"If you’re retiring, looking to cut back on expenses, or perhaps have a bit too much extra space now that the kids have flown the coop, downsizing to a smaller home might be a smart choice. " https://www.realtor.ca/blog/the-low-down-on-downsizing/25520/1366
You can hum and haw all you'd like, but here are a few reasons and signs that it's time to downsize:
- you want or need some extra equity. Cash in! If you’ve owned a larger home for an extended amount of time, your property has likely appreciated considerably over the years, and moving from your large house to a smaller home or condo more suitable to your current and future needs can help provide financial freedom.
- You're tired of all the upkeep or you've stopped maintaining your property all together. Whether you’re tired of cleaning rooms and fixing or attending to aging appliances or home finishes regularly – or overpaying someone else to do it for you – moving to a smaller home can lessen the workload.
- You're scared of or are feeling empty nest syndrome. As your children grow up and move out, they leave behind their unused rooms and old belongings. While it’s certainly hard to leave a family home due to sentimental attachment, downsizing to a smaller place means you can spend less time cleaning and doing maintenance, while also saving money. Besides, given how limited housing inventory is in some parts of the country these days, you’d be giving another growing family an opportunity to fill out the space you’re leaving behind.
- People often consider downsizing as they approach retirement. Decreasing the cost of property taxes, homeowner’s insurance, maintenance expenses, and house utilities frees up cash flow so your retirement savings stretch further. Downsizing can allow those who are retired to relax more and enjoy their time off from work with ease.
Lastly, here are some tips for downsizing as well :
Start small, and start now.
Find a place for everything.
Be a generous giver.
Use the good stuff.
Edit your wardrobe seasonally.