I’ve had clients agonize for years over the decision to downsize. If you are toying with the idea, here are some factors you should consider when deciding if it is time to downsize.
1. Your House Is Underutilized
This can look different for different people.
Empty rooms aren’t being used. Did your house used to be the hub of family activity, but now your kids have grown up and started their own families? Holidays are spent rotating amongst the kids, spending time with your grandkids. When was the last time you used your formal dining room? How about your formal living room? Are the former kid’s rooms just dust collectors?
In our house, it looks like the spare bedroom or “junk room,” as others might call it. If your nooks and crannies, rooms, and spaces are accumulating stuff you don’t use regularly, they are not being utilized. You don’t need the space if you are using it to park items you haven’t looked at or thought about for years. It may be time to purge and downsize.
Not sure where you’d like to live next? Explore these blogs about finding the right community for you.
- Best Small Towns in Durham Region For Retirees
- Should You Retire in a Rural Area?
- The Guild: Scarborough’s Best Downsizer Neighbourhood
2. Your House May No Longer Be Something You Can Physically Manage
Stairs-I’ve had clients who decided it was time to downsize because the stairs were becoming too demanding for their joints. If you avoid the stairs and spend as much time as possible on your main floor. It is probably time to downsize to a bungalow or condo.
Maintenance- Is it becoming too much for you to handle cleaning or maintaining the home? Are you tired of grass-cutting and snow shoveling? A Condo apartment, townhouse, or lifestyle plus 55 community may be a move to consider for you.
Independence is becoming more of a challenge sometimes when there is a significant health challenge or in the later retirement years when you start needing to rely heavily on outside support. My clients may move in with family or seek a more supportive retirement home environment.
3. There’s Financial Incentive
For many clients, downsizing financially is part of the retirement strategy. They plan to live in a less expensive home in a less expensive area to free up equity to help fund their retirement lifestyle. They usually time this move from a few years before retirement to a year or two after retirement.
You may already be feeling the financial pinch of the increase in utilities, taxes, and excessive food costs. Is your house in need of pricey repairs? If financial concerns are causing you anxiety and stress, now is when you should be thinking about a financial downsize. Every client is different in terms of the right time for them. I think it’s never too early to plan for this transition, as it’s usually a more significant move than most expect.
4. You Are Feeling Lonely
Rambling around in a family home that is now empty can keep people tied to memories of times that have passed instead of looking forward. I have more than one client tell me that their move helped them close a chapter of their life that they had been mourning for some time to move onto a new chapter that was fresh and exciting and gave them a new purpose.
I’ve had others, usually after the death of a spouse, find it challenging to remain in the family home. Some moved to a new home, some to a 55+ community, others to a condo, some moved in with family members, and others to a retirement home. All factors factored in access to social activities and building relationships with like-minded people in their decision-making.
Dreaming of downsizing your home? Check out these related blogs for more advice!
- 5 Tips For Downsizing Your East GTA Home
- I Want to Sell My Home But I Have Too Much Stuff
- Should You Hire a Senior Real Estate Specialist?
5. You’re Looking For More Freedom in Your Lifestyle
Our priorities and lifestyles may change as we age. A young person’s perspective on retirement is often that it involves just sitting around at home. I find the reality to be that most retirees I know report frequently on how busy and active their lives are. They travel internationally and visit friends in and around town and in different communities. They are golfing, playing pickleball, hiking, biking, and kayaking.
My parents and in-laws both have much busier social calendars than I do. My mother downsized into our income suite and is enjoying her retirement from travelling and spending time with her friends. She can see her youngest grandson whenever she wants. She joined a local knitting group and enjoys joining us for forest walks with the dog. She gets the perks of dog ownership without the responsibilities. The downsize has given her the financial freedom to spend time doing the activities she enjoys. Her sisters downsized in retirement so that they could have the money to invest in winter homes in Florida and became snowbirds to avoid the winter.
My travelling clients love their downsizes to condos, which they can leave without worrying about maintenance issues while away. My golfing clients may choose a golf course, community bungalow, or townhome. My social clients may want a 55+ community with an active social scene or a retirement home with organized activities. I have clients move into retirement homes because they no longer want to cook or maintain a home.
If you are considering downsizing, reach out to me, and I can share the options that may be available to you. Then, we can sit down and discuss what works best for you at your stage of life.
Looking for a Senior Real Estate Specialist to guide your home sale? I can help! Call 647.283.2127 or email me at stuart@stuartnodell.com to get in touch.
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