Although downsizing is a very common process, it’s also very personal. There is no pre-determined age, timeline, or requirements for downsizing. Instead, transitioning to a new, more-compact home should reflect your (and your family’s) unique circumstances.
As a long-serving real estate team, we’ve helped countless clients downsize their homes to something that better suits their evolving needs. If there’s one thing we’ve learned from this experience, it’s that no two downsizers are exactly the same.
If you’re looking ahead to the future and aren’t sure when the right time to downsize your home will be, you may find these insights helpful.
After you’ve decided to downsize, knowing where to begin can feel overwhelming. We’ve put together a blog post to help you take the first steps on your downsizing journey. Click here to read it.
Assessing Your Needs
There’s no universal template when it comes to downsizing. Some people may downsize from a large multi-story home to a compact bungalow, while others may transition from a townhome to a modern condo. Ultimately, downsizing is about finding a new home that suits where you are in your life.
With that in mind, choosing the right time to make a change in your living space should start with an honest analysis of your current home. How does it suit your lifestyle? Is there far more space than you need? Are you spending more time cleaning the home than you would like to? Is the outdoor space getting too much to shovel, landscape, and maintain?
Even if your home still meets your needs today, it’s important to recognize the benefits of being proactive. By beginning the downsizing process early, you can avoid the stresses and headaches of potentially trying to rush through it down the line.
Have more questions about buying or selling real estate in today’s market? You may find the answers you need in these related readings.
- Can You Buy a Home Without a Real Estate Agent?
- How to Submit an Offer In Today’s Marketplace
- Common Misconceptions About Ontario Real Estate
Freeing Up Equity
Downsizing doesn’t just impact your lifestyle. In fact, there are a lot of financial implications too. With that in mind, you’ll want to consider how transitioning to a smaller home may complement your long-term financial planning. There’s a reason why many Canadians time their downsize to align with their retirement.
When you move from a larger home to a smaller one, you often free up a substantial portion of the equity you’ve built over the years. This equity can then be incorporated into your retirement budget.
In addition to freeing up the equity you’ve built in your current home, downsizing can also help you cut back on recurring expenses as smaller properties often use fewer utilities, require less maintenance, and face fewer property taxes.
Emotional Factors
Downsizing is a major life change. While it’s completely natural to feel sentimental or attached to your current home, it’s important to assess your needs objectively when considering the right time to downsize.
While you may never feel 100% ready to move on, it can be helpful to remember that change is natural and that there will be plenty of new memories to be made in your next chapter. If you’re anxious about moving on from a home that you’ve spent many years in, take small moments every day to appreciate and be mindful of the memories you’ve made there.
Feeling anxious about selling your home? Explore these helpful blog posts to learn how you can make the most of your selling experience.
- Should I Renovate My Home Before Selling?
- How to Choose the Right Agent When Selling
- The Costs of Moving & How to Make it More Budget Friendly
Making Your Downsize a Breeze
On top of the personal decisions that come with downsizing, there are countless logistics that come with navigating two separate real estate transactions. While this may sound stressful at first, partnering with a leading, full-service real estate team – like Bosley Real Estate can help you get through the downsizing process as smoothly as possible.
As one of Ontario’s oldest real estate brokerages, we know the buying and selling process inside and out. With this vast experience in our back pocket, we’re able to provide a personalized downsizing experience that’s uniquely tailored to you.
Ready to start your next chapter? Bosley Real Estate can guide you through a smooth transition. Give us a call at 416-322-8000 or email info@bosleyrealestate.com to get in touch.
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