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Sort of retirement plan

Sort of retirement plan

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Old Mar 22nd 2018, 9:32 pm
  #46  
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
Brain storming today regarding a retirement plan.

Thought I try the ExPat lions den see what feed back we get. :@)

Plan A:

This is a 5 year plan, meaning doing this in 5 years when I will be 59.

Sell current home for silly GTA money $650,000 value now. No mortgage

Move a long way away, choice of 3 places, all in New Brunswick (because it’s cheap)

Woodstock NB (have a relative live there) buy 4 houses rent 3 live in one. Houses are 60,000each. Live on rent be a property manager.

Basically same for Fred and Moncton but houses not as cheap.

Plan B:

No plan B yet
I like it. Good plan...however with the health care system in NB not being very good, that does throw up some red flags... (I didn't know that about NB) so I think bats's plan B holds some water.....she has made some good points, and you still have your health care in Ontario, Im sure if you bought a cottage in the right location.....ie near to snowmobile trails/ski hill you could make it a 4 season cottage and rent it all year round.

Both plans are good...I suppose you would just have to factor in the cost of a comprehensive health care plan if you chose the NB option.

By the way your planned retired life sounds chilled!
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Old Mar 22nd 2018, 9:49 pm
  #47  
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Default Re: Sort of retirement plan

Originally Posted by not2old View Post
OP don't do it just for monetary purposes...consider healthcare, safety & access
Good idea, but they can be linked.

If your income in retirement drops considerably and you still want to do the things that employment income paid for, then maximising your income in retirement is a decent option.

If you have a major asset that will fund the purchase of an alternative home and what's left enables replacement of much of that lost income then you can get the best of both worlds.

Of course it needn't be in another province.
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Old Mar 22nd 2018, 9:56 pm
  #48  
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
We’re is you ?
Somewhere near Peterborough and Cobourg. Look on Realtor.ca and search for properties under $2K or whatever. Try looking north and east of Kingston up to Bancroft and east to Perth and Smiths Falls.As the GTA gets closer prices are going up plus people can't afford cottages in The Kawarthas anymore so that's another reason to buy now.
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Old Mar 22nd 2018, 10:13 pm
  #49  
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Default Re: Sort of retirement plan

Originally Posted by bats View Post
Somewhere near Peterborough and Cobourg. Look on Realtor.ca and search for properties under $2K or whatever. Try looking north and east of Kingston up to Bancroft and east to Perth and Smiths Falls.As the GTA gets closer prices are going up plus people can't afford cottages in The Kawarthas anymore so that's another reason to buy now.
Ha ha just been looking that way, east, Cornwall !! Seen two properties there with sitting tenants a duplex 134k and a house 99k both have walk in incomes

Last edited by magnumpi; Mar 22nd 2018 at 10:35 pm.
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Old Mar 23rd 2018, 12:52 am
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Default Re: Sort of retirement plan

Originally Posted by helcol View Post
Do bear in mind that in NB you'll pay extra (almost double) in property tax for all non-occupied properties. For my roughly 700 sq ft house that I rent out, I pay about $3200 in taxes.
Quite true, also insurance for unoccupied homes increases.
When my mother-in-law passed away in 2010, my wife's family
inherited an unoccupied house (and 30 acres) just outside of Dieppe, NB.
With no offers after 8 years they eventually had to demolish it as the ongoing costs (property tax, insurance) were eating up the cash portion of the inheritance.
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Old Mar 23rd 2018, 1:23 am
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
Ha ha just been looking that way, east, Cornwall !! Seen two properties there with sitting tenants a duplex 134k and a house 99k both have walk in incomes
Are those properties between the bridge to the USA and downtown (Pitt Street?). If so, not the greatest area and I gather property prices and rents match that. If possible try and be east of downtown near the hospital. Unfortunately, prices are probably higher in that area.

Is Brockville or Prescott affordable for what you want.?
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Old Mar 23rd 2018, 1:38 am
  #52  
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Default Re: Sort of retirement plan

Originally Posted by Partially discharged View Post
Are those properties between the bridge to the USA and downtown (Pitt Street?). If so, not the greatest area and I gather property prices and rents match that. If possible try and be east of downtown near the hospital. Unfortunately, prices are probably higher in that area.

Is Brockville or Prescott affordable for what you want.?
Will look, it’s a few years away yet, will go take look see first
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Old Mar 23rd 2018, 11:12 am
  #53  
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
We was also looking at PEI holiday let’s. Anyone have experience in this area ?
Nothing recent but I did idly look into buying a tourism related business when we were emigrating some 14 years ago. The challenge of course is a shortish season & a bleak winter with no income. PEI is very pretty though.

If you buy a holiday let in ON might there be opportunities for two (or more season)? i.e. Summer holidays, Fall hunting, Winter snowmobiling? In western NL, as an example, vacation properties are as busy during winter snowmobiling season as they are in the summer.
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Old Mar 23rd 2018, 11:27 am
  #54  
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Default Re: Sort of retirement plan

Originally Posted by BristolUK View Post
Good idea, but they can be linked.

If your income in retirement drops considerably and you still want to do the things that employment income paid for, then maximising your income in retirement is a decent option.

If you have a major asset that will fund the purchase of an alternative home and what's left enables replacement of much of that lost income then you can get the best of both worlds.

