Downsizing Done Right: What to Consider When Moving To A Smaller Home
May 30, 2018
If your kids have recently flown the nest or you’re on the
cusp of retirement, you may have thought about whether or not you’d like to downsize from your family home into a smaller, more manageable place. For many
people, downsizing brings lots of benefits: fewer rooms to clean, less upkeep on a newer home, smaller utility bills, a chance to clear out decades of stuff
you no longer use or need, and the opportunity to find your perfect home that
will fit your lifestyle into your golden years. With a strong seller’s market
in Kamloops right now, it’s an ideal time to downsize as you can sell your
current home quickly (if priced right) and likely keep some cash in your bank
account even after you purchase your new home.
Here are three things to consider when downsizing that will
help make sure your move is right for you:
1) Location & Physical Space
For some people, living near friends and family or amenities is of the upmost importance. Location and who they live close to as well as recreational activities is paramount. Alternatively, the physical space of the property itself is priority number one. Some things to consider: do you want green space to get your hands dirty in the garden? A fenced backyard for your dog? A garage or workshop so you can set up your art studio or tinker with your truck? A garage or workshop so you can tinker with your toys in retirement? It’s also vital to think of your new home’s layout so it will fulfil your needs throughout the years - a level entry rancher without stairs would likely be a better option than a three story townhouse.
2) Managing Expenses
The second major component of downsizing is to understand
what your ongoing expenses will be in order to manage your monthly bills. Retirement
often means living on a fixed income, and therefore, any change in
strata fees or other payments could greatly affect your quality of life and the
ability to feel the release from financial shackles. We strongly recommended sitting down with a
financial planner sooner than later in order to best understand your current
needs and buffer for future expenses as well.
3) Get Professional Advice
Third and finally, hiring a professional REALTOR®
with market knowledge of not only what’s currently for sale but also what is
coming onto the market is crucial. Real estate agents have insight as to which
complexes are best suited for various recreational activities, potential
pitfalls, and the quality of life in different neighbourhoods or stratified
BONUS TIP: Once
you have an idea of the location and physical space you’ll be moving to, you can
then decide what items in your current home are “must keeps” and what can be
parted with. Companies like Everything Organized help
people sort through their lifetime of possessions as well as connect them with
auctioneers. You can also give to local non-profit organizations, such as New Life Community
that would greatly appreciate your generous donations.
If you think downsizing might be right for you,
contact us and we can help you with this process. We offer free consultations -
no pressure, no strings attached. Visit our Contact page to connect
with our team and find out what we can do for you.
Your home is likely your largest financial asset, so selling it will require significant thought and strategy. Once you enter the market, the process can move very quickly, so you will want to be ahead of the game by getting your property into top selling shape before it hits the market. Luckily, you can increase your home's chances of selling within the desired window of time and for the highest price with some preparing beforehand.