We rented for two years prior to moving and paid $50000 in rent. I’m not spending that on my paid for house upkeep. If I could find the great rental you have the good fortune of having anywhere in the US I would consider it. My wife and I love you guys and just wanted to give different perspective

I enjoy my workshop and garage for woodworking, metalworking and car maintenance. Right now I enjoy these things too much to give up these spaces. Just would not work in a rental. Thanks for sharing!

I bought my first (and only) home in 1994 at age 34. The happiest day of my life came 20 years later when I sold it. I traveled for a few years but rented for the last 6 years and my rent hasn’t gone up since I moved in. It's not even rent-controlled - my landlord is just happy to have a responsible tenant that pays on time. The freedom to travel and flexibility to move, not to mention no maintenance or repair costs, makes renting a sensible choice for retirees.

@ThisIsOurRetirement

2 ай бұрын

We are so pleased for you Linda totally agree about the freedom plus no unexpected maintenance and expenses we just love it Cheers ☕️❤️🤗

@craftsmanctfl3493

2 ай бұрын

Of course, you are paying the maintenance and repair costs as part of the money you shell out for rent. The landlord still makes a probably tidy profit with you paying his or her expenses. If that wasn’t the case, they wouldn’t be in the landlord business.

This is where the USA and Canada differ so much. Your decision makes sense because you are in Canada. The rent increase caps in Canada are amazing. In the USA I worry that the giant unpredictable rent increases could force me to move or bankrupt me. This is a very big deal. Rents here are expensive and it’s cheaper for me to stay in my modest house (1100 sq feet). Unless the unpredictable rent situation is solved in the USA seniors will stay put in houses where costs are more predictable. At some point I’ll move for the life style reasons you pointed out but it won’t be a financial advantage. Thank you for your insights. Your channel inspires me.

@JBoy340a

2 ай бұрын

Places in the US have rent control. NYC is the one that immediately comes to mind.

@mikeberg5003

2 ай бұрын

@@JBoy340a Try that in California. There is zero rent control for any home, condo etc if it is privately owned. I personally know people who were paying $1800 for an apt and are now paying $2200 2 years later.

@JBoy340a

2 ай бұрын

There are rent control/stabilization in CA, but that is defined city by city with different rate increase allowed and building by building.

@KevinNordstrom

2 ай бұрын

Our house is paid in full. No mortgage. Cheap property taxes ( $900/year) We plan to snowbird in Florida 5 months every winter. Thought of selling and go rent in Florida but yeah, rent continues to go out of control. I'll pay a landscape crew to do all the work for me at this point of my life.

@fremontpathfinder8463

2 ай бұрын

Exactly

I would be happy to live in an apartment after we retire and the nest is empty, but gardening is one of my wife's favourite hobbies. So we will be downsizing soon to a much smaller new house where we can age in place. Though it will have a basement, everything that matters will be on the main floor, so we will be able to stop using the stairs if ours knees go. Our current huge 120 year old house is a nightmare to heat, but the new one will be extremely effecient, so our monthly costs will be much lower than now.

I think with this kind of thing there's no absolute right or wrong and happy you found your way. I bought my Vancouver house 16 years ago and could sell it now at age 62 for about 1.2 million more than when I bought it. But I live in it and I like the house, have a fantastic view of the mountains, get good rental income from good tenants that also live here, and to top it all off my granddaughter has come to live with me, and while she's here it's an added reason not to sell, for now at least. I run my small part time business out of my garage too. When I was younger and self employed carpenter, I went on lots of trips to different countries and I don't really feel like I'd miss out if I didn't do a lot of travelling now. The city now wants to see taller buildings in the area and land assembly is the new thing, maybe millions of dollars. I think if some developer comes knocking and offering a ton of cash, then it'll be too tempting to not sell.

You can defer your property taxes as a senior. The security of ownership is not comparable to renting. Nobody wants to be forced to move as a senior. You have a much higher chance of being forced to move if you are renting. If you are not able to establish an investment portfolio while owning then that is a different story. You have no option but to sell if you require cash flow. Net worth is your safety net as you get older. A home is probably the best contributor to net worth. Having any form of debt in retirement is really not an option either. You did what you needed to do but I would not recommend the route you took to others unless they did not save for retirement outside of their home either. Retirement requires a combination of net worth AND cash flow. Everyone must plan ahead.

