The decision to downsize to a smaller home often involves many factors, so it may not be a simple “yes” or “no” for you. For many families, a home holds memories that are cherished. But what happens when your home begins to feel empty, rooms are not being used, or the home upkeep and yard maintenance is becoming a tedious task?
Could this be the time to downsize?
Here are a couple questions to ask yourself:
- Do you feel like your home has more space than you need?
- What is your initial reaction to the idea of moving into a smaller home?
- How will other life events affect my living in a smaller home? Consider possible scenarios you may not expect, such as adult children moving back home.
- Has your home and yard maintenance become tiresome or a struggle?
It is safe to say that typical homeowners don’t regularly daydream about purchasing a smaller home. However, factors like minimal maintenance and time saved on upkeep, as well as a potential financial influx from the sale of your existing home, can allow you the freedom to fully enjoy your new lifestyle.
Start Planning Early
It takes time and energy to sort through a lifetime of memories and collectables. You will be surprised how long it takes to convince your children that they really do want their math notebooks from the third grade back.
Decide What You Really Need in Your Space
Are you downsizing your home for the long-term? Do you need spare bedrooms, fewer staircases, or simply a lower price point? Make a list of absolute necessities, nice-to-haves, and no-ways for your future home. When downsizing your home, one of the most important things is to evaluate neighbourhoods to make sure you have access to everything you need, whether it’s long-term health care, proximity to friends and family, or outdoor space. Another consideration is the number of parking spaces; will you be able to park all your vehicles in the driveway or garage?
Look at the Lifestyle
What type of property do you want? Is backyard barbecuing important? Do you want to continue hosting holiday parties? Make sure you can still do all of your favourite activities and more in your new place.
The Cost to You
How much will you get when you sell your current home? Will it cover the cost of buying your new home? What additional expenses can you expect? Our team of professionals at Puckrin & Latreille Real Estate Team can help with this evaluation. Together, we will go through the process and costs so you know if you are making the right financial decision.
Many people view downsizing as a step forward, not backwards and are excited about this next chapter. We like to think of downsizing as your next adventure to enjoy life to the fullest – you are making the decision to move because your current home no longer fits your current lifestyle.
With Good Planning and help from our team’s experience, a smooth transition is possible.
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