Of course it needn't be in another province.
My BIL and SIL have done something like that. He is about my age or slightly younger. He was part-owner of a company in Bromont (eastern Quebec, near the US border). He also owned a plot of land there.

He sold his share of the company and used the money to build holiday cottages on the land (ten, I think). The cottages were prefabricated but he did everything else himself.

He now lives in one full-time. SIL splits her time between there and the South Shore, where she works and where they still have a house.

Bromont is a year-round destination, so the cottages are in high demand.

Nine cottages at a couple of hundred bucks a night...........
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Old Mar 23rd 2018, 11:28 am
  #55  
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Default Re: Sort of retirement plan

Originally Posted by BristolUK View Post
Mine and my wife's experience couldn't be more different.

There was a year wait for a doc - seems to be fairly normal and that MoneySense annual study still shows Moncton as having one of the better doctor/residents ratio. Same as Vancouver, more than Toronto for example.

I phoned our doc for my stepdaughter yesterday afternoon and the only reason she's waiting until tomorrow is because she has the day off.

My wife's last MRI was about two weeks after the referral. No orthopaedic referrals but plenty of others that didn't take long.

Ontario is certainly better in many respects - better assistance for diabetics for example but I'm not sure you'll find many provinces with a drugplan as good as the NB one that came in a couple of years ago for regular folk. $16 a month and a fiver per prescription.

There is a drug plan for seniors but income geared and maybe not as good as Ontario which does seem to be an exception in Canada.
I am pleased that you have had a better experience than me. I have just phoned the Surgeons office.....Recording... This phone is answered Mon - Thur 8 -11. Please note this machine does not take messages. Its as if they are deliberately trying to make it difficult!

I know that NB does have some programs available but what it will sadly always boil down to is that NB is broke so anything that they try to do will be limited by this. They should start by rounding up all the rural populace and herd them into the towns and Cities. This would save the province a fortune. More chance of platting fog
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Old Mar 23rd 2018, 11:40 am
  #56  
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Default Re: Sort of retirement plan

Originally Posted by Linotype View Post
Quite true, also insurance for unoccupied homes increases.
When my mother-in-law passed away in 2010, my wife's family
inherited an unoccupied house (and 30 acres) just outside of Dieppe, NB.
With no offers after 8 years they eventually had to demolish it as the ongoing costs (property tax, insurance) were eating up the cash portion of the inheritance.
This can also be a major drag on you if you decide that you want to move on.

My house is only 5 years old. Purchased 3 bed 1.5 bath in a nice part of town. I finished the basement. Added a huge rec room, legal bedroom and a bathroom.

I have had my house on the market for 11 months and I am priced at the advice of the (2nd realtor) $10k below what its worth to get it sold asap.
I have had 2 BS offers $20k below asking In real terms I will end up selling it for less than what I paid for it before spending a cent on renovations.

I am dying to get out of here but I am being held captive and fisted by the joke of a property market. I am close to burning it down for the insurance money
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Old Mar 23rd 2018, 12:04 pm
  #57  
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Default Re: Sort of retirement plan

Cornwall is now top of the list with a sketchy plan to maybe buy a couple of income properties in town, maybe with sitting tenants, a nice bungalow out of town for us and maybe pickup a cottage somewhere within an hour away.

Warning: Plans may change daily
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Old Mar 23rd 2018, 12:15 pm
  #58  
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
Cornwall is now top of the list with a sketchy plan to maybe buy a couple of income properties in town, maybe with sitting tenants, a nice bungalow out of town for us and maybe pickup a cottage somewhere within an hour away.

Warning: Plans may change daily
I know a guy who bought some income properties in town and you have to be very careful about the sketchy level of the tenants. Cornwall tends to attract a lot of critters. A nice cottage location or a bungalow out of town would be along the river between Cornwall and the Quebec border or a nice house in the community of South Lancaster which is 2 minutes from the 401.

https://goo.gl/maps/rfGgaK94VtD2

The river is very wide there plus you get the added bonus of watching all sorts of night time illegal activity on boats or snowmobiles due to the US border nearby.
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Old Mar 23rd 2018, 12:34 pm
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Default Re: Sort of retirement plan

Originally Posted by Partially discharged View Post
I know a guy who bought some income properties in town and you have to be very careful about the sketchy level of the tenants. Cornwall tends to attract a lot of critters. A nice cottage location or a bungalow out of town would be along the river between Cornwall and the Quebec border or a nice house in the community of South Lancaster which is 2 minutes from the 401.

https://goo.gl/maps/rfGgaK94VtD2

The river is very wide there plus you get the added bonus of watching all sorts of night time illegal activity on boats or snowmobiles due to the US border nearby.
Did it work out for them ?
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Old Mar 23rd 2018, 12:47 pm
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Default Re: Sort of retirement plan

Originally Posted by magnumpi View Post
Did it work out for them ?
Not really. The 'critter' level (i.e level of sketchiness of the tenants aka critters) got too high, he sold the building and just concentrated on Ottawa income properties.

Cornwall doesn't really have a post secondary education centre (just a branch of St Lawrence College) so there aren't really student rental places and it is a real blue collar town now trying to re-purposing itself into a warehouse hub and I think call centres. Not big income renters there.

This view is old as the bridge is down now I believe but this area is one to avoid as the houses are cheap and for a reason. Poor quality builds and low income rents I believe. As well, roads like that are not well ploughed in the winter.

https://goo.gl/maps/xdkmtmu57Qw
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