@kaycee625

2 ай бұрын

Excellent advice

@bertschuh5720

2 ай бұрын

exactly!

@gennesamann4323

2 ай бұрын

Age, and health can FORCE you out of your home as well. It sucks when you don’t have the choice to make your own decision to move. I think making your own choice when to move is priceless. I’m at an age where I don’t want to be tied to a house that needs upkeep and all the yard work, etc. I’d much rather be able to walk away from my apt and travel without concerns whilst I’m away! And have more money to do so. I don’t plan to leave my money to my kids on my death. I worked hard to have the opportunity to travel in retirement and I don’t subscribe to the thought process that I owe my children an inheritance!

It does make sense for you. The money from your house is invested and you use it for retirement. The apartment is rent controlled. You are fortunate that is available. We live in Dallas, TX and there are no rent controlled apartments. But we do have a cap on property tax increases for senior citizens. We radically downsized our home and property. Basically no maintenance on our yard which is tiny. Our HOA only covers landscaping maintenance so that has never gone up in the 5 years we have lived here. I would say that the largest increase is in home insurance! That is skyrocketing.

Yeah sorry but I just don't agree with some of these points tbh. All the boomers aren't going to just sell en masse and there are plenty of people coming up behind them so it's really just a number not a financial term or a hard cut in terms of outcomes imo. I would suggest that it's more likely that someone living in a unit is more likely to face the risk of issues than someone having their house compulsorily acquired by authorities as well. Look at what's happening in the US, and we see it here often as well, where either rents are going ballistic or building repairs and insurance mean that people can no longer afford to stay where they are. With rent control who is actually paying the difference or is it written in stone that it can't be changed? Equally I would say that having your money in things like shares or whatever is hardly having control given the way markets are going as well atm. We've basically had one of the biggest booms off the back of money printing that the world has seen and it looks to be coming to an end. In some ways you've been incredibly lucky and couldn't have done what you have in many places imo. I'm guessing that if you'd done this here in Australia the outcome would have been very different. I'm glad it as worked out so far but I would suggest that it's a one and done type deal, and cashing in on capital growth in property, so people should think carefully about it all, or get advice, and not just look at the money it may unlock or what how they could spend it.

@williamjsmith9877

2 ай бұрын

I totaly aggree with most of what you say, bought my house here in the Orlando area 20 years ago, then rented it for 2 years before retireing, bought 3 more in the same sub when all the brits were throwing in the towel, value has more than doubled to over $1m, cant do that in a rental, invest in CD's with FDIC. What happens if the rent control is revoked.

@craftsmanctfl3493

2 ай бұрын

@@williamjsmith9877 It’s highly unlikely the rent control will be revoked or changed much. There would be too much outcry. If news’s rent control or stabilization, it’s an extremely lucky and rare situation when looking at all housing throughout Canada and the U.S.

@oldbloke204

2 ай бұрын

@@craftsmanctfl3493 The thing with any form of cost control is that someone has to pay. If things change then anything is possible imo. Basically selling your home for a cash top up based on increasing capital values in most places. I suspect that in the 8 year timeframe mentioned our home has gone up by a huge amount but so has the cost of other places, rent and everything else. If we had done it we would be in financial trouble now imo. Each to their own and situational as well.

@daviddrew4000

12 күн бұрын

Your right , These guys are in a semi dream state and to put it bluntly some of their advice is silly and in some cases dangerous . I live in Canada and have done for 57 years people getting their houses appropriated is so rare and I suspect in most instances they received a fair market price + so using that as minus example in home owning is dumb .Then carrying on about all the free stuff in their rent controlled building is also dumb , if your in a rent controlled building in Canada the chances are it’s not in the top range of properties, not my choice but obviously good enough for some people .

I love my apartment and location. I can't imagine trying to care for a house by myself. Love watching your channel :)

@ThisIsOurRetirement

2 ай бұрын

Thank you so much! glad you love your apartment too ❤️

we sold our townhome in BC at the peak and moved to Saskatchewan and was able to retire 4 years earlier. We did buy a home here, but we think of it as a place holder to enjoy nicer accommodations than what we had and eventually sell and move to a smaller home or townhome or condo or even renting. We are so glad we made the move. I have been following your channel for well before we sold our place in BC and your insights and experience has taken the fear out of when is the right time to retire. Too easy to put it off with the fear of the unknown....mainly will we have enough money for our retirement. Thanks again!

