Condo or bungalow for retirement? Realtor Evelyn Lopes compares the real costs, accessibility, privacy, and lifestyle trade-offs of condos and freehold bungalows for downsizers in Ontario. Learn what condo fees really cover, why a special assessment matters, what a status certificate is, and why one level does not always mean easy to live in. The episode also covers a third option, the bungalow-style condo, and seven questions to ask before you buy. If you're downsizing in Caledon, Bolton, Brampton, Orangeville, or elsewhere in Peel Region and the northwest GTA, this conversation helps you choose a home that still works for you ten years from now. Free guides are linked in the show notes. Realty Bytes is the kitchen table real estate show, with real conversations about the decisions behind the move.
Episode 226. Choosing between a condo and a bungalow sounds simple. It rarely is.
In this episode of Realty Bytes, Evelyn Lopes walks through the real costs, the lifestyle trade-offs, and the questions that help you pick a home you can still live in ten years from now.
You'll hear:
· Why a $600 condo fee and a "no fee" bungalow are not a fair comparison
· What a status certificate and a reserve fund are, and why Ontario buyers review them with a lawyer
· Why one level does not always mean easy to live in
· How location and driving change the decision
· What a bungalow-style condo is, and what to ask before you consider one
· Seven questions to ask before you buy
All dollar amounts in this episode are examples, not market averages.
Free resources:
Condo or Bungalow? Which Is Better for Retirement? CLICK HERE FOR FREE GUIDE
7 Questions to Ask Before Buying checklist CLICK HERE FOR CHECKLIST & GUIDE
Free Downsizing Guide: CLICK HERE
Talk it through with Evelyn: 905-965-5902, evelyn@evelynlopes.com, or BOOK A CALL https://calendly.com/evelynlopes/consultation-meeting-evelyn-lopes-realty-team
You're decided. It's time for a smaller home, and you're ready to downsize. Maybe the kids have moved out, the house feels bigger than you need, you're tired of maintaining rooms you hardly ever use, and you're not looking forward to another winter of shoveling snow. So now comes the big question you keep turning over and over in your mind: Should you move into a condo where someone else looks over much of the home maintenance, or would a bungalow be the better choice with your own front door, a little garden, and some privacy? Condo or bungalow? The big question. On the surface, it looks like a simple decision. It isn't. A condo promises less maintenance and more freedom. A bungalow offers privacy, independence, and your own outdoor space. But here's the problem: The wrong choice could leave you with higher costs, more work, or a home that no longer meets your needs as you age. So how do you decide? That's what we're sorting out on this episode of Realty Bites: Conversations on Real Estate and Lifestyle, the Downsizing Roadmap series. We'll look at the good and the not so good in both choices. We'll look at the third option you may not have heard about, and we'll cover the costs people often miss. Plus a few things most people only think to ask after they've moved in. Because this isn't just a decision about where you'll live, It's a decision about how you want to live, and how much freedom, comfort, and financial flexibility you want in the years ahead Let's start with the condo. I certainly understand the appeal. Imagine waking up on a snowy January morning, looking out the window, seeing all that snow, and realizing you don't have to shovel a driveway. That's a huge weight off your shoulders, and not to mention your back. Someone else is taking care of it. That alone could be worth celebrating. And if you enjoy traveling, the idea of locking your door and leaving for a few weeks can be pretty attractive. No lawn to cut, no garden to water, no driveway to clear. Many condo buildings also offer amenities like a fitness room, a party room, or common areas where you can meet your neighbors and engage socially without having to leave the building. And depending on the building, you might be within walking distance of shops, restaurants, and medical services. For someone who has spent the last 30 years looking after a larger property, that can feel like a tremendous relief. But here's where I want you to think a little deeper. Less maintenance doesn't necessarily mean fewer responsibilities. You still have to maintain your own unit, and while the condominium corporation manages the common elements, you are now sharing financial decisions with other owners. Which brings us to one of the biggest considerations the cost of convenience. Condo fees. I find that people often look at condo fees in one of two ways. Some say, "Well, at least I don't have to worry about the roof or the lawn," while others say, "Why would I pay six or seven hundred dollars a month when I could own a bungalow and have no condo fees?" And I think both arguments miss something really important. Let's say you're looking at a condo with a monthly maintenance fee of six hundred. That's seventy-two hundred dollars a year. Now, that might cover some utilities, building maintenance, landscaping, snow removal, and contributions to the reserve fund. The reserve fund is money the condominium corporation sets aside for major repairs and