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.