30
May
Selling Tips

Downsizing Done Right: What to Consider When Moving To A Smaller Home

Aaron Krausert
I
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.

Older man in garage painting.

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.

Middle aged couple on couch looking at tablet.

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 complexes. 

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.

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