Coltaine79
Active Member
I am trying to help a family member, by providing her with general real estate advice on her situation, and I would appreciate any thoughts you guys might have:
Her situation: 5 years away from retirement, a widow, children have their own families so they no longer live at home. Lives in Mississauga but works near Bathurst and Finch (and will work there until retirement).
It's a long drive to work every day so I'm trying to suggest moving to somewhere closer to her work. Not to mention living in a ~1600sq ft house can be a daunting task for an older lady on her own...
But I'm having trouble trying to find an alternative place to live. I would guess the house is worth about 320-330k at the moment. My suggestion would be to find a cheaper place to live (to free up some equity), but since she likes the "house life" (enjoys gardening, hates elevators, etc.) there isn't much choice either at or below that price level.
Any ideas? Even going North all the way up to York region doesn't result in any particularly appealing prices.
I know she is still making mortgage payments but I have no idea what her outstanding balance could be.
Her situation: 5 years away from retirement, a widow, children have their own families so they no longer live at home. Lives in Mississauga but works near Bathurst and Finch (and will work there until retirement).
It's a long drive to work every day so I'm trying to suggest moving to somewhere closer to her work. Not to mention living in a ~1600sq ft house can be a daunting task for an older lady on her own...
But I'm having trouble trying to find an alternative place to live. I would guess the house is worth about 320-330k at the moment. My suggestion would be to find a cheaper place to live (to free up some equity), but since she likes the "house life" (enjoys gardening, hates elevators, etc.) there isn't much choice either at or below that price level.
Any ideas? Even going North all the way up to York region doesn't result in any particularly appealing prices.
I know she is still making mortgage payments but I have no idea what her outstanding balance could be.