“You’ll never get me out of this home. I love it too much!” We hear those words often from clients who have lived in a home they love and have sworn never to downsize. Nevertheless, life changes, and sometimes a market or housing opportunity comes up that is too good to miss.
Other times, there are financial considerations or family situations that could require a move. For whatever reason, downsizing may be on your mind.
Your final decision may depend partly on the market, but more so on your own goals and lifestyle preferences. Today, we’ll discuss when it could be a time for a change and how to get the best possible value if and when you decide to proceed.
If selling your home is part of your downsizing plan, an accurate valuation is essential. Get a head start by booking your complimentary home evaluation.
The Possibility of Financial Freedom
A home you have lived in for many years doesn’t just hold treasured memories; it’s a substantial part of your financial net worth. Currently, you may not be able to envision ever wanting to leave.
Sometimes, though, a house that was once the perfect size can seem too big or become too expensive or time-consuming to maintain. If that happens, you could choose to pass the baton to a new family while you enjoy the equity you have built over the years.
Just imagine, no more mortgage payments, lower property taxes, and possibly an abundance of funds left over after selling your family home. Moving to a smaller space or condo can allow you to experience an entirely different lifestyle and a whole new set of adventures. Now, it’s a matter of whether you should downsize before or after retirement!
Looking for even more practical tips to make your downsizing experience seamless? The posts below will help:
- Buy To Rent Or Buy To Downsize?
- Downsizing & POA: A Must-Have Conversation
- How Much Does It Cost to Sell a House in Ontario?
Accounting for All Outcomes
In some cases, health or mobility issues can arise that make it difficult to continue living in your home as is. An older family member may move in, or perhaps one day you’ll want the bathroom and laundry room on the same level as the bedrooms.
You might decide to stay where you are and renovate your home to suit your evolving needs as you age in place. More often than not, selling your home to downsize is the simplest solution. Ideally, this is a choice to make while you are still healthy and have control over your next steps.
Searching for the right home in Guelph or the Tri-Cities?
Start here by browsing our featured listings.
Location Preferences Can Change
Downsizing your home isn’t always about a smaller space. Just as often, it’s about a new location and a different lifestyle.
- If you’re currently in the heart of a busy neighbourhood, you may want to live somewhere quieter and more peaceful.
- If you’re now an empty-nester in a family-focused area, it’s possible that you’ll one day want to be closer to the action in a place like downtown Guelph.
- You might choose to sell your home, travel 8 months of the year, then stay with family on your return visits.
These are some of the ways your life could change. Whatever lies ahead, it’s a good time to consider how you will navigate the evolving real estate market when buying or selling a house.
Do you still have questions about how and whether or not to downsize? You may find answers in the posts below:
- Is Guelph a Nice Place to Retire?
- Where to Find Downsizing Help for Seniors
- What Are the Top Condo Buildings in Guelph For Seniors?
Identifying and Defining a Favourable Market
Whether or not the market is favourable as a home seller depends on what side of the transaction you are on. If you’re selling in a seller’s market or buying in a buyer’s market, you could not ask for a better set of conditions.
However, moving is more complex than a single transaction, unless you’re a first-time buyer or you’re selling your home with zero plans to own ever again. Downsizing means the market will offer some advantages at least part of the time. This will be true whether you act now or wait a few more years.
Imagine you decide to list your home in either a balanced market or one that outright favours buyers. In this situation, you may need to work harder to clean and stage your home so it stands out. Your price may be lower than you’d hoped, and it can take time before your listing sells. However, any disappointment you may feel disappears when the time comes to buy.
Searching for a home in a market with abundant inventory and sellers who are eager to negotiate makes for a positive buying experience. Maybe you earned less from your original home, but you are also paying less now, and it all evens out.
The same situation happens when downsizing in a seller’s market. Your home sale might be a breeze, while finding the right fit at great value when buying is more challenging.
In either case, you have some hurdles, but you also have distinct advantages. The trick is to work with an experienced, local Realtor® who can help you make the most out of every transaction.
Do you want our undivided attention and support as you downsize to a new home? Our top Guelph real estate agents are here to guide you every step of the way. Reach out to info@gowylde.ca or call 519-826-7109 for more information.
