76 - Friday. August 24, 1990 - North Shore News

REAL ESTATE

Using home for pension plan

has its risks

PICKING THE right) time teselbis the mos. important consideration 1 you're counting On using yout home us a retirement nest egg.

By Anne Starret Comriiuiting Writer

In’: many parts of the country, the booming = real estate market of the second half of the 1980s) gave homeowners approaching retirement age visions of a ho-worry financial future.

Alas, the market began tumbling in 1990, forcing the dreamers to scale back their plans.

But the demand for real estate tends to be cyclical, so the prudent would-be retirees should prepare for the next upturn.

The ideal position would be to take advantage of the slump to buy that second, lower-priced retirement property and hold on to the big house you've outgrown with the children gone.

Using this strategy, you

LANCE PHILLIPS

rent aut the smatler house and fis it up with the Gast tax-deductible against rentitl income. At the same time, you maintain your present home undl you get the price you want,

Obviously, this works on- ly if you can afford two properties. [ff you cannot, spend the wailing time by improving your house and yard to omake it) more saleable.

Be cautious, by the way, about planning your retire- ment future around a cot- tage in a rural area. Many who succeeded in achieving that dream have found it to be a lonely, dead-end trap.

They find thev’re too far from their children, that they miss the tumult) they fled. If you like the theatre and fine restaurants, it’s difficult to adjust to bingos and church suppers.

Then there is the brutal reality that older is sicker. Medical specialists are con- centrated in the cities.

What about selling your big, old family home and moving to a rental apart-

LEDINGHAM $279,500

ame,

mentor buying 4 con dominium?

The downside is that cents keep creeping up. hamper- ing retirement ona fixed in- come. And condo monthts maintenance fees can sour, especkully where the building has many absentee owners whe don't do their share of joint work to keep down COSTS,

Your home can be sour ticket to) a more leisurely retirement if vou sell at the top of the market. buy a smaller home and live off the investment interest.

Think hard reality before leaping into that) dream. Many people who did selt their family home in the city and escaped to the country found they missed those they left behind.

But they couldn't afford to move back into the city because the cost of a house had risen even more after they sold.

This article is by Canada’s chartered accoun- tants. Anne Starret is with Starret & Starret.

SADALEE

LUXURY

HOMES

TOWNHOME LIVING AT ITS

CALLING ALL FAMILIES!

Awatk through this storybook home uncovers an immaculate 2300 sq.ft. on 2 levels. The first floor offers a spacious entry, L-shaped living and din- ing room, family room, kitchen and powder room. The second level consists of 4 large bedraoms, a huge playroomiden and two full baths. Not to be outdone by the interior, the yard and gardens of this house are simply gorgeous. With a large deck, the backyard is perfect for entertaining. Cali Lance today for your persona! tour of this house

ot dreams.

LANCE PHILLIPS 925-2911

heal 3 LOOKS CAN BE DECEIVING Asis the case with Inis 3 bedroom house located in the desirable Grand Boulevard area. With a country kitchen, cozy living room with woodbur-

FINEST

LARGEST FLOOR PLAN 3 bedrooms, den, office, media room. Finest finishing and kitchen by Robert Ledingham.

5406 MEADFEILD LANE BRYAN LEDINGHAM 925-2911

SPECTACULAR WATERFRONT LOT WEST VANCOUVER

e Spectacular S/W view e Private beach

ning fireplace, and a fully fenced yard with

pasture gardens. this home is perfect for the first time buyer with a lew good ideas. Call Lance now

to view your next home!

LANCE PHILLIPS 925-2911 Sussex Group - S.R.C. Realty Corporation West Vancouver Office 925-2911

° Area of new *omes ¢ Secured entry with gates @ lot size — 14,000 sq.ft.

5311 SEASIDE PLACE BRYAN LEDINGHAM 925.2911

BUS: 925-291]

LINDSAY McDONALD

FEATURE HOME GRAND OPENING NEW CAULFEILD VIEW

Sweepina westerly ocean and mountain views tron + carly eyery yr rot tat .

Te olen 0 zo wh ET s5a9,000 | a — wpe . -

elt ea nome

“Ste and huge : OG se ft fOlrieec) ae hey hot ate Be SUfE TG ee Ms OTe $484 Keitr Rd. LINDSAY McDONALD 925-2911, 926-7726

E VIEW — 2309 BELLEVUE semi-detached home on 4 tevels. Bright, c::- ing. skylights and mur- tors. Prime Dune. - tocation with superb ocean views Owner wl consider trade on West Var view home.

Lit, DSAY McDONALD 925-2911, 926-7726

5163 HEADLAND DRIVE Value-tated 4 bdrm 4 level 9-yrs -young split level.

—ecimmalinns + DUNDARA' Exciting & contempe-:

S-pe ensuite. family tre off suid oak kitchen, ex- tensive use of ceramic We Easy-care property.

walking distance to Caulfeild Malt LINDSAY McDONALD 925-2911, 926-7726

340 sq.ft. view sundeck. It's _ LINDSAY McDONALD 925.2911, 926-7726

Sussex Group - S.R.C. Realty Corporation West Vancouver Office 925-2911

SAN MELVILLE PRICES SLASHED!

$169,900/$199,900

PHILLIPS

TOBRUCK GARDENS 889 Tobruck Ave. — 3 bedroom-2'% bathroom townhomes beautifully finished with lots of tile, in-floor radiant heating, underground parking, fully applianced kitchen plus washer and dryer. Homes carry 5 year New Home Warranty and are excellent value. Open Sat. & Sun. 2-4.

Sussex Group - 8.R.C. Realty Corporation

Sussex Group - Sandra Melville Realty Ltd. West Vancouver Office 925-2911

Huge master borm wit separate siting area and | fF