Downsizing Guide for Seniors

Are you in need of a downsizing guide for seniors?

If so, read on because this is exactly what we put together for you.

Downsizing is a step many Seniors take as their lifestyle changes. Whether it is to move closer to family, generate rental income in order to travel, or simply because a larger home is no longer necessary, downsizing is a decision that can be of great benefit to you.  

When is the right time to downsize? Only you can know. Chances are, you will know when the time is right. There is no rush to downsize, so do not feel pressured! It is a milestone you want to feel confident about.

Here are some steps to downsizing your home:

1. Talk to a Toronto Realtor who specializes in helping Seniors

Find a Toronto real estate agent with a Seniors Real Estate Specialist (SRES) designation and discuss what steps you need to take to get your home ready to sell. SRES Realtors have the necessary knowledge and expertise to counsel clients through major financial and lifestyle transitions in relocating, refinancing, or selling the family home. Many people choose to downsize home after retirement, and realtors have a lot of experience with helping suggest home downsizing services or what to consider when making a move. If you’re not sure, talking to a realtor is a good first step so you can get an idea for what’s out there.

2. Know your goals

Home downsizing is something that you should do only if it feels right. Do you want a smaller home? Do you want a more convenient lifestyle, such as a condo or townhouse living? Do you want to rent your current home to generate income for travel? All of these things are important things to make note of so it can help inform your next steps.

3. Get ready to downsize

One of the biggest home downsizing tips is to not do it all at once. Leaving a home you’ve lived in for years is a big and often emotional process. First, start by downsizing possessions first. Little by little, get rid of those boxes of things you’ve been holding on to and the furniture you no longer use. There are home downsizing consultants that can help you with this process if you don’t feel comfortable taking it on yourself. Ask for help if needed, because there are many home downsizing solutions out there that can take the work off your hands.

Downsizing your home checklist

When you’re ready, here is a downsizing your home checklist to do to get started:

1.       Hire a realtor with a Seniors Real Estate Specilast (SRES) designation who can provide the information, tools and knowledge to help you decide if downsizing is the right choice for you.

2.       Downsize your possessions, and consider hiring a Toronto downsizing service or your local senior downsizing service to help if need a helping hand. Talk to your family and friends and consider their advice about which personal posessions to downsize.

3.       Work with your SRES Realtor to write out your needs and wants for your new home and explore all options available to you

4.       Call around to get the best rates for movers and other services you might need for the     move. Make sure to check references and the Better Buisness Bureau (BBB) record of the moving services. Perhaps family and friends can help you to your new home on moving day.

5.       Consider hiring a Toronto packing service to make sure your precious belongings are packed safely and efficiently. Many movers offer this service, and it can allow you to have peace of mind knowing your belongings will be neatly and professionally organized for unpacking in your new home.

6.       Tie up all loose ends of your current home – change of address for all your identification, tell your healthcare professionals, update your address with your insurance company. Why not even throw a farewell party for your old home? Some seniors may have lived in their home for many years, and this is a great opportunity to celebrate many happy memories.

Remember, downsizing is a very personal decision and the best thing to do is to make sure it’s the right decision for you and your family. Do as much research as possible, explore what would make your life the best life possible, and then talk to friends and your SRES Realtor to make a plan. Downsizing is an exciting venture, and it’s a great start to the next chapter of your retirement!

I am a Toronto and GTA Realtor with RE/MAX Hallmark Ltd who proudly carries the SRES designation. Please give me a call at 416-489-3434 or send me an email at mary@marydempster.ca. I am always happy to answer any Real Estate questions you may have. 

downsizingguideforseniors