@judithvilla6026

2 ай бұрын

Nice! Looking to do the same!

@karyn1147

2 ай бұрын

Where in Sask ? I'm in the BC Lower Mainland and always look at Sask. listings. Can't believe the price difference 😮😅!

We see here that many 'eldery' have left leaving their family home so late they are now so attached to it , and fearful of change, they won't move to something smaller. So a family home is being occupied by (generally) one person where as you stated, a family could live. We sold our home and bought an apartment in 2014. Best move we ever made, I've loved watching the channel grow. The sky is the limit. Keep advising, sharing experiences. Greetings from the Northern Hemisphere once again. 👌🇳🇱🙋‍♀🥝

@ThisIsOurRetirement

2 ай бұрын

That’s awesome Anita you bought an apartment and we have rented either way it gives that freedom thanks for supporting our channel Cheers 🇳🇱🌺🇨🇦☕️🙂

We did the same and have absolutely no regrets. We want to spend the money whilst we are alive and make the most of our retirement. Retirement isn’t about making money, it is about having enough to live out your days in comfort and security living the lifestyle you enjoy.

When we were young and broke we lived in an apartment (aka coffins in the sky). Can't imagine going back to that lifestyle from a 2800sqft detached house. We love the privacy, taking care of our house and garden and it is nowhere near 2/3 the cost for an apartment. We spend maybe 500/mo for taxes, maintenance, electric and gas. (no mortgage) A claustrophobic 2 bedrm apartment would be $4000/mo here. Oh and since we retired the house has increased by 1.4M while apartment rents have increased 600%. Your rent controlled situation does not apply to 95% of the population.

I’ve read a few negative comments or ones that suggest you could have done things differently and although some have merit we need to remember that what you chose to do worked for you, and you’ve made that work for the last 8 years. There is no one size fits all when it comes to retirement because we don’t all start the process from the same place. Some of us have over a million dollars in work place pensions (in Australia that is compulsory superannuation that we can access at 60) some have investments and savings in some form or another and others have their family home that they either rent out or sell. Like a lot of countries there is also an aged based pension, once you reach qualifying age (in Australia this is asset based so someone with a hefty superannuation doesn’t qualify but may do as they age and draw down on Super) Whatever works for you to find your happy place is the right decision for you. There is no woulda, shoulda, coulda as they say.

@ThisIsOurRetirement

2 ай бұрын

Thank you for your comment we appreciate your insight.

Renting in retirement has worked for you in Canada, but those of us back in the old country (UK), where we don't have rent controls, would be mad to rent in retirement if they didn't have to.

@Paws_RC

2 ай бұрын

Not all of Canada has rent control, they are lucky where they are living to have it

@ThisIsOurRetirement

2 ай бұрын

Cheers Stuart 🇬🇧🍻🇨🇦🙂

@denisescally7090

2 ай бұрын

There are rentable retirement flats in the UK called Anchor I think some are nice and modern and some dated. None with swimming pools though! You can be 55 or over but they look like a lot of much older people because I think us Brits do tend to hold onto our homes until the very end 😮

Great post. As you mentioned before...time is your most valuable possession. By getting rid of that responsibility you're way ahead. Dramatically less cost. Thanks Norm n Tina

I have had this same discussion with my golf buddies of staying in your paid off home vs renting. There is no right answer and there are trade offs no matter what you do. We enjoyed 100% price increases in the last 5 years and travelled 2-3 months each winter. So we are happy with our decision.

Hi Norm and Tina: Thanks for the wonderful journey. Looking around and getting on waiting lists for apartments. Looking forward to the freedom but apprehensive also as we have a beautiful location. Paul and Helen.

@ThisIsOurRetirement

2 ай бұрын

Our pleasure! Paul we loved our Bungalow too while we lived there but words can’t describe this new found freedom it was time to move on to the new chapter in our lives , we have never looked back have an awesome weekend good luck Cheers ☕️🙂

Hi. Whilst I accept that the rental market is subject to affordability constraints, these are also uncertain and unpredictable. I can clearly see how moving into all inclusive controlled rental has worked for you both, but this is not widely available and where this is the case I think that renting rather than moving to a cheaper property is a more nuanced decision.

