Have you ever asked? “Is now the right time to sell my house?” This is never a one-size-fits-all scenario. The answers will depend on your unique scenario.
When we meet, we’ll have an in-depth conversation about how you are living today, what you love, and the challenges you face. There are many options available to you when planning your next chapter.
Indications That It Might Be Time to Sell Your House
The home is becoming too much to handle.
Maintaining the house has become an overwhelming chore. Cleaning, yard work, and small maintenance projects feel like more work than they used to be. Maybe stairs are becoming difficult to navigate.
Costs seem to be escalating beyond what you are comfortable with.
Utilities are rising faster than ever, life in general is more expensive, and the cost of repairs is beyond what you could have imagined. You may be putting off household maintenance (a costly mistake I often see retirees make).
You are having to rely on family to help.
You are feeling guilty about being a burden to others. You’d rather spend quality time with your family than watch them work around the house.
You don’t have enough help.
Maybe family and/or younger friends don’t live nearby or don’t have the time to help. You may not have the budget to hire a landscaper, house cleaner, or handyman.
Selling your home isn’t about “giving up”; it’s about having freedom, peace of mind, and taking control of your life.
Searching for blogs related to downsizing? Explore these related blogs next!
- Condo vs. House – What’s Better For Seniors?
- What Seniors Need to Know About Downsizing for Retirement
- Can Downsizing Actually Save Me Money?
Downsizing For Retirement: A Fresh Start
Downsizing isn’t always about finding a smaller home; it’s about finding the right fit for your next chapter. It could mean:
Downsizing your living expenses.
This may involve relocating to a less expensive neighbourhood but maintaining a similar-sized property or even upsizing to a dream home in a less expensive area.
Downsizing square footage.
Living in a more manageable home
Downsizing levels.
Moving to one-level living
Downsizing in Action
I am working with a client who currently lives in The Beaches and wants to downsize her large 2.5-storey, four-bedroom, detached home to a detached bungalow in the nearby Hunt Club community. She will enjoy a simpler, all-on-one-floor lifestyle while living more economically.
Aging joints are making this stair climber a bigger chore every year, and she wants to pass her home on to a young family with pep in their steps who will love a home of this size, well situated close to high-demand schools and playgrounds. While giving up a home she painstakingly renovated to make their own can feel like a loss, once she decided to move on, she is excited about her next project.
Should You Consider Renting?
Common questions I get asked by clients are whether they should own or rent. This is a personal decision dependent on several factors. Here are some of the Pros and Cons of Owning vs. Renting you may want to consider:
| Renting | Owning | ||
| Pro | Con | Pro | Con |
| Housing can be stable with a corporately owned building | Renovictions can happen, and with individual landlords, a sale could result in an eviction | A stable environment: you control your home. You can’t be evicted | May need to weather the housing market ups and downs |
| Rent control in older buildings | No rent control in newer buildings | Not paying someone else’s mortgage | Large cash outlay to buy |
| No big surprise maintenance costs | Maintenance may not be to your standards. Landlords will do the bare minimum. | You are in control of the quality, when, and how much maintenance you do | Need to budget for maintenance items or in a condo, for special assessments for big-ticket items. Maintenance may be physically demanding as you get older. |
| Capital is freed up to spend on lifestyle | You aren’t building equity | Reverse mortgages and lines of credit can free up cash if you need it | Capital is tied up in a home |
| Freedom to move | Low inventory, new rent could be double, triple, or quadruple what you pay today. | Build equity over time, which you can leverage if you need to | There are higher costs to selling and buying (realtor fees, transfer taxes, legal fees) |
| No outlay of cash for home improvements | Limited freedom for décor or upgrades over time | Freedom to renovate or decorate to your taste | In condos, board approvals are required |
| You cannot be evicted for having a pet | A landlord can refuse to rent to someone with a pet (and many do) | You have the freedom to buy and bring your pet | Condos may have size and number restrictions on pets |
When Staying at Home Makes Sense
Aging in place is a common topic of conversation I have with many seniors and their families. Based on my experience, if you have the financial means to modify your home as needed, hire assistance, cover transportation costs, or reside in a location with easy access to public transportation, and you are in good health, aging in place may be a viable option for you.
I have clients who have chosen to age in place for as long as it remains practical. Ultimately, they still have an exit strategy if they can no longer stay in their home (eventually, they may need to live where care is provided). Those who are successful have a well-thought-out contingency plan in place.
Helping a loved one downsize their house? You may find these blog posts helpful!
- Preventing Family Conflict When Selling Your Parents’ Home
- Is Aging in Place in Ontario Right For Me?
- How to Sell Your Parents’ Home With Your Siblings
When is the Best Time to Sell Your Home?
When making such an important decision, there are three factors I encourage you to evaluate:
- Lifestyle: What’s important to you daily?
- Finances: Can you afford to maintain your home comfortably?
- Health & Mobility: How will your home, in its current condition, fit your needs as you age?
As a Senior Real Estate Specialist (SRES) who focuses on transitions, not transactions, I cannot emphasize the importance of developing a plan enough. It’s never too early. In fact, I have clients who met with me well over a year before their planned move. Planning gives you more control over your future move and makes it less stressful.
Have questions about selling your home as a senior? I’m here to help! Reach out to 647.283.2127 or email stuart@stuartnodell.com to start a conversation.
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