Most people move up and down on the property ladder at least a few times throughout their lives. The journey begins with that first exciting purchase and moving into a brand new house of your own.
As your family grew, space in the home was at a premium. Eventually, you decide to sell in favour of moving up to something more spacious. As the children grow and leave the nest, you may no longer need all of that space.
If retirement is around the corner and the cost of living becomes a concern, the idea of downsizing might start to seem more appealing. The trick is to approach the transaction with a little preparation, a plan and realistic expectations. In this post, we’ll talk about a few of the reasons to consider downsizing so you can enjoy a transaction that is as seamless and joyful as possible.
The right real estate team is essential when you’re counting on results. Learn all about the Woolcott Advantage right here.
Why Downsize Now?
If you are considering downsizing, it’s important to first evaluate the reasons why. Everyone has a personal reason for deciding to move. Some are downsizing by choice, while others may be facing extenuating circumstances. Divorce, death, illness or the call to drop everything and travel the world could be the driving force behind the change.
Retirement, preference or an empty nest are the primary motivators to consider a smaller home. The timing comes down to your individual goals and needs. Whatever your reason, it’s important to do everything you can to ensure a successful sale of your family home.
Are you downsizing or helping someone else? The resources below can guide you through the process:
- Should You Sell Your Home and Become a Snowbird?
- Selling a Home for Someone Else? Here’s What You Need to Know
- What Resources Are Available When Selling a Family Member’s House?
Elevating Your Retirement Lifestyle
No one wants to spend their later years struggling to make ends meet. You’ve worked hard to provide a high-quality life for those you love, and now it’s your turn. If retirement is on the horizon, selling your existing home allows you to free up some equity to fund your future plans.
In fact, any real estate you own can be considered a part of your portfolio, such as a rental property or vacation condo. Whether you decide to sell all, some or none of it, you want to be sure to know the numbers and how much you will need for a comfortable retirement.
Remember that you will also have real estate fees, moving costs, land transfer taxes and legal fees, all of which can cut into any profit from the sale of your home. This is why you need a skilled and knowledgeable agent who can help you maximize the full value of your sale.
Cleaning, decluttering and staging all play a part, as does understanding the local market and what buyers are looking for right now. The higher the price your home commands, the more funds you will have at your disposal once your working days are behind you.
Do you want more tips on selling your home at top dollar? The posts below will give you some ideas:
- Our Full-Service Real Estate Team’s Guide to Marketing Your Home
- The Power of Staging When Selling Your Home
- Minor Upgrades, Maximum Results
Less Space, Less Work
A key indicator that it might be time to downsize is you find that your large home causes more frustration than joy. If the thrill of that huge garden has lost its shine, or you balk at the costs of heating and cooling, the time may be close at hand.
Other signs include having empty rooms in your house or spaces that only seem to exist to gather clutter. If you are no longer interested or able to care for your larger property, a smaller home may be in order.
It may surprise you that it isn’t just older people who are downsizing. More and more, homeowners in their late forties and fifties are opting for the carefree lifestyle a condo or townhouse provides.
Just imagine – a garbage shoot where you no longer have to drag your bins to the curb by a specified time. No cutting the grass in the summer or shovelling in the winter might be just what the doctor ordered. If the kids are gone, it’s a good time to reassess what you want most in life.
In many of these cases, it isn’t just about saving money, but also time. You’re no longer tied to a large family home, which means you can move forward with any travel plans you may have. There’s no need to ask a neighbour or family member to check in on the place; you can just pack up and go when the spirit moves you.
How can you choose the right agent when selling your house to downsize? The posts below will help you know what to look for:
- Should You Use the Same Agent to Sell and Buy a House?
- Fact Vs Fiction About Working With A Real Estate Agent
- FSBO vs Real Estate Agent Assisted Sales: What’s Better?
Expanding Your Possibilities
Downsizing to a smaller space can be as much about the change in scenery as it is about the cost. Just remember that smaller isn’t always cheaper. Real estate values can vary greatly depending on your location.
For example, selling a house in Burlington can yield an excellent return, especially if you originally bought when property values were low. However, your proceeds are not likely to cover a beachfront condo on the West Coast. On the other hand, selling a house in the GTA and moving to a less expensive city or town can leave you with funds to spare. Whatever your plans are, it’s critical to be realistic.
Downsizing, no matter what the reason, can be both scary and exciting. Focusing on factors you can control is one way to ensure a positive experience. With a little research, you can find an experienced real estate team to guide you through the process of selling your existing home and deciding your next steps.
A plan and an expert by your side will eliminate some of the guesswork from your move. When the time is right, downsizing can be a new beginning that you approach with a sense of wonder and excitement.
Do you want to talk more about strategy when selling your home? Our top agents in Burlington and Hamilton are happy to help you get the results you’re looking for. Connect with us today right here or call 905-332-9223 to take the next step.
