Downsizing your home is not about sacrifice
Like most folks, we Londoners usually buy large homes to accommodate growing families. And sometimes, our financial ability simply allows us to move up to larger homes with more features and amenities.
However, a time comes eventually when we start to think about downsizing. Most baby boomers (and zoomers) will know what I mean. The children are