Downsizing is a big decision, and like any other move the process itself requires lots of planning! That being said, given the size differences between living spaces and typical timelines that homeowners face when downsizing, it’s a fairly unique process.
If you’re gearing up for a move to a smaller home, here are some tips to help you get started.
Planning on buying as a downsizer? The housing market may be different from how you remember it. Explore our blog post on rising interest rates and how they impact buyers here.
Be Intentional
The best place to start when downsizing is unpacking your personal motivations for moving to a small space. Perhaps you’re an empty nester and simply no longer need the space. Maybe your current home and property have become more difficult to take care of and maintain as you’ve gotten older. Or, maybe you’re looking to explore the many benefits of condo or apartment living.
When making any major life decision like downsizing, understanding your emotional needs can be just as important as determining what physical features you want in a home. This step is a must-do as it allows you to tackle the massive journey of downsizing with a sense of clarity and intention.
Ask an Agent
After you’ve set your reason for downsizing, the next best step is to reach out to your real estate agent. Your agent will have helped plenty of homeowners in the exact same position as you and can guide you through the entire process. You can take advantage of their experience to ensure you feel comfortable and confident in your decisions.
Regardless of where you are in your downsizing journey, there’s no wrong time to reach out to a real estate agent. In addition to helping you sell your current home and buy the next one, your agent can help you with a whole host of other downsizing elements. From navigating the basic tasks of decluttering and organization to offering support and guidance throughout the emotional factors of moving on from your long-time home.
Downsizing? Be market-ready by exploring these helpful resources from our blog.
- How to Know When You’re Ready to Buy Your Next Home
- How to Make Your Move as Budget-Friendly as Possible
- What to Look For in a Home Viewing
Understand Your Options
Along with lifestyle, the sale of your current home will also play a large role in your plans for the future from a financial perspective. As a downsizer, you’ll have a lot of options when it comes to finding your next home!
Buying Next
In many cases, buying is the best option when downsizing. Purchasing again allows you to re-invest in your living space, creating a financial safety net for the future. In Ontario, even smaller homes like condos and townhomes are a smart investment. On the other hand, homeownership also means increased responsibilities and navigating the ups and downs of the market.
Renting Next
Depending on your personal and financial goals, renting may be the best option for you. For instance, if you plan on embracing a snowbird lifestyle and not spending much time at home, renting can make things easier. Or if you’re not 100% set on your future plans, foregoing homeownership can make it easier to be flexible with major life decisions down the line. If you think renting may be the best option for you, ask one of our agents. They can help you find a fantastic rental property that fits your needs.
Strategies For Decluttering
The first step in any home sale is decluttering. Of course, this step is extra important in the case of downsizing. This may feel like a momentous task, however, the best way to start is by simply getting started! Create a timeline for yourself, setting an end date for when you would like to have your home ready for the market.
Next, create a plan for the items you wish to get rid of. Donating, hosting a garage sale, or passing them on to family and friends are all great options.
Remember, there may be furniture items that you don’t intend on bringing with you that can still be used to stage and your home for the market! Rather than removing larger items from your home all at once, you can create a list of certain items that you’ll get rid of on moving day. Your real estate agent can help you with this process!
Thinking about downsizing in the near future? Our experienced agents can help! Contact us.
The Bosley Advantage
Read about the heritage and innovation that form the foundation for Bosley’s industry-leading approach to real estate.
