When is it the right time to downsize? Traditional wisdom would say when you can no longer take care of a large property and would benefit from a smaller living space or condo. However, there are many signs that the time might be right, and it isn’t always because you can’t manage your current home.

Downsizing is a lifestyle that many people are starting to choose at a younger age because it allows a host of options you wouldn’t otherwise have. What are some of the other reasons?

1. You’ve Been Bitten By the Travel Bug

The world is a fascinating place, and more people want to explore different countries and cultures than ever. Planning a trip is also easier than it has ever been. You can sit at your computer and book a trip to the other side of the world with a few clicks. If only it was that easy to take care of your house while you’re gone. You may not be around, but the grass still needs to be cut, or the snow still needs to be shovelled.

With a managed townhouse or condo, you no longer have to worry about these things. You don’t need to arrange for someone to keep an eye on things until you get back. All you need to focus on is your itinerary, what to pack, and what your next travel destination will be.

Are you ready for a more carefree life? Selling your current home is an excellent first step. Here are some posts to help you:

• How To Maximize the Sale of Your House With A Real Estate Agent
• How To Set The Right Home Price The First Time
• Should You Buy First or Sell First in 2022

2. You Want to Enjoy Your Free Time

If you spend your summer working around the home instead of enjoying the short season, then it might be time for a change. A worry-free lifestyle is quickly becoming one of the most popular reasons for selling a home. A smaller house or condo means no fallen leaves to rake or working on time-consuming renovations.

You also tend to accumulate less clutter, which means less time cleaning, scrubbing and organizing. Without a large house to maintain, you’re free to sit back and relax with friends, explore your neighbourhood or pick up and go at a moment’s notice.

3. You Want More Financial Freedom

Maintaining a large property can be labour intensive. It can also be very expensive. Whenever something breaks, you either have to fix it yourself, which can eat up a lot of time. Otherwise, you have to find a contractor you trust to make the repair for you. And the cycle can seem like it never ends.

The older your house becomes, the worse it can get. If it seems like one thing after another and that you’re always dipping into your savings, it may be time to consider a change. A smaller home or condo can mean more financial freedom to travel and live the lifestyle you want.

4. Life is Getting More Expensive

With inflation on the rise, many people are looking for an affordable lifestyle with more breathing room on their budget. The soaring cost of gas drives up the price of groceries, clothing and everything else. A smaller house doesn’t just reduce the hours and money you spend on maintenance. In many cases, your mortgage payments are smaller.

Depending on the value of your current home, you may be able to pay your loan off in full. You can also expect to pay less for insurance and property taxes. In some cases, even your monthly utility bills can be lower.

5. You’re Ready For A Change

Sometimes, the only reason you need to downsize is that you’re ready for a change. For example, you currently have to drive everywhere, but now you want to live close to transit. You may want to have more shops, restaurants and entertainment options within easy walking distance. Or perhaps your current home has many walls, and you’d like something more modern and open concept, even if it means less square footage.

If you find yourself paying particular attention to “For Sale” signs around the neighbourhood, it might be another indication that you’re ready for a move.

Are you watching for listings that might suit your needs? You can find some of our Featured Properties For Sale Right Here.

Your Decision is Made! How Do You Start?

The more time you give yourself to start the downsizing process, the less stressful it will be. One of the best things you can do right now is to start making a list of everything you want your new home to have. 

The next step is to take an honest look at all of your belongings and decide what you want to keep. Decluttering will help you maximize the sale of your house and leave you with fewer items to pack up and move. 

Working with an experienced real estate professional who knows your area can help you sell your current house and find your new dream home to begin the next stage of your life. 

Do you have questions about selling or buying a new property? We can help point you in the right direction. You can book a free, no-obligation meeting with us right here.

Selling a house on behalf of your parents can be challenging, both legally and emotionally. Involving them as much as possible will help them feel engaged and respected throughout the process. With or without legal authority, there are countless small ways that you can help your parents enjoy a smooth transition into the next phase of all of your lives. 

