How do you know if downsizing your home is right for you? Downsizing is the process where you go from a larger living space, to a smaller one. This is typically the case for couples who are retiring or are recently-retired – empty-nesters looking for a way to lessen the physical and financial strain of maintaining a home.
If you’ve been thinking of downsizing your home, here are 5 factors you should be considering…
5. Downtown Prices
One of the most popular scenarios for downsizers is moving from a larger home outside of the city, and into a downtown condominium. What’s often missing is a consideration of the overall higher prices, feeds, and increased cost of living associated with being in the city centre. It’s helpful to first consider whether it’s wise to downsize downtown, or if you would be better-suited downsizing away from the city.
4. Future Expenses
For couples downsizing, being able to plan for retirement is paramount. Couples who downsize are often looking to get cash back so that they can finance their lifestyle well into retirement, when income becomes more fixed. Having that extra money is crucial for some, which is why you often need to consider where you want to move versus how much you will need to pay when your income will not be as frequent or as large.
3. Storage Concerns
In a way, downsizing your home is all about space and how much you want relative to how much you have. Dealing with all the things you own is going to be important, and deciding what you want to keep and what you want to get rid of is just as important. Do you want to spend hundreds of dollars extra on putting extra furniture in a storage locker? We doubt it. Before you downsize, you need to assess how much you have – and how much you want to keep around.
2. New Purchases
If you’re moving into a new space, what kind of additional purchases are you going to make? Will you need to buy new, smaller furniture to fit your new space? Are there going to be repairs made to your new home? Before you move, you will need to consider whether downsizing your home also means downsizing everything in your home (which it typically does).
1. Understanding the Market
The main thing that homeowners want is to recoup value for one of their largest assets: their home. Right now, we’re in a red-hot housing market, and prices only ever feel like they’re going to go up. With recent developments, which we have profiled extensively here and here, you might be wondering if prices are going to dip. Assessing whether now is the right time to sell is important, which is why you need to work with the right team of agents – the kind who really know the market – to help guide you along the way.
Have you been thinking about downsizing your home?
For 30 years, our clients have trusted us to minimize risk, offer unbiased opinions and ensure a sale at the highest possible price. We can do the same for you. Contact us today, and we’ll get started working for you. Contact us at info@christensengroup.ca or call at 416-441-2888 – we’ll be here to help.