@ThisIsOurRetirement

2 ай бұрын

Thanks for watching ☕️🙂

Really enjoyed this conversation. Thought provoking. Thank you

Downsized and found that it was not that great. Missed my big rooms for entertaining. Missed my large kitchen for cooking and definitely missed my large bedroom for reading and relaxing. Sold the downside bungalow 5 years later and can hardly wait to move into my larger 2 storey.

So much of this video is based on the unusually good fortune of finding the rare place with some type of rent control. Practically no one has access to these types of rentals, so that advice is essentially inapplicable to your viewers. Watch this video again and you’ll notice it seems to be patting yourselves on the back for your unusual good luck.

I recently sold my house after decades of living there and moving out later this year and I couldn’t be happier, especially to leave la belle province. I will be a renter from now on and be free, finally 🎉

@ThisIsOurRetirement

2 ай бұрын

That is awesome! we wish you all the best 🌺🙂

In, BC, a growing trend is unhoused seniors who are losing their rental housing. Many are being renovicted or find their apartments being sold or torn down to build rentals or private owned condos. They may have been in the rental unit for years which means their rent is lower than others. Right now the average time a new tenant faces renovictions or some excuse to have them move is 5 years here.

We just signed a lease on a townhouse in downtown Ottawa. We are getting our house ready to sell now. Lots of stuff to downsize before we move but we're excited about a change of place. If you remember, we are in Stittsville and are moving to the New Edinburgh area of Ottawa where we can walk to everything.

@ThisIsOurRetirement

2 ай бұрын

Wow sounds very exciting we wish you well with your sale it’s great being able to walk to things. Some advice when you think you’ve downsized get rid of more !! Cheers ☕️🌺🙂

So agree with you on selling and renting. We have noticed all the same reasons. No regrets! Only difference is you have more money than we got but overall still better. Enjoy!

Your choice seems perfect for you. Others love puttering around their house and yard. That said I knew someone who bought houses for rentals. He only bought in markets after considerable analysis comparing rental rates and house costs. Sometimes renting was the best value. Other times he'd buy a house for rental later.

Glad for you that you are enjoying retirement. However everyone has varying ideas of retirement. I understand as you live in a part of Canada that is cold and snow for a lengthy period so escaping that is part of the lifestyle. We live in a part of the country where it is milder and a huge enjoyment for us is our gardens and being outside, plus it is a bit of a rural area so lots of farms, horses and wildlife. We buy local produce, milk and eggs. Yes we are retired and we have been travelling, basically 2 trips @ year, one in the fall (when some of our gardens finish) and again in April (before the hordes of tourists). So therre is no magic bullet, best advice is do what fits your lifestyle. Oh I don't agree with the landlord needs tenants and tenants need landlords theory... sounds like a quote from the current Canadian PM... "and the budget will balance itself".

@ThisIsOurRetirement

2 ай бұрын

We very much agree there is no one size fits all retirement, we are just sharing our stories, fyi where we live rental apartments have waiting lists.

@gjmarc

2 ай бұрын

@@ThisIsOurRetirement Totally agree. BTW your budget figure of $25k for yearly travel is good, that's the figure we came up with after keeping spreadsheets on past and forecasting upcoming vacations.

Just found your channel. Retired nurse from California. Always rented and regret I never. bought a home. I don't know how any young people can become home owners now. Where I live in a beach city, a very modest home goes for a million dollars. The housing bubble must burst soon.

@ThisIsOurRetirement

2 ай бұрын

That’s awesome welcome to our channel yes buying a house 🏠 is no longer affordable but also means lots more people are renting Cheers 🇺🇸🌺🇨🇦

You’re making great points and I thank you for sharing

@ThisIsOurRetirement

15 күн бұрын

Thanks for watching!

Very nicely done video. I just got my property tax bill and it's goes up and up every year. Many Thanks, Norm & Tina. Many Congrats on 70K subs. Hope that when your 8 year rent control ends they will not jack your price up.

@ThisIsOurRetirement

2 ай бұрын

Thanks for the congrats 🥳 Terry 🙂

My water heater blew out. I was going outside to pull weeds and noticed water coming out of my driveway! I ended up calling a plumber and 5500.00 later I got a water heater. Last year I had to get a roof. This year a water heater. Great video!

