Saturday, February 14, 2009

Summerside, Prince Edward Island - a Place to Retire

Author: Arvind

In considering a retirement venue some will wish to stay in the area they have spent their working life and thereby stay closer to friends, family and the life and services that they have become accustom to. For the more adventurous, who may not have family in the area that they are residing, or who just want to make a change, Summerside provides many of the lifestyle factors that are important to retirees.

Summerside is a small town of approximately 14-15,000, boasts 2 shopping malls, a brand new hospital as well as a Wellness Centre with pool, ice arenas, bowling alley, and 2 swimming pools - is situated on the waterfront, with boardwalk, harbor, performance arts centre, curling complex, yacht club, and Spinnakers Landing, an outdoor, waterfront entertainment and shopping area. Summerside's slogan is "the only thing we overlook is the water" and from the preceeding list that would appear to be so!

In addition to "brick and mortar" attractions, Summerside also can lay claim to be one of Canada's safe cities and a place where the island motto "the Gentle Island" isn't just a slogan, but a way of life. Summerside is a place where neighbors know neighbors taking the time of day to get to know their fellow citizens.

However for the retiree thinking of coming to Summerside to spend that time of their life when they have more time to peruse interests other than career, it is important that they have the income to make their dreams come true. Your retirement income can go further in Summerside!

The primary difference living in Summerside, if you are moving from a larger city, is the difference in property values. Summerside homes would easily be half or less the value of comparable homes in Montreal, Toronto, Calgary or Vancouver. Even if you live in rural Canada, in most cases you could sell your pre-retirement property and purchase here in Summerside and realize a large cash difference. Obviously this cash would add very nicely to your existing retirement financial plan and provide a better lifestyle or a longer retirement picture.

Summerside homes categorize into three distinctly different groups. There are the heritage homes, large multi-bedroom homes that were built in the city centre by the founding fathers. These were largely capitalists of the early 19th century and many were a part of the then prosperous fox industry. The fox industry is of course long since a thing of the past (although in the country there are still many wild foxes) but the homes these titans built are still standing proud. Many of these have been converted to apartments, used as offices, or thriving Bed & Breakfasts. You can purchase the existing single family heritage homes for 2 to 3 hundred thousand, many with incredible architecture and the potential for income as well as providing a worthy residence. These homes in other Canadian or American cities would be priced at 800 thousand upward to one million dollars.

At the other extreme of the scale there are many smaller homes, referred to as "starter homes" but could just as easily be retirement properties. These are priced under 100 thousand dollars and many are in the fifty thousand to sixty thousand range. They are smaller homes on smaller lots but have the advantage of being city centre and close to all amenities. There really isnt a need for a car within the city as much is within walking distance and otherwise taxis are inexpensive.

The third category encompasses much which is priced between these two extremes and this group comprises new townhouses, many new or newer single family homes and older homes which have character but not the size or the larger lots associated with the heritage homes. Most people can easily find a home to their taste in this group in the one to two hundred thousand dollar range and these homes all represent similar homes in other North American cities in the two to five hundred thousand range.

Whatever your taste and budget you will find a home in Summerside comparable to what you own now at a fraction of the cost, not just to purchase but also in terms of taxes. Contact a local Summerside realtor and you can be on your way to a better, more prosperous retirement years

About the Author:

Author is associated with the Royal Le Page Country Estate – A PEI Real Estate company provides information about pei realtors, buying a pei real estate, selling a pei real estate, pei waterfront real estate.

Article Source:

Prince Edward Island: True Colours

No comments: