Are you exhausted of maintaining your large home? Downsizing is the first step to a new chapter in your life. The possibilities for downsizing are endless. You could move into a condo with amazing amenities such as swimming pool, fitness centre and 24-hour concierge. Or you could consider a romantic cabin in rural Canada, a place with no daily commute, peaceful surroundings and little maintenance. Downsizing allows you to save money, resources and energy. It’s the perfect opportunity to free up capital, declutter and dedicate more time to your family and passions.
While downsizing and moving to a smaller space is a good financial solution, it requires careful planning to ensure your goals are met. There are some significant considerations that must be made before making a decision to downsize and this is how Maya can help you ensure you make the right decision. These considerations include monthly costs of the new property (i.e. condo maintenance fees), understanding the costs of selling your house, the size of your new home to optimize your new life etc. If you do it right, downsizing will allow you to meet your financial and lifestyle goals of your retirement. But you have to plan for it. Call Maya to start your downsizing planning today.
Not sure if downsizing is right for you? Here are some key questions you should answer before you make your decision:
What is the reason for moving?
Are you selling your home for financial reasons only or for practical reasons as well? Have your kids moved away and your house is now too large for you? Do you want to move closer to your grandchildren? All of these are good reasons for downsizing that should be carefully considered.
Carefully assess your needs.
Does less room meet your lifestyle needs? What are the changes you will need to make once you downsize? Prioritize the activities that are non-negotiable and see how they fit with your plan to downsize.
Decide on the perfect location
Does an isolated lake community sound wonderful to you? Or would you prefer to be near the amenities that a big city has to offer? If you’re considering a major move such as from a big city to a small town, or form a city in one part of the country to a smaller, less expensive town in another, you should consider test driving your choice to ensure you like the move before making the final decision.
Understand the costs of downsizing
Smaller doesn’t necessarily mean cheaper. Depending on where you move. You may find a property that will have monthly expenses that are higher than what you pay now. Moving to a smaller home can generally save you money on housing expenses, but in some cases, the saving may be offset by the fact that smaller towns don’t have public transit, thus requiring you to budget for two cars, higher insurance and gas expenses.
These are just few key considerations you should be thinking of when downsizing. To make the right move call Maya today. You will be supported at each step of your downsizing journey.
Here are some useful links to help with your downsizing search: