5 Housing Options To Consider As We Age

Estimated reading time: 15 minutes

Find the perfect housing option for your lifestyle and budget as you age. Learn about the factors to consider when making this critical decision.

No matter what generation you were born in, eventually, you will age, and with that comes options, especially housing needs, to fit your lifestyle and budget.

Housing Options Change As We Age

When we first bought our house in 2009, we were practically the youngest couple on the street with no kids.

We looked high and low for the perfect house, which meant we let house prices influence our real estate budget.

There were many houses to choose from as prices took a steep dive.

We needed to buy the least expensive house in the most expensive neighborhood.

Eventually, we knew that this housing decision would come back in our favor, and it has, although we’re not quite sure we are ready to take the plunge and move just yet.

Since then, housing prices in our neighborhood have increased with multiple offers over the asking price that would shock any seller (in a good way).

Some of our friends have had huge celebrations after the sale of their house as they scored big.

This kind of housing windfall doesn’t happen to everyone although for most it’s relative unless downsizing.

Neighbourhood Demographic Changes

These days, many retired baby boomers have packed up and moved on.

Our once quiet street is now filled with children and their Gen X and Gen Y parents working full-time to make ends meet.

We blend in now, especially since our almost two-year-old is running around, causing additional noise on the streets.

It’s nice to have more families around us with children for our son to play with.

Mrs. CBB and I talked about selling our current home after we paid off the mortgage in 2013, only 5 years after purchasing the house.

At that point, we did not have our Gen Z son and were still hanging on to life in the 30s.

Benefits Of A Housing Change For Our Family

These days, we have graduated into the big 40 age group, meaning housing options for these Gen Xers have returned to the discussion table.

Life has far from slowed, but what we want from housing has changed.

Gone are the days of dreaming of a large modern house with all the bells and whistles, pool, hot tub, etc.

We don’t want to clean it or maintain it and would rather live comfortably without debt.

Exploring the world is on our bucket list, and we’d like to start traveling more once my career takes a steady path.

Related: Should we buy a bigger house?

About all of our neighborhood friends are gone or leaving for different reasons, which I’ll talk about shortly.

Should We Stay Or Should We Go?

I never quite understood how someone could stay in the same house from day one until they are no longer on this earth.

However, the trend may end up being the norm with the way house prices are skyrocketing.

From a financial standpoint, it all makes sense to me now to stay in one spot, forgoing real estate costs and other costs of moving.

The minute mortgage rates dropped, so did the financial guard for those who wanted to enter the housing market.

We were that 30s couple, and I’ll tell you that it was one of the best investments we’ve made.

However, can we sustain living in this house forever?

Of course, things happen, such as career change, career location change, and other personal reasons, but if none of this applies, staying put in one house might make sense.

At least, that’s what Mrs. CBB and I had considered.

Since sitting down and brainstorming, we’ve come up with other housing options that may apply to us.

There is no right or wrong time to move, in my opinion, especially since house prices are all relative to the city you live.

Interest rates may go up, and your finances may change, but this is where you need to understand the mechanics behind your financial situation.

Otherwise, unless you plan to move out to a city where housing is cheaper, you either stay put or consider some of the housing options we’ve come up with below.

The list is not exclusive, but there are housing options that we feel would possibly suit our needs.

Mortgage Free Gives Us Options

Although we aren’t sure where we are headed with our housing decisions, we know we won’t be left out in the cold without a roof.

Having no mortgage has freed up time and opened doors, but whether we decide to step through them means possible financial change.

Are we ready for that?

Well, we’re not sure yet.

However, laying down your options while you have time to soak them up is best.

Think about them now rather than be faced with a rushed decision.

I find exploring a subject easier when I’m not pressured for answers.

Let’s have a look at what housing options we came up with.

Upgrade or Downsize Housing Options

The wife and I know that living in this house may be a long-term option as it’s not too big and the property is easy to maintain.

Not only that, but it’s minutes from a major city and the highway in a sought-after neighborhood.

Couple that with a short drive to work and a school up the street, and we’ll be a happy family.

We don’t know how our health will progress in the future.

Friends of ours who lived in our neighborhood recently sold their house.

They could no longer stay in the two-story home where they brought their children up and needed a bungalow.

Unfortunately, they are in their 50s, and with one full-time income and disability income, finding a bungalow in our area was near impossible without an additional chunk of mortgage added on.

