Factors to Consider When Preparing to Downsize

By: Mitchell Saldanha Real Estate Team

Factors to Consider When Preparing to Downsize

Tags: HOW TO DOWNSIZE YOUR HOME, PREPARING TO DOWNSIZE, DOWNSIZING IN THE GTA, GTA REAL ESTATE, RELOCATING

Have all or most of your children moved out of the house, and retirement is looming, prompting you to consider downsizing? When kids leave the nest, for some, downsizing just seems like the natural thing to do as the abundance of space is not a necessity anymore. Although downsizing may not always be a good thing, it can be because it allows you to pay less for your home and have fewer rooms to clean each day. This means you have more time to do things you love such as golfing, shopping, or painting. When it comes to downsizing your home, there are a few things to think about.
 
Money Matters
A large portion of your money is likely to be invested in a single property. Purchasing a home is perhaps the most significant financial transaction you will ever make. You can free up some money by selling your existing house and downsizing, allowing you to enjoy life a bit more. The money you have stashed away in your house may be utilized to take that Caribbean trip you've always wanted to take.
 
Identity Crisis
For many people, downsizing means finding a house with a lower value than their present home. Many individuals are quite proud of their homes, and it's difficult to imagine them being similarly proud of a property with a lower value. However, it is not the value of your property that distinguishes it; it is what you do with it that makes it special.
 
Clean Break
When you downsize, you'll have fewer rooms to clean, vacuum, mop, scrub, dust, rearrange, paint, and repair on a daily basis. The comfort of not having to do as much housework or maintain the property might be enough to persuade you to relocate. The other benefit is that you will have a lot of free time to do anything you want.
 
Be Our Guest
Many people place a high value on entertaining friends and family on a regular basis. When downsizing, many individuals are concerned that they would not have enough space to entertain guests or enable them to stay over regularly due to a "lack of" space. In downsizing, however, this is not the case. It's only a matter of being resourceful and employing space-saving furniture like a pull-out sofa or repurposing one room for numerous functions. This will help you to feel at ease in a smaller home while yet being able to accommodate all your entertainment needs.
 
Demand and Supply
You must choose what size is appropriate for you. For others, downsizing from a four-bedroom detached home to a one-bedroom apartment in a bustling metropolis may be beneficial and acceptable. Others may want to downsize to a three-bedroom semi-detached property. There is no one-size-fits-all approach to downsizing your home. Sometimes people look outside of their current neighbourhood to get more bang for their buck. Whatever the case may be, you must do what is best for you.
 
Above all, you don't want to hurry this process. You should take your time and consider what is the greatest option for you in terms of mental, emotional, and financial well-being. You'll be able to tell when it's the appropriate time to downsize.