Should I Rent Or Buy After Retirement?

Should I Rent Or Buy After Retirement?
If you’re like many of my clients, you’ve decided your current home won’t fit your needs for long after retirement, but the great debate is holding you back: should I rent or buy my next home?
Ask yourself these four questions to end the debate and start a plan to move forward.
1. Is it time for flexibility or solid roots in your life?
For some, renting and the minimal commitment that comes with it is a perfect fit to their new lifestyle. It allows for you to test drive a new neighborhood, housing style or a more nomadic lifestyle.
For others, home is the figurative (as well as literal) foundation to their lives and remaining homeowners is a source of stability to their day-to-day lives. Owning removes the relationship with a landlord and their role in your life, which for some is very important.
2. How long do you intend to live in the new home?
Some people decide to Right-Size prior to retiring, whether it’s to take advantage of a strong housing market or to live in a more manageable space after the kids move out. An important consideration is how long you are planning to live in the home you move to, after selling the larger family home. If you are thinking you’ll retire in a year and then move out of the city for good, it might make more financial sense to rent for that year.
If you want to keep a residence in the city after retiring, even for part of the year, purchasing a smaller home or condo could be a great solution both financially and for peace of mind.
3. Freedom from your house or freedom from rules?
Freedom for renters comes in the form of not having to worry if it’s time to replace the roof or if the washing machine is acting up again. When you rent you are paying the landlord for the right to live in and enjoy the home. Part of that arrangement means the responsibility for maintenance falls to the landlord.
Freedom for owners comes in the form of having control over your space. When you rent you have to clear decorating choices with the landlord and you have little (if any) say in how a repair is carried out. Owning means you carry the cost to maintain the home, but also control over the decisions involved.
4. Do you want the equity now or later?
Selling your home and renting means you have the option to invest that freed up equity in other ways or create a plan to live off your nest egg.
If you buy another home, it’s more difficult to access that reinvested equity but as real estate is typically considered a safe long term investment, your capital is protected, and hopefully appreciating, while keeping a roof overhead.
4 Considerations for Aging In Place

4 Considerations for Aging In Place
Sometimes RightSizing can mean staying in your own home by making modifications. If you aren’t sure where to start, here are four areas to think about if Aging In Place is an option.
1: Small changes, big impact
There are numerous modifications that can make a world of difference when it comes to how you interact with your home. Grab bars in bathrooms are a common solution, but think about other places where one might come in handy like the top of a set of stairs. Other hardware upgrades include changing your doorknobs to a lever style, installing pull out drawers in you lower kitchen cupboards, and floor lighting to automatically make getting around at night safer.
2: Same home, different function
If your mobility is affecting your enjoyment of your home, there might be options to reduce the number of stairs you need to face on a daily basis. Outside, ramps and lifts are a possible solution. Inside, beyond installing a stairlift or elevator, look at you main floor for opportunities to make it more functional. A powder room off the kitchen, moving the laundry up from the basement and creating a main floor bedroom are all examples of solutions we have seen to reduce the reliance on stairs and allow homeowners to continue enjoying their home.
3: Take the pressure off with an extra set of hands
You’re able to still manage your home but some chores have become more daunting than you’d like to admit. Multiple services exist for just this reason and range from help shoveling the snow to bringing your fresh groceries to the door. There are options that can fit every budget to take on some of the heavy lifting that goes with with home ownership.
4: An ounce of prevention…
… Is truly worth a pound of cure. When renovating think about changes you can make now that would serve you as you age. There are some brilliant ways to create a more adaptable home for people who plan on Aging In Place. We are happy to talk about changes that would increase your property value and those that could limit the buyer pool down the road.
Please reach out below to discuss your unique situation.
CRA Claimable Expenses – Moving to Senior Living