When you are in your 50s, the last thing you want is to add years to your mortgage.

It made more sense for them to move across town where houses were up and coming and cheaper as they were still building in the area.

Although we will miss our friends, we’re happy they found a house they hope to retire in, even if it meant a move and downsizing.

Other neighbors of ours sold their house last year to upgrade the size of their home to accommodate their growing family.

With that came a more extensive mortgage (they told us), budget changes, and more responsibility or at least time to maintain their almost double the size home.

Doubling your square footage is costly around here, but it was worth it for them.

Housing Renovations

This is the housing option that the wife and I use because it makes the most financial sense for us.

Sure, we could buy a bigger house, but to live mortgage-free, we’d have to dump our entire savings into a mortgage and likely still get one from the bank.

Getting a few extra hundred square feet in our neighborhood with more property will cost us about $200,000 more. No thanks.

One of our neighbors with a lovely house and lot decided to add to their home as it was too small for the family of 4.

That means they put a huge addition onto the back of the house, likely costing them six figures.

This kept them in the neighborhood on a large lot while increasing their square footage.

They could quickly retire in this home if it meets their housing needs.

Location Change

As we age, we may consider a housing location change.

Whether in the city or outside of the town remains a mystery.

We could move to Europe since we both still have valid EU passports. (Since the UK has moved out from the EU Mrs. CBB now has just an Italian passport.)

Mrs. CBB has dual citizenship, as she was born and raised in Canada and her parents are from Italy. (Another blog post, perhaps.)

The other housing option for us is to move closer to the water, which Mrs. CBB loves, but in a smaller community where housing prices won’t financially disable us.

Either way, this has to be a thought-out process, especially if I commute to work, as working from home 100% of the time is impossible.

I can only do paperwork at home.

The rest of my work is hands-on and professional based in the field.

That means I have to go to work.

It sucks, but someone has to do it!!

Additional Purchase/Income Property

Since our mortgage is paid, although much sooner than most, debt should start to disappear, including the mortgage as we age as we age.

Once that is gone, you can start to sock away cash, which means your housing options are reopened.

You may want to buy a second home to rent out or buy a cottage on the lake to enjoy in the summer.

During the winter months, you may want to jet off to your home away from home in Florida, although keep in mind the travel insurance costs should something happen to you.

Don’t let that stop you from living your life, though.

My parents bought housing investments as they aged and have never said they were a bad investment.

They are fully paid now, so any money that comes in goes to maintaining the rentals and to, in part, fund their retirement, which is a good thing since they travel so much.

Retirement Living Housing

Not everyone is comfortable talking about moving out of the family home or selling their home because they can no longer care for themselves.

Retirement living is not only for the frail; many seniors find retirement communities safer places to live with others who complement their age group.

Moving into a retirement living facility becomes the final home for many seniors like my wife’s grandmother.

Her husband passed away over 25 years ago, and their family home was sold shortly after she was put in the facility.

She has been in long-term care for the past 20 years with a monthly cost of $2300 plus necessities.

Thankfully, she was prepared financially for this even though she has Alzheimer’s and relies on her power of attorney. (Update: She passed away at age 99.)

Hopefully, money will be left to support retirement living, providing us with the care we need that goes above and beyond what the government offers through assistance programs.

We’ve seen how critical care is for my wife’s grandmother, and if we follow this path, we will be looked after with care and compassion.

Related: How To Pay For Senior Housing In Canada

Consider Housing Options Ahead Of Retirement

To conclude, we are currently happy where we are living and have both said that if we want to move into a bigger house, we would certainly move out of the city where costs are lower.

All of the above five housing options are important for us to consider and plan for so we aren’t left in the dark if the time comes and we need to make a split decision about where our life is headed.

In the meantime, we will invest our money into renovating our house and enjoy a life that suits our budgeting and debt-free lifestyle.

If and when our son moves out and heads to University/College (unless he goes to the local schools), we may consider moving location or downsizing to suit our housing needs.

Alternatively, we can sail away into the sunset and live happily ever after. Decisions, Decisions.

Life is full of so many of them, wouldn’t you say?

Discussion: Have you ever thought about housing options as you age?

CBB At Home

I laid the seeds down on the front and back gardens this week to thicken them.

The first two years after I put the new sod in the grass was immaculate, and I aim to keep it that way.

