When Is The Right Time To Downsize?

Whether thinking of our parents or ourselves, at some point everyone asks this question and there is no one answer to it.  Fundamentally, it is time to downsize when your present accommodation no longer meets your needs.  There may be any of a number of reasons for this.  Here are a few common reasons to consider downsizing.

 

 

 

 

 

 

 

 Too Much House.  There comes a time when the house feels too big.  For some, it becomes difficult to maintain such a large space, whether it is the physical act of cleaning and keeping the house in good repair or the financial repercussions of paying for space you no longer need.
If there are rooms in the home that you no longer use, you might think about moving to a smaller space.

Some people decide to forego a second floor and choose to move to a bungalow in which they can age more comfortably.

Climate Change.  For some, the decision to downsize is based on a desire to travel the world or spend the winters somewhere warm.  By downsizing here in Canada, they can afford to spend a few weeks travelling or as “snowbirds” in the South.

Indulge a Passion.  Some people choose to downsize while making it easier to do something they love.  Moving closer to family or friends is a common goal.  For others, moving closer to the golf course or the lake where they fish is the key.

Sometimes the current home itself doesn’t suit the owner’s passion.  By downsizing, it may become possible to have a workshop or garden space or dog run.

For the Money.  Of course there may be a financial benefit to downsizing.  After years of home ownership, during which the value of the home has risen, selling is a way to unlock the financial equity that has built up.

Moving to a less expensive style home or a less expensive area is a way to both put money in the bank and reduce the monthly cost of living.

Too much stuff.  Lastly, most of us accumulate way too much stuff in our homes.  All that clutter can be physically and mentally draining.  Downsizing is a great opportunity for the catharsis of getting rid of things you no longer need!

If you are considering downsizing and need a hand, please give me a call at 905-822-6900.