Exploring Downsizing in 3 Steps

Homes carry a lot of emotional meaning to us. It’s where we’ve made memories, raised a family, and spent most of our time - often for many, many years. Home is where the heart is, and sometimes our hearts know it’s time for a change. For many retirees or empty-nesters, often times, change comes in the form of downsizing. Perhaps the kids have successfully moved out and are on their own,  you’re celebrating a long-anticipated retirement, or just interested in a new life adventure - it’s the best time to make a change!

As we change and move onto a new chapter in our life, there’s an incredible new home out there that’ll be the right fit. Let’s explore how you may want to approach downsizing.

Size matters

A two-story home with a large yard may have suited you when you had kids running around and a dog or two out back, but now that the children are adults with their own lives and the dogs prefer to nap all day, how do you feel about the size of your home? Maybe it’s still the perfect fit, and if so – great! However, it’s worth thinking about the size of your home and how it fits with the life changes and the goals ahead.

Some questions to consider:

Am I able to upkeep the home? Tend the yard? Clean all the rooms? Do I want to? Is it causing me stress? Does the house feel empty? Too quiet? Is our lifestyle suited for this home?  Have we outgrown the neighborhood?

Often times, couples who downsize feel a huge weight lifted off their shoulders. Less space means less housework, less yard means less shoveling or mowing, and sometimes they move closer to an area of town that is more relevant to their new lifestyle.

Money matters

For a lot of people who choose to downsize, money is a major factor. Selling or renting your home can give you the money you need to live the lifestyle you want and can really boost your retirement savings or income. The Globe & Mail has a great downsizing worksheet to play around with if you’re wondering how much money downsizing can save you. Contact me to help you crunch the numbers and see if downsizing or renting out is for you.

Another thing to consider is that downsizing can help you cut down on your monthly expenses. If saving or vacationing is important to you, then it’s worth checking out your budget and evaluating the costs you spend on the upkeep of your home (insurance, taxes, utilities, maintenance, etc.). A smaller home means less expenses and upkeep. It’s a win-win!

Lifestyle matters

Take time to stop and think about your current lifestyle and daydream about the perfect home. Write out a list of what’s important to you and see if your current home still hits all the marks. Perhaps you’ve been daydreaming of a bungalow, or a condo with all the amenities, or even a place outside of the city with walking trails and nature. The perks of downsizing are that you get to have a new home with lots of new, relevant benefits to match the present place you’re at in life. Incredible memories were created in your bigger home, and many more will be added as you go forward in a lifestyle best suits you.

Another benefit of downsizing to a new home is the potential of more freedom and ease of living. A newer condo may have less maintenance due to new floors and appliances, or a townhouse may allow you to keep using your green thumb but in a more manageable outdoor space.

At the end of the day, downsizing is a hugely personal decision that only you can make. I would be happy to go through all of your options, crunch the numbers, discuss the pros and cons, and help you every step of the way. Downsizing can be a great, new journey for you!

Email me at mary@marydempster.ca or call me at 416-543-4939 today to get the ball rolling.