You two are always a joy to watch and learn from! You are so smart about how you handle your affairs and I love seeing you enjoy your retirement the way you do! Thanks so much for sharing!!!

There are pros and cons to every decision. Very good perspective ~ thanks for sharing! 😊

@ThisIsOurRetirement

2 ай бұрын

Thanks for watching!

We bought a campsite similar to the one you bought (didn’t know they existed) and absolutely love it! Thanks for making videos!

Rent that includes fuel costs and local government taxes....not in the UK unfortunately. It's definitely a good idea to reduce the amount of cash tied up in your home if you can, we downsized. The private rental market here is pretty brutal.

@ThisIsOurRetirement

2 ай бұрын

Thanks for sharing Frank 🍻🙂

Thank you! Important considerations as we plan our next steps.

@ThisIsOurRetirement

2 ай бұрын

You are so welcome!

I hate apartments. Awful! Neighbors are noisy, dirty, and odors in the hallways. Any rationalizing can’t cover up the fact multi family units suck! The only advantage to being there is you can leave on an extended trip and not worry about anyone breaking in or worry about cutting the grass and picking up the mail. Anyway have a great day and enjoy your travels.

Norm & Tina, Thanks again for sharing the details & logic behind your decision to sell your house. Most importantly, your explanation of your cash inflows, outflows, perks, no maintenance worries & low overhead shows how you attained real freedom & peace of mind! Happy Travelers & Renters! Cheers!

We have done the same exercise and we will sell our family home and invest the money we make from it and rent. We have been sold this dream of home ownership (huge dream for everyone in Australia!) but we are looking at the future differently. For us we want to be nomadic through our active retirement years and then work out where to spend our slower active years. Without the shackles and expenses of a home to hold us back. Thank you for this video and inspiring us to look at life through a different lens.

@bw5277

2 ай бұрын

We did the same thing....invested most of the money.

@martinesykes655

2 ай бұрын

@@bw5277 can I ask how this is working for you? We are doing the future differently to our friends (who are supportive but think we are mad) but we want to have a life of experiences and adventures. We have been locked down to location and bricks and mortar our entire adult lives - we don’t want this in retirement. Are we crazy?

@judi5818

2 ай бұрын

Thank you for the kind welcome as a new subscriber. It is wonderful that selling your home has worked out so well for you. Enjoy your travels! Thank you for the tips and information you share.

@ThisIsOurRetirement

2 ай бұрын

Your very welcome Judi 🌺🙂

@ThisIsOurRetirement

2 ай бұрын

Your very welcome sounds like we both looked at a bigger picture the same we wish you well with yours we love it 🌺☕️🙂

Apartments can allow you to live in an area where you couldn't afford a house.Finding one may be a challenge. However it can depent on your fellow tenants, on how easy it is to live there. A friend's condo flooded due to a neighbour living above them.

Excellent video , butt for us here in Pa , the rent are so high, that I’m forced to stay in my own home. Thanks

Will will do the same thing. You also save on property taxes, HOA fees and the burden of home ownership. Congrats!

@ThisIsOurRetirement

Ай бұрын

Awesome sounds great James 🍻🙂

Agree, this a personal choice where to live and when to sell your house. But if we honestly talk about numbers, let me tell you: living in your own house is MUCH MORE beneficial in Alberta, than renting. take the last 5 years for example: If I would sell my beautiful and comfortable house and start renting tiny 2 bedroom appartment in my area I would easily lose tons of money (we talking about hundreds of thousands). Numbers: 5 year rent: 200 thousand, Increase of value of my house fro the same time :300.000. Maintenace, taxes and insurance spent: 50.000. Clear surplus 450.000. These are real numbers. Not mentioning living in a comfort of your own home. Of course , if house is all you have with no savings and you want to travel adn live comfortably: selling your house is the only choice.

@johenderson3742

2 ай бұрын

What about a reverse equity mortgage?

Even though we live in the US and do not benefit from rent control, we found that by investing our money from the sale of our home, we could more than afford a very nice and pricey apartment. We love it and have renewed our lease for another 15 months. We may decide to buy again in the future and aren’t closing that door, but we are very pleased with our decision and it is thanks to you. We would have never considered it without finding your videos.