CRA Claimable Expenses – Moving to Senior Living
Navigating healthcare expenses can be a daunting task, especially for seniors residing in retirement or long-term care homes in Canada. Fortunately, the Canadian government offers avenues for claiming medical expenses, providing financial relief and support to individuals in these settings. Understanding the array of medical expenses that can be claimed is crucial for optimizing available benefits and ensuring proper healthcare coverage for residents.
In this quick list, I will delve into the world of claimable medical expenses available to those living in retirement or long-term care homes in Canada. From essential healthcare costs to specific deductions and credits, this comprehensive breakdown aims to empower seniors and their families with insights into maximizing the benefits offered by the government, thereby alleviating the financial strain associated with healthcare.
Did you know that when living in a retirement home or a long-term care home whether permanently or a respite stay, you may be eligible to claim some of the care and services that are provided? At tax time, the home will provide you with a tax slip that is broken down into rent and care/services in order to make it a bit easier. For more information on what the government will allow you to claim, have a look at the full explanation here.
Below you will find some specific claimable expenses we feel would apply to individuals looking to make a move to a retirement home or long-term care home. These descriptions are from Canada Revenue, you can find more information on their website.
Claimable Expenses – Pre-Move
- Certificates – the amount paid to a medical practitioner for filling out and providing more information for Form T2201, Disability Tax Credit Certificate, and other certificates.
- Moving expenses – reasonable moving expenses (that have not been claimed as moving expenses on anyone’s return) to move a person who has a severe and prolonged mobility impairment, or who lacks normal physical development, to housing that is more accessible to the person or in which the person is more mobile or functional, to a limit of $2,000 (for residents of Ontario, the provincial limit is $3,081).
- Note-taking services used by a person with an impairment in physical or mental functions and paid to someone in the business of providing these services. A medical practitioner must certify in writing that these services are needed.
Claimable Expenses – Outfitting your new home
- Bathroom aids to help a person get in or out of a bathtub or shower or to get on or off a toilet – prescription needed.
- Hospital bed including attachments – prescription needed.
- Walking aids – the amount paid for devices designed only to help a person who has a mobility impairment – prescription needed.
- Wheelchairs and wheelchair carriers – can be claimed without any certification or prescription.
Claimable Expenses – Personal Hygiene
- Catheters, catheter trays, tubing, or other products needed for incontinence caused by illness, injury, or affliction.
- Diapers or disposable briefs for a person who is incontinent because of an illness, injury, or affliction.
- Elastic support hose designed only to relieve swelling caused by chronic lymphedema – prescription needed.
- Hearing aids or personal assistive listening devices including repairs and batteries.
- Ileostomy and colostomy pads including pouches and adhesives.
Understanding the landscape of claimable medical expenses for residents of retirement or long-term care homes in Canada is vital for ensuring comprehensive healthcare coverage and financial stability. The Canadian government extends a range of provisions, deductions, and credits to assist in offsetting medical expenses incurred by individuals in these settings. By staying informed about what can be claimed and how to navigate the system, seniors and their families can optimize available benefits, providing essential support in managing healthcare costs.
I hope this guide has shed light on the various avenues available for claiming medical expenses, empowering individuals to make informed decisions and access the support they rightfully deserve. Remember to always discuss finances with an accounting professional.
Accredited Senior Agent ASA®

Accredited Senior Agent® (ASA®) is uniquely qualified to help you take the next step.
Meet Ian Campbell, your trusted Real Estate Agent specializing in serving seniors in the Ottawa area. With over 15 years of experience in the industry and a deep understanding of the unique needs of older adults, Ian is dedicated to providing personalized guidance and support to seniors and their families.
As a senior himself and holding the prestigious ASA® (Accredited Senior Agent) designation, Ian brings firsthand insight into the challenges and concerns that seniors may face when navigating the real estate market. He understands the importance of finding a home that meets both current and future needs, whether it’s downsizing, relocating to a retirement community, or finding the perfect forever home.
Ian’s passion for helping seniors goes beyond his professional role. He is committed to making the transition to the next phase of life as smooth and stress-free as possible for his clients. With his empathy, integrity, and dedication, Ian strives to exceed his clients’ expectations and build lasting relationships based on trust and respect.
When he’s not assisting clients, Ian enjoys spending time with his family, engaging in outdoor activities, and discussing home renovations. Contact Ian Campbell today to experience personalized service and expert guidance tailored to your unique real estate needs.