Thinking it may be time to change your lifestyle? Maybe it’s time sell that big home and downsize home and your life?
Is it right for you at this stage of your life? You might ask yourself what this will look like. It may be your time to hit the RESET button.
What are the Advantages?
- Less stress – potentially more cash in the bank, less worry about household repairs and maintenance
- Opportunity to travel more and take up a new hobby
- Enjoy new activities – go to the opera, the ballet, theatre
- Accessibility – walk to restaurants and attractions in your new neighbourhood
- Help the kids buy their first home
A growing trend in real estate these days is “rightsizing” or in other words, finding the right sized home for your lifestyle. The movement towards a smaller, simpler home and lifestyle is prevalent among all demographics in Canada. Even younger first time millennial buyers are opting for minimalist properties that offer more affordable down payments and more convenience. A smaller home is not only more affordable, but it also requires less maintenance and less cleaning etc. This translates to having more time for family, friends and fun – sounds pretty appealing right?
For many, downsizing can represent a psychological turning point in their life where they’re letting go of possessions and long term homes that hold sentimental value. Although it may seem like an overwhelming decision, it’s important to downsize to an appropriate home and lifestyle in advance of possible future mobility or health concerns. Many people are forced to downsize and rush through the process of decluttering and moving into a new, smaller home. It’s advisable to plan ahead and find the right home for your future lifestyle that will accommodate any upcoming needs or changes to your or your loved one’s health.
“But my Mom can’t possibly move into a condo?!” Yes we have all heard this line and many like it before. It’s difficult for anyone to transition from a sprawling suburban home into a 500sq ft condo. The GTA offers many options for those who are looking to “rightsize” their lifestyle. Beyond condos, there are also townhomes, tiny homes, lifestyle communities and laneway homes that offer a variety of designs and sizes for any potential downsizer.
Often once one starts to declutter, they realize they don’t need a 2000+ square foot house to store what they use and need on a daily basis. Most of us tend to “live” in about 2-3 rooms in our homes anyway, regardless of how large the home is. It’s amazing how many people can adjust to a home that is 1/3 the size of their previous home after they declutter and design their new home to optimize efficiencies and living space.
NEXT STEPS:
- Have the conversation – talk to your loved ones about your desire or their need to downsize. The holidays are a great time of year to sit down with family and talk about the benefits of having the right sized home for your lifestyle.
- Take inventory of your belongings – If you’re serious about downsizing, you’ll need to start purging clothing, books and furnishings etc. Give away any extra furnishings to friends and family. You can also hold an estate sale and donate the leftover items to a non-profit thrift store.
- Talk to your financial consultant – they will guide you on the pros and cons of rightsizing and help you determine your future affordability.
- Consult a real estate agent who specializes in downsizing – they will know what to look for in a new home and can help guide you through the transaction easily.
David has helped numerous clients find the right home to fit their current lifestyle.
Contact him today to get your search started: david(at)davidperes(dotted)ca