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.