replacements to the common elements. But what's included varies from one building to another, and so are the fees. And keep in mind, your condo fees aren't necessarily fixed. They can increase as the building ages, operating costs, utility costs, if they are included, or major repairs become necessary. And there's also something called a special assessment, and that's when owners may be required to contribute additional money towards certain condominium expenses. Imagine you're retired, you've carefully planned your monthly budget, and suddenly you're facing an unexpected additional expense. That's not something you wanna discover after you've bought. Now, does that mean condos are a bad idea? Absolutely not. It means you need to understand the financial health of the particular building you're considering. In Ontario, one of the important steps when buying a resale condo is reviewing the status certificate and related financial information with your lawyer. You want to understand the reserve fund, the budget, the rules, and any known financial concerns. And here's another point. A lower condo fee isn't automatically better. Sometimes it simply means fewer services are included, or it could raise questions about how much money is being collected for future repairs. To put in the reserve fund. You need to look beyond the monthly number. So why isn't a bungalow necessarily cheaper? Let's take a closer look. One of the biggest attractions with a bungalow is independence. You have your own property. You can enjoy your garden, sit on your patio, have the grandchildren over, and make decisions about your home without dealing with condo rules. And if you have a dog, being able to open the back door and let them into a fenced yard can be a real advantage, especially in February. But I often hear people say something like this, "At least with a bungalow, I won't have condo fees." That's true if you're buying a freehold bungalow, but you still have maintenance costs. You have property taxes, insurance, utilities, and all the ongoing expenses that come with owning a house. And eventually, you may need to replace the roof, repair the driveway, service the furnace, or hire someone to look after the property. So here's a question. What happens when you're 80 and you no longer want to shovel your snow or cut the grass? You might hire someone, and there's absolutely nothing wrong with that. In fact, planning for those services can be a very sensible way to stay in your home longer. But you need to include those costs in your retirement budget. Think about a hypothetical example. Let's suppose a bungalow owner spends $2,500 a year on landscaping and snow removal, and sets aside another $4,000 annually for future repairs. That's $6,500 a year. And that doesn't include property taxes, utilities, or insurance. Those figures are only an illustration. Your actual expenses could be quite different. But they demonstrate why comparing a condo's $600 monthly fee with a bungalow's zero condo fee doesn't tell you very much. The better comparison is the total annual cost of owning and living in each type of property. And I'd go one step further. Look at what those costs could become in five or 10 years, because retirement planning isn't just about whether you can afford the home when you buy it. It's about whether you can continue to afford it comfortably And one level doesn't always mean accessible. And here's something that I think deserves a lot more attention. - Many people start looking for bungalows because they want to avoid stairs, and that makes sense. But just because a house is a bungalow doesn't mean it's easy to live in as you get older. Think about the entrance. Are there three or four steps leading to the front door? What about the garage? Can you enter the house without having to climb stairs? And where's the laundry room? I've seen plenty of bungalows where the bedrooms and bathrooms are all on the main floor, but the laundry, well, it's downstairs. And if your reason for buying a bungalow is to avoid stairs, that could defeat the purpose. And then there's the bathroom. Is there a walk-in shower? Is there enough room to move around comfortably? And could the space be adapted if your mobility changed? And don't forget the doorways and hallways. Now, let's compare that with a condo. A condo apartment may have everything on one level. You might have underground parking, elevators, and no stairs to climb. That sounds ideal. But what happens if the elevator is out of service? Can you get from the parking garage to your unit comfortably? Are there heavy doors, awkward thresholds, or long hallways? And is the bathroom actually accessible? Here's the point I want you to remember. A home can be all on one level and still be difficult to live in. When you're viewing properties, don't just look at the floor plan. Think about how you would use that same home if your needs changed. Not because you should expect something to go wrong, but because it's much easier to plan for flexibility before you buy than to deal with a home that no longer works for you later Now let's take a moment and talk about something that doesn't always get enough attention, your lifestyle. Imagine you've lived in a detached home for 30-odd years, and you're used to having your own driveway, your own backyard, and some space between