@ThisIsOurRetirement

2 ай бұрын

That’s wonderful Patsy glad you are enjoying your apartment Cheers 🇺🇸🌺🇨🇦

I lived in an apartment 50 years ago And it’s not for me. We went the in between route. We sold the large 3000sq. Ft home on a large lot and downsized to a bungalow townhouse condo. Our son rents the basement and cuts the grass and shovels the snow. If he moves out I will hire a service. My brother has lived in a rent control apartment for many years and while it is cramped with two adults and a Large dog he is not giving that cheap rent up. He also likes to be able to lock the door and just take off. One downside in their building that his wife recently discovered is that the tenants with the old cheap rents aren't getting any of the upgrades that new tenants are getting like the hardwood floors and beautiful modern kitchens. The owner is hoping that the old tenants will get frustrated and move out. My brother has decided to put up with the old worn 1970's finishes and spend more time travelling.

Hi Tyna and Norm 🙏😊.....I'm one of the older subscribers lol 4 years plus I think 🤔 after a separation and now divorced after a lifetime (46 Year's) Never on the same page , Anyway's!! After my rent increased where I am 44% last increase?? 😡😮😮 I've finally secured a Retirement Village with only 14 unit's free standing as 2 together joined so 7 building's on open space lawns and Gardens in Central Queensland, Australia.......200km inland away from the oppressive humidity. Yes I did sell my house and other investment properties many years ago when we were then 50 year's old, Life goes on!! I've alway's been a bit Gypsy 😂 and after raising 4 children with educations etc.......I'm now the proud recipient of a rented unit in the Retirement Village with extra PAID gardening task's such as mowing and garden maintenance about 2 hours a day if I choose..........The best part's are as you laid out in this Video of which I alway's understood and planned for 30 year's ago in my mid 30's and now my rent is a huge $140 au per week $560/mth. Freedom to do what I want travel wise with security financially and a home also. Take care both of you and I enjoy you're simple journey you both do as a team together. 🥰🥰

Oh ok that makes sense. Keep up the great work!!😊

@ThisIsOurRetirement

Ай бұрын

Thank you! Will do!🌺🙂

Hey Kiddos !! Congrats on the new numbers. My in-laws had a family home in Ottawa in the burbs. They raised the family there, and grew old there. The house has been retrofitted, a new bath suite in the master bedroom, a complete basement and a pool. And then they put those stair climbing machines on the staircases for my MIL. Then, Last fall, push came to shove, and we had to put the house on the market, to find them an easier single level home to live in. The house went on the market and sold in less than a week, for $750,000.00. My FIL has his pension from teaching and my MIL's pension as well. They banked the house sale money and they live off their pensions. They are living in a New High Rise condo on an Island in Ottawa proper at $5,000 a month. They are getting old, very quickly now, so what happens is a waiting game. But the three kids will get a hefty inheritance when they die. Their house, like you wanted your house, went to a young family, and my FIL left all those things they might need. Tools, Toys and Supplies for free. So the new family had most of the things they would need to fix things, not that that would be necessary now, but we did not have to deal with most of the stuff they got rid of in the end.

@sct4040

2 ай бұрын

By the time I was in my mid 40s, I had $250,000+ in investment from my own money (income was $38k yr). I think it is sad to wait for your parents to die before having some money. INVEST, INVEST, INVEST AND MAKE YOUR OWN MONEY.

@jeremy1350

2 ай бұрын

@@sct4040 It's not my money. We don't have cash to plunk down into investments. We make enough to live on and be comfortable, but that's about it. We have RRSP options, and pensions that will kick in, in a few years. My SSDI from the US pays the rent, which jumps almost $100/mo on June 1st. Rent, Food, and Hydro are terribly expensive in Montreal, since the pandemic. My husbands brother and sister make money hand over fist. We are not on the rich branch of the family tree by any means and never have been, we are sitting on a twig, not even near the rich branch. You have to HAVE money to invest to be able to MAKE money. If you don't got, then you are on the shit end of the spectrum. Thanks !!

@ThisIsOurRetirement

2 ай бұрын

Thanks for sharing your story 🌺🙂

@sjbutler2330

2 ай бұрын

If everybody made that statement, no one would invest anything at all! You start in your 20s---- keep going, bit bybit, safe investment s and it compounds and adds up. There's no excuse!

