Downsizing usually refers to moving to a smaller home, but not necessarily. This article will briefly examine this trend, and identify some of the issues involved.
The steps to a successful downsizing scenario include discussion, creating a plan, evaluating the home to determine what work needs to be done to get the home ready for sale, and recommending and cooperating with other trusted service providers.
Some people thinking of Downsizing may prefer to live in a house; they’ve thrown out the idea of a condominium and they want to reside in a smaller quieter city with full amenities within a reasonable driving distance to Toronto. So many options exist and it’s important that you consider them carefully before making the leap.
Will a smaller space fit your needs and are you ready to leave the house you’ve lived in all these years? It’s important to make a list to document your thoughts. Being able to read and review your list will provide some clarity for you; if not right away it will certainly give you lots of discussion points to ponder.
Downsizing takes many forms. Being part of the baby boomer generation ourselves, we hear all sorts of terms: Downsizing of course is one of them but also Right-Sizing, and Smart-Sizing, but in the end it’s all about Transitioning to something else. That’s a term I like: Transition.
Take for example, baby boomers in the 55 to 65-ish range: kids may be gone; they are newly retired, or about to be, looking for a new chapter in their lives. Right-sizing comes to mind. They want to live on one floor – perhaps a condo or a bungalow either within or outside the GTA. A two bedroom/two-bathroom home on one floor gives maximum flexibility to age in place as there is space for a live-in caregiver in the future should the need arise.
Some people are more adventurous and are willing to move to new and exciting areas, some back to their hometowns they may have left many years before, others to be closer to grandchildren. If you love the outdoors, you may want to be close to a lake, golf courses, or hiking trails.
Builders are responding to these needs as Buyers are looking for more features in their homes. For example, in smaller centres within an hour or two of Toronto, townhouse style bungalow communities geared to Baby Boomers have sprung up as they combine the benefits of individual home ownership with the complex being managed as a condo, including yard maintenance and snow removal. For active boomers who like to travel, this is perfect – lock it and leave it!
Some mature seniors may wish to age in place. They’re reluctant to move and will hold on at any cost to their current homes. Unfortunately, due to compelling reasons such as loss of spouse or health issues they may need to move. This is where the family involvement comes in – to discuss alternatives and in working with other service providers determining what type of housing and location will be suitable.
We have access to trusted and vetted professionals, including:
- Mortgage specialists,
- Financial planners,
- Insurance specialists,
- Home inspectors,
- Contractors and handypersons,
- Professional organizers,
Each and every one play a part in a successful downsizing move.
With the right support and knowledge, you can put your downsizing plan into action. As always I invite you to call for a free personal consultation. See you here next time. Let’s talk Downsizing!