Downsizing is a difficult descicion to make unless there is a driving force from family, or a financial/health situation. A very small percentage of older Canadians downsize. We understand and empathize the thought of never moving. It’s a very daunting thought for many reasons, mainly because we don’t like change as we get older. But here are some things we think you should consider before making your final decision.
Many homeowners figure they’ll downsize someday, but only a few can actually make that next step. I believe it’s better to take a proactive approach because moving is hard but it only becomes more difficult as we age. Alot of baby boomers have lived in the same home for over 20 years. In that time you have accumulated a lifetime of belongings and memories, so the thought of restarting can be overwhelming. If for example your health or financial fails or you are needing to be closer to family member who is in need, without a plan it can be very stressful.
Location; in our opinion is one of the MOST important factors when taking that step in moving. Maybe you’re wanting a 2 bedroom with a den or a rancher in a small Gated Community, that all sounds amazing, however, to be able to really close the deal, and make it happen, you need a plan. There are many things to consdier when downsizing which generally entails a smaller and less expensive home.
In many circumstances, a smaller home will help boost your income during retirement and Ideally generate a higher level of investment. Downsizing also cuts your housing expenses down, which can free up your income and draw down your savings at a slower rate. But the financial aspect is only part of the equation!
As we get older we want less stress and less responsibility. Think Gated Community🏘
You need to remember that your current home needs to fulfill your future needs too. For example, if stairs become an issue, your home begins to age, or even just too much work and maintenance to keep up with. All realistic things to think about as a homeowner!
We know change is hard when you’re so comfortable where you are, but we also know that it is okay to say,
“This home is too much work for me!”
The location of your new home is an important thing to consider, being able to be within walking distance of local shops, other amenities, such as hospitals, restaurants and public transit. However, location isn’t the only important consideration, In all honesty, the most important thing is to be happy and comfortable in your new home, while making your life easier at the same time, and we The Kentala Team know just how to help you!
CHANGE IS HARD AT THE START,
MESSY IN THE MIDDLE,
AND GORGEOUS AT THE END!
ROBIN SHARMA