@saversavvy2670

2 ай бұрын

That was so nice of him to leave tools and such to the new owners. I'm sure they appreciated that.🌞

No such thing as rent control in my country. Also a lot of rental properties are old, poor quality and in bad areas. There is an extreme shortage of rentals pushing the prices up continually. It doesn't make as much sense to sell a nice quality home in a good area for something where the rent increases annually.

You were smart to sell and rent at the perfect time to lock in before rents skyrocketed! I’d love to see you look into Naturally Occurring Retirement Communities (NORCs) in buildings like yours with a good percentage of retired people.

Never look back with regret you always make the best decision based on the information you had at the time. You didn’t know then what you know now. So, if you had waited, you’d have missed out on great experiences. You would have received more money, but also would have to shell out way more money for a new place.

So glad you two have talked about this aspect of retirement. A paid off mortgage isn’t the holy grail of retirement.

I wouldn't mind selling, but there are exactly zero rentals in this area. So if we sold we would have to move. My wife, however, likes where we live a lot and has no interest in selling and even less interest in moving. If we did sell the house we would get enough out of it to rent a very nice apartment in Seattle for the rest of our lives. Yes, we are that old (closing in on 80). Currently the house costs us about $700/mo, which is only about a quarter of what a decent apartment would cost.

Don't know why people are so butt hurt by this video. It's not like you guys are telling everyone to do what you did. You are just saying what works for you two. Cheers to you! Glad for you and all the fun you have had together and with family. Much love.🌞

@ThisIsOurRetirement

2 ай бұрын

Thank you 🌺🙂

I live in the US. Rents here are almost double my mortgage payment. I have the funds to pay off my mortgage but with CDs at 5% plus it would cost me more than $7000.00 annually. Mortgage at 2.25% fixed 30 years.

@ThisIsOurRetirement

Ай бұрын

Rent is the maximum you will pay, mortgage is the minimum you pay, because of unexpected maintenance and repairs plus utilities.

Thanks for sharing your experiences Tina and Norm! Hope you guys don't experience renovictions. What is your plan B should if you are renovicted in pricey Ottawa area?

@ThisIsOurRetirement

2 ай бұрын

We no longer live in Ottawa (8years ago ) we live in Southern Ontario and rent from a very large Corporation all they do is rentals ☕️🌺

@charronfamilyconnect

2 ай бұрын

@@ThisIsOurRetirement sound's great! I had no idea that living was more affordable in southern Ontario? Then again London Ontario is still more affordable than Ottawa I believe.

@rosiej9231

28 күн бұрын

@@charronfamilyconnectsouthern Ontario is not affordable. Rents and homes are sky high, particularly in the GTA.

Thank you for sharing. It shows that there is not just one path to retirement. Focus on what is important to you.

We are considering selling and moving into rent and are trying to afford to get out of a worsening neighborhood in Cleveland, Ohio. I crunched the numbers and we could only just make it, without touching the money from the sale of the house. We are afraid to move from bad to worse.

@ThisIsOurRetirement

2 ай бұрын

It seems like a daunting challenge, but also doing nothing is just as bad. Good luck with whatever you decide.

How do you budget for things like travel? I have been living very frugally and need to increase my lifestyle, but I don’t know how. Dave Ramsey says to set a budget for things like fun, and force yourself to spend it every month. Could you share the nuts and bolts of how you figured it out?

No rent control where I moved from (AB) or to (NS). Sold in good market, bought for cash. No way in heck could I afford rent in either market. Far cheaper to own for me even with the maintenance involved. Plus, I have 2 large dogs. This greatly reduces suitable rentals available. The only people I know of who are better off renting are those who live in rent controlled areas. (Ontario) Are there even rent controls anywhere outside of Ontario?

I think you both have been very astute in your choice to rent. You freed up one of the most valuable resources in Retirement - TIME. And you've used the time to travel and enjoy. How anyone cannot see this as a win is beyond me. The recent housing boom was simply a direct result of money printing that no one saw coming. But I'd wager your investments also turned a healthy profit. Finally, you're enjoying that Capital and not tying it up in a box of sticks. Who wants to pick weeds anyways 😊Congrats 🎉

That was a well-reasoned overview of the big picture. Bravo!