you and your neighbors. Now you're considering moving into a condo apartment. That could be a wonderful change. You might enjoy seeing people in the hallway, meeting neighbors, or having coffee with someone in the common area. But you may also discover that you miss having your own outdoor space. You might miss gardening, or perhaps you don't particularly enjoy hearing the neighbor's television through the wall. On the other hand, a bungalow might offer privacy and space, but it could also leave you feeling more isolated, especially if you're living in an area where you need to drive everywhere. And that, too, is an important consideration because one of the things that can change during retirement is how much we want or are able to drive. A beautiful bungalow on a quiet street might seem perfect today, but what happens if 10 years from now you decide you don't want to drive at night or you stop driving altogether? Can you still get groceries, visit friends, get to medical appointments, enjoy the activities that matter to you? This is why I believe location can sometimes be more important than the type of home. The right home in the wrong location can still be the wrong decision. And what happens when your lifestyle changes? Here's another question I encourage people to think about. Are you choosing a home for the retirement you imagine or the retirement you're likely to live? Let me explain. Maybe you're planning to travel for several months every year. You picture yourself spending winters somewhere warm, taking trips, and enjoying the freedom of retirement. A condo might be a wonderful fit. But suppose five or 10 years from now, you're traveling less. You find yourself spending more time at home. Would you still be happy in that condo? Would you have enough room for hobbies? Could family visit comfortably? Would you miss having a garden? Now turn that question around Now turn that question around. Maybe you love the idea of a bungalow because you want space for grandchildren, family gatherings, and gardening. But what happens when maintaining that garden starts feeling like work instead of pleasure? Could you comfortably hire someone to help? Would the home still feel manageable? Neither scenario means you've made the wrong choice. It simply means you need to think beyond the first few years. And remember, you don't have to predict exactly what your retirement will look like. Nobody can do that. But you can choose a home that gives you more options. And there's another difference between condos and bungalows that doesn't get discussed nearly enough, and that's control. When you own a freehold bungalow, you generally have more say over what happens to your property, subject of course to local bylaws, permits, and other restrictions. If you want to renovate the kitchen, change the landscaping, or make the home more accessible, you usually have more flexibility. Of course, you also have to organize and pay for that work. In a condo, you share certain decisions with the condominium corporation. There may be rules about renovations, rules about pets, balconies, flooring, and how common areas are used. For some people, that structure is reassuring. They like knowing there's a system in place and a set of standards. For others, it can feel restrictive. Neither reaction is wrong. It's really about your personality and what matters to you. Ask yourself this: Am I comfortable sharing decisions about the property I live in, or would I prefer to make those decisions myself, even if it means taking on more responsibility? That answer can tell you a lot about which type of home may suit you. Now I want to talk about something that isn't really about money or maintenance. It's about how a place feels. When you've spent decades in a family home, you've built routines around that space. Maybe you love sitting in the backyard with your morning coffee. Maybe you enjoy having a workshop in the basement. Or perhaps you like having enough room for the whole family to come over for Sunday dinner. Moving to a smaller home can be a wonderful decision, but sometimes we focus so much on what we're gaining that we don't fully consider what we're giving up. A condo may give you more freedom from maintenance, but will you miss your garden? A bungalow may give you the outdoor space you love, but will you resent having to look after it? And here's a question I think is worth asking. What parts of your current lifestyle would you be genuinely unhappy to lose? Not the things that you should keep, the things you actually enjoy. Because a successful move isn't just about reducing the size of your home. It's about keeping the parts of your life that matter. Now, before you decide that you must choose between a condo apartment and a freehold bungalow, there's something else worth considering. It's a third option, a bungalow-style condominium. And depending on the community, you may find bungalow-style homes that are part of a condominium development. These can offer some of the advantages of ground-level living, private entrances, and outdoor space, while certain maintenance responsibilities are handled collectively. But here's where you need to be careful. Not all bungalow-style condos are structured the same way. You need to understand exactly what the condominium corporation maintains, what you're responsible