Is it time to downsize your home?
Things to think about before going smaller
If your kids have left the nest and retirement is nearing, you may be wondering if it’s time to swap out the five-bedroom family home for a smaller one. Or, your family could be looking for a housing change that requires less cleaning, less maintenance, fewer overall costs, and more time for family fun.
Whatever the reason may be, there are various pros and cons to weigh when it comes to downsizing. It’s important to take your time and think about what really matters to you.
5 things to consider when you decide to downsize
Belongings
Items in your home will hold special memories—especially if you’ve raised children. Will you be able to sell, giveaway, and donate some of your things before moving into a smaller space?
To get a good idea of what can join you on the move, consider which pieces of furniture and other household items will fit into a smaller space—and what won’t. Minimizing belongings can be a challenge, but it’s completely possible. Plus, there will be plenty of room to make memories in your new home.
Choices
When it comes to making a move, housing supply and demand is key. Take a look at the homes that are available in your area, and start weighing your housing wants versus your housing needs.
Consider expanding your search beyond your current neighbourhood, or town. There is always the possibility of moving into an existing in-law suite, or perhaps purchasing that type of property with one of your children.
Emotions
Your home is where your heart is. You’ve raised your family, made memories, and invested a lot of time and money. However, the decision to downsize is best made based on financial (and/or health) reasons, rather than emotional ones.
It can be tough, but removing as much emotion as possible will help you make a smart decision that is beneficial to all of your future goals.
Finances
When it comes to smaller living, financial gains are worth looking into. Selling a large home could free up finances, leaving you with lower monthly expenses, zero to little debt, and a cushy retirement fund.
You may even end up with enough money to use for things like travel or helping a relative with a down payment of their own—possibly both!
Don’t forget to think ahead and take all heath and financial factors into consideration.
Health
It can be very lonely living in a home filled with empty rooms. As age advances, isolation from others can put your mental and physical health at risk. Downsizing to a housing community that encourages social interaction through demographics, or design, is a healthy move to consider.
The Comox Valley is the perfect place for the 55-plus crowd to happily call home. From small homes and adult-oriented developments with little or no care, to assisted living complexes, there are plenty of options when it comes to finding the right home for your wants and needs.
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When weighing all of your options, don’t forget to look at what your home is worth today and what could happen if housing prices rise and fall. It’s always a good idea to contact an experienced Comox Valley Realtor—like me!
I’m more than happy to come see your home, and answer any questions or concerns about downsizing.
You can reach me directly at 250.792.0464, or through the office at 250.334.3124.