Great video, thank you!

@ThisIsOurRetirement

2 ай бұрын

Glad you liked it!

To sell your home for retirement ....very depressing !

@ThisIsOurRetirement

2 ай бұрын

Not really we had always planned to , it was very exciting to move on to the next phase of our lives we love it 🙂

@glennet9613

2 ай бұрын

⁠@@whisper2441Malcolm Fraser is famous for saying “life wasn’t meant to be easy”, Ned Kelly is famous for his last words on the gallows “such is life”.

I'm single and retired but I can't sell my house at age 66. It's a 4bdrm on 23 wooded acres, but it's vastly cheaper than renting an apartment. Here in the USA, there are remote areas like mine with very low cost living. And the value is skyrocketing, so my financial advisor says stay put. Maybe after age 70.

Its wonderful that you share so much but not the actual budget and expenses you have and incur

Hi. I started my YT journey last month. The Slow travel & Expat YT’s were all my inspiration. I want document my 5 year journey to my own financial independence so other can learn and have hope they can do it too! Thank you for your videos and sharing your life! I hope when I am a little older I can follow your example!❤

I was in a very similar thought process as you. Fortunately, I sold my house to a wonderful family but then I downsized, built a much smaller house and paid for it outright. I'm in the process of searching a possible second residency in another country, but I plan to keep my primary owned home until I either need the money or find another place I am entirely happy with. My outlook completely changed once I owned my home fully. That sense of security was overwhelmingly welcome. House value does not matter to me as the security is what I wanted. I retired early which was my goal all along and knowing that as long as I can pay my taxes, I don't have to worry about a roof over my head. No mortgage is freeing. I feel like the there is always someone willing to buy a home. At least here in the US there is a housing "shortage". You may not get the price you want, you may make a killing, who knows? I hear you on the costs of owning a home, as well as there is upkeep, which is a real problem since I plan on traveling a lot. But still, I don't plan on selling until I have a solid plan in place. You guys sound like you have a pretty good setup. That is a different level of freedom absolutely. That freedom to close the door and go is priceless as well. Kudos for no regrets.

Great video as usual! We can relate!Las Vegas, NV here 🇺🇸 we sold our home last year and couldn’t be happier. We used some of the proceeds to pay off all our debt and have been able to maintain a debt free lifestyle while enjoying life. We live in an apartment that has great amenities and it’s in a fantastic location. We’ve already realized the savings of renting vs owning. No regrets. It’s much much CB easier to maintain and our lives are just more efficient! We converted the USD to a CAD GIC and will keep that in a GIC for our more advanced years. We plan on moving to Canada (my husband is Canadian) and have a few apartments that we’re eyeing. Like you, we want to pick up and go - especially in the winter months - without the hassle of worrying about the state of our home while we’re away. We both get pretty generous defined benefit pensions and my USD pension will likely go further. Apartment living suits us just fine and we plan on continuing to be renters. We love it too! Thanks again for delivering such great content and sharing your experiences with us!

Hi I am in Melbourne Australia, many elderly own homes with 3-4 bedrooms and hoard stuff, i meet them. Some of them enjoy gardening. I never owned a home, but many houses i lived in either needed a complete remodeling, new bathroom and kitchen and floors and fence. Some houses i lived in needed to be demolished and were. I'm a renter my whole life. Just like these videos as i have mental and physical disability. I can't say i enjoy "retirement" as i live with too many health issues and anxiety and stress and worry. But i love reading these comments section, makes me feel calmer a bit and forget my stress and worries.

There are no controlled rentals or rental where you don't pay hydro and gas on a rental where l am here in Canada. With no mortgage l am paying 350 for taxes would not find anywhere .to live at that price. Your situation is not available in these times things have changed so much. We are traveling now before retirement.

@ThisIsOurRetirement

2 ай бұрын

Thanks for sharing 🌺🙂

If people buy a starter home (it may be a job to find one, though) and stay in it, they may be better off. No big lot... no big home. Just a smaller home. You are more likely to able to stay in it until you die. The most common sense individuals I see, as I get older, are people (now seniors) who have not over bought, and have raised their kids in these homes. Life happens, but if we try to do this, we can possibly keep our homes. Good luck to all of us 😊.