Now that the kids no longer live at home, you may be feeling like you have a little too much house to handle. If this is the case, it may be time to consider a downsize. Moving to a smaller (and less expensive home) has quite a few perks, including less home maintenance and a sizeable addition to your retirement fund. There are, however, a few things to consider before you make your final decision. Here’s what you need to know when it comes to downsizing your home:
You’ll need to downsize your stuff
The first and most obvious thing to think about when it comes to downsizing is the need to downsize your belongings. Moving to a smaller space means you will have space for less stuff. Before you consider downsizing, think about whether you could really part with a good amount of your belongings at this time. If the answer is yes, it’s a good idea to start to give away and donate items you no longer want a couple of months before you start looking. By downsizing early, you’ll know how much space you’ll still require in your new home.
Timing is everything
If you don’t technically have a time limit for selling your home, you may want to wait until the market conditions are in your favour, if possible. Consulting with an experienced Realtor® who understands the real estate market, as well as your needs and priorities will help you determine when it’s the right time to go ahead and sell.
Think about the future
When thinking about downsizing, it’s also important to think about the future. Choosing to downsize and move is a big commitment, so be sure to find a place that fits all your future needs. It may be a good idea, for example, to look for a home with no stairs in case mobility becomes a challenge, or one where you have friends and neighbours to check on the mail if you plan to travel quite a bit. It’s also important to consider location and community atmosphere.
Embracing change is key
One of the biggest things to think about when it comes to downsizing is the importance of embracing change. Although it may be a little sad to leave your current home, particularly if you’ve lived there for many years, remember that downsizing provides an exciting opportunity for a fresh start and a change of scenery. It provides an opportunity to think about your future and choose a living space that allows you to maximize your retirement and improve your overall quality of life.
Keep in mind, you may not be the only one feeling a little blue if you decide to downsize. Your children may also feel a sense of loss at the prospect of no longer being able to visit their childhood home or worry that family traditions or holidays may not be the same. If you find this is the case, remind your kids that there will be plenty of opportunities to make wonderful memories in your new space.
If you are looking to sell your home and downsize to a smaller space in Collingwood, Blue Mountains, Wasaga Beach or the Georgian Triangle, the Clairwood Real Estate team can help. Our Realtors® understand the area, the market, as well as the unique goals and needs of those looking to downsize. Call us today at 705-445-7085.