for, and what the fees cover. And of course, you still need to consider accessibility, location, and the financial health of the condominium. The point is that your choices may not be limited to two options Sometimes the best solution is somewhere in between so how do you make the decision? Rather than asking which property is better, I'd suggest asking seven questions. And if you're listening while you're out walking or driving, don't worry about writing these down right now. You can come back to them later or download the free checklist. I'll put a link in the show notes below. Okay, so let's get into these important questions you should ask yourself when considering a move. Question number one: Can I comfortably afford the cost of living in this home? Not just the purchase price. I want you to think about taxes, insurance, utilities, maintenance, condo fees, and potential major expenses. Question two: Could I manage everyday life here if stairs became difficult? Think about entering the home, bathing, cooking, and doing the laundry. Question three: What would happen if I stopped driving? Could I still get to the places and people that matter to me? Question four. Would I still enjoy this home if I spent more time in it? That's especially important if your retirement plan includes a lot of traveling Question five: How much independence and control do I want? Would I be comfortable with condo rules and shared decisions? Or do I value having more control over my own property? Question six: What major expenses could be coming? For a condo, look at the building's finances and future repair plans. For a bungalow, consider the age and condition of the roof, furnace, windows, and other major components. And question seven: Could this home adapt if my needs changed? Would it work with a walker, a wheelchair, or some help at home? And if modifications were needed, would they be practical? Those seven questions can help you look beyond the finishes, the floor plan, and the excitement of finding something new If you're finding this information helpful, don't forget to like and subscribe so you don't miss the next segment of the downsizing roadmap on Realty Bytes: Conversations on Real Estate and Lifestyle podcast So which would I choose? Well, if you're hoping I'll tell you that a condo is always better than a bungalow or the other way around, I'm gonna disappoint you because I don't believe there's one right answer for everyone. If you value convenience, enjoy traveling, want less exterior maintenance, and are comfortable with shared decisions, a well-managed condo could be an excellent choice. But I'd want to know that the building is financially sound, the rules work for you, and the unit is actually accessible. If you value privacy, outdoor space, and having control over your property, a bungalow may be a better fit. But I'd want to know that you can comfortably manage the costs and responsibilities either by yourself or by hiring help. And I would pay very close attention to the location Because no matter which type of home you choose, you still need to be able to live the life you want. There's also one more possibility. Maybe you don't need to move just yet. Perhaps your current home could be adapted to make it easier to live in. Sometimes the right answer isn't a condo or a bungalow. It's understanding whether moving will actually improve your life enough to justify the costs and disruption. And that's a conversation worth having before you put a for sale sign on the lawn So here's what I'd like you to take away from today's conversation. Don't choose a condo simply because you want to escape maintenance, and don't choose a bungalow simply because you want to avoid condo fees. Look at the whole picture, your finances, your health and mobility, your lifestyle, your independence your family, And the things that make a house feel like a home. Because when you're planning for retirement, you're not just choosing where you'll live next year, you're making a decision that could affect your comfort, finances, and independence for many years to come. And the goal isn't necessarily to find the perfect home, it's to find a home that gives you the best chance of living the life you want with fewer unnecessary compromises If you're trying to decide between a condo and a bungalow, I've put together a comparison guide that looks at the advantages, disadvantages, and costs that are easy to overlook. It's called Condo or Bungalow: Which Is Better for Retirement? You can use it to compare your options and think through the questions that we've discussed today. And if you're considering a move to Caledon, Orangeville, Erin, Brampton, or the surrounding communities, and you'd like to talk through what makes sense for your situation, you're welcome to give me a call. I'm Evelyn Lopes with the Evelyn Lopes Realty Team at RE/MAX Realty Services, and I'm here to help. You can reach me directly at nine oh five nine six five five nine zero two, or by email at evelyn@evelynlopeswith an S .com. Remember, the best decisions start with the right information, And understanding what that information means specifically for you. Thank you for spending this time with me. Until next time, thanks for listening to the Downsizing Roadmap series on the podcast Realty Bytes: Conversations on Real Estate and Lifestyle