With that comes maintenance, so I bought the best grass seed for an area with lots of sunshine.

Hopefully, we’ll have the lush green grass we love.

Employment Update

I’m done with one contract now and am moving into another for 5 weeks, which means no rest for this guy.

Thankfully, when this contract is over, I’ll have time to spend with the family for the rest of the summer.

Baby Tantrums

We’re still struggling with our little guy, who loves to throw tantrums and whine when he doesn’t get his way.

It’s a tricky part of parenting as we sometimes don’t know how to help him.

Eating is a bit of an issue as he’s not into it, but he loves his milk.

He eats when hungry and is gaining weight as he should, so the doctor isn’t too worried.

Do you have any tips on how to handle toddlers who whine?

I need wine.

Next week, I have some central cleaning up around the house and have a few days between contracts.

I’ll be super busy getting the outside of the house ready for summer.

Our neighbor got his air ducts cleaned to the tune of $400, which was an unexpected price for me. I didn’t realize it was so pricey.

We get air duct cleaning calls, as I’m sure the rest of Canada does; however, I think I’ll do more research into it.

Have any of you had your air ducts cleaned?

That’s all the entertainment in the CBB family, I’m afraid, this week, folks.

Catch me here next week with an update on the who, what, where, why, and how things are going for our little family.

Mr.CBB

How was your week?

New CBB Blog Posts

Top performing CBB Post this week: How Much Should My Grocery Budget Be?

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• 7 Secrets of the Grocery Shopping Deal Sniffer
• Baked Frittata with Mozzarella and Fennel Greens

Fan Budget Brags

Submit your Deal or Brag:

Join the Budget Brag Challenge 2016 and WIN!!!

What I love the most is when my fans share their excellent shops with me, whether it be groceries or other deals they find at a garage sale, online, or freebies! 

In 2016, if you send me your Budget Brag, you will automatically get entered into a yearly draw for a surprise gift card.

If your Budget Brag gets chosen, you get an extra ballot! So send your brags with a photo and tell me about your deals.

If you are from the USA and win, I will send you the money in CDN dollars.

Open to Canada and the USA only.

Please email me at canadianbudgetbinder@yahoo. (ca) < remove brackets) or fill out my contact form by Friday each week to have your brag considered for the Saturday post.

This week, Jen Peacock shared her garage sale score from last Saturday.

• Tall console table is $20 (they were asking $40)
• Green toy bin $0.50
• Crayola sidewalk chalk $2
• Six children’s DVDs and 3 Scooby Doo books for $5 (my dad paid for these for Adam to use at his house ?).

Total spent: $22.50
I have looked for a tall console table for my living room since we redecorated it a few months ago. I intend on painting it.

Recipe Of The Week

For the past 2 years, I’ve had a second Facebook page called The Free Recipe Depot, where I exclusively share recipes from Food Bloggers worldwide.

I also share recipes on the blog on Sunday, made by a home cook and mom, Nicola Don, or myself.

This week, our Top Recipe Pick goes to Dee over at Meatloaf and Melodrama for these cute Mini Cheesecakes with a strawberry, perfect for Mother’s Day.

You could take the Strawberry Roses below in the Food DIY and set one of those on top. Gorgeous!!!

Editor’s Choice Weekly Read

Every week, I will pick a blog post of the week from around the web that I found interesting and want to share with all of you.

Please head over and read the post and let them know that Mr. CBB sent you if you comment.

Editor’s pick (That’s me Mr.CBB) This week I read a post over at Esquire about 4 Men with 4 Very Different Incomes who share the Life they can afford.

It’s interesting to see who budgets and who doesn’t. I can’t stress enough why tracking every penny in and out of your bank account is essential.

Great read.

Google Search Terms

Every week, thousands of people visit Canadian Budget Binder because they searched online and found my blog.

The spelling errors below are because I shared how they typed their search engine query to land on my blog.

Some of them are serious, and others are meant to laugh.

• How much is a dog in Canada?– More than the cost of a bird but less than a monkey. They differ in price depending on many factors. There’s no one price fits all pet.
• Walmart is charging for bags in BC. Get used to it, as every shop will eventually do.
• Best way to make quick, legal cash– Get a job. I always love these.
• Are seeds from Dollarama safe?– Of course, they are. Haha!

That’s all the fun for this week; thanks for dropping by.

See Ya!

-Mr.CBB

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