Organize All Documentation

Selling a house involves a lot of paperwork. First and foremost, you’ll have to prove that your parents own the home before you can list it on the market. Documents you will need include:

• Government-issued identification
• Mortgage information, if applicable
• Property Tax Receipts
• Land Surveys
• Transferable Warranty Documents

Once you have gathered all of the necessary documents, you’re ready to help your parents with the next steps. 

Before you sell a home, it’s essential to find out what it is worth in the current market. You can schedule a free home evaluation here.

Consult With a Lawyer

If your parents don’t want to or are unable to handle the legal aspects of the sale, it’s time to consult with a lawyer. You cannot sell a house on your parents’ behalf until they assign you Power of Attorney status (POA). What does this mean? Power of attorney is a legal document giving someone else authority to manage your personal affairs. 

Selling a house for someone with diminished capacity can get complicated if they did not assign a POA ahead of time. A person must be mentally capable at the time of signing. It can be a difficult conversation, but it’s vital to have a plan in place if your parents can no longer act in their own interests. The time to take care of this matter is while they are still young and healthy enough to make these decisions. 

There are Different Types of Power of Attorney

• Power of attorney in matters of health gives you the authority to make decisions on medical and personal care. This clause comes into effect if your parents ever lose the cognitive ability to care for themselves.
• Power of attorney for financial matters and property grants authority to manage money and property on behalf of another person. If your parents ever become unable to handle their affairs, you will need continuing power of attorney status that does not expire. 

One of the hardest things about moving is missing all of the fun things you used to enjoy. Want to know more about activities in the Milton and Burlington areas? You’ll find a few ideas here: 

• 5 Fun Fall Activities in Milton and Burlington
• The Best Places to See Magical Christmas Lights in Halton
• 5 Milton Parks to Visit This Spring

Helping With The Practical Details

If your parents still have the cognitive ability to understand the legalities of selling a home, helping them will be much easier. Only the legal owner can authorize the sale of the property, so ultimately, every decision will rest with your parents. However, you can support them emotionally and assist with all of the practical matters. 

Cleaning and decluttering 

Getting a house ready to sell can take a long time, especially if they have lived there for several years. You can help them sort through their belongings and decide what they no longer need. 

Performing minor repairs

A few small updates and repairs can go a long way to adding value to the sale of the house. If you’re handy, you can help by making these upgrades yourself or interviewing and vetting potential contractors.

Handling online research

Some older people are as tech-savvy as their grandchildren and can easily handle any online research or forms. Others are intimidated by computers, tablets and smartphones and will appreciate any help you can provide. You can guide your parents through virtual tours and by researching the steps involved in listing their house for sale.

Deciding on a real estate agent

A professional real estate agent is your ultimate resource when selling real estate. They will guide you step by step throughout the process and ensure your parents get the maximum value for their home. Helping your parents decide on a real estate agent is one of the best ways you can ease the workload of selling the house.

Finding their new home

Once your parents sell their house, you can sit down with them and review the pros and cons of buying a smaller house or renting an apartment.

Packing their belongings 

Packing for a move is time-consuming. Breakable dishes have to be wrapped one by one. Everything needs to fit into moving containers without making them too heavy to lift. Most importantly, it can be emotional for your parents to see their precious memories shoved into boxes. You can be there to support them and keep them excited about their new home.

Moving day. 

Moving into a new house is exciting, but it involves a lot of work and heavy lifting. The best thing you can do to help elderly parents is to find a professional moving service they can trust. 

Getting to know the neighbourhood

The first few days in a new place can bring mixed emotions. Overall, your parents may feel happy about the move but will still miss their old home. You can help them adjust by taking them to brunch in a nearby restaurant or on a sightseeing tour of their new neighbourhood.

Selling your parents’ house on their behalf can be one of the most challenging tasks you’ll ever undertake. One of the best things you can do is help them celebrate and make new memories in their new home.

Are you ready to sell? We have a Comprehensive Seller’s Guide you can download for free here.