The choice to leave the family home can be a daunting decision. This is another “not one size fits all” topic as peoples needs and/or priorities in terms of financing, location, space and maintenance can be very different.
Here are some advantages and challenges to consider when downsizing:
Advantages
Maintenance: Let’s face it, the kids are are gone so there’s no one around to shovel that driveway of yours :). When downsizing your home to a condo you will cut down tremendously on household maintenance. With condo living you pay one set monthly maintenance fee, that’s it.
Cash Flow: Depending on your individual circumstance you might be able to sell your home, be free of mortgage payments and put some cash in your pocket!
Fewer Belongings: More space = more stuff! Downsizing your home also means cleaning out those 2nd and 3rd spare bedrooms that likely have been converted to storage rooms. Living with more items does not equal more happiness. Get rid of those old nicknacks and unused items that have been collecting dust over the past century. Living in less space also means you will collect fewer belongings in the future.
Stress Free Living: Less maintenance, more money and less household responsibility = less stress! Those who have recently downsized generally find themselves happier as they are not overwhelmed by household responsibilities.
More Time: This is one of the best advantages to downsizing. Having less responsibility frees up your time to enjoy the things you love!
Challenges
Hosting: You may not be able to host and house your loved ones for the holidays anymore. However, if you have been slaving in the kitchen year after year, this might be an advantage! Make sure to keep building amenities (ie party room and guest suites) in mind when you are condo hunting, these may come in handy during the holidays!
Lifestyle Change: Sticking to what is familiar is comforting. This type of move can be very stressful, especially for those who are resistant to change. Condo living comes with some downfalls too. Storage lockers and parking spaces might be located on different levels and far from the elevators. Noisy neighbours and property management companies can also sometimes be a nuisance.
Changing Neighborhoods: Depending on the type of property you are looking for, you may need to say goodbye to the neighborhood you love.
Perceived Prestige: Your home, in most cases may be your biggest and most prized asset. Some people put a lot of importance on how their home is perceived by others as it can demonstrate financial success. A smaller home may not project the same image you once had with your large home best slimming products.
I’ve helped many couples downsize.
…and all have the same reaction. How are we going to survive in a much smaller space in a different neighbourhood…every one of my clients has a good story to tell. Let me help you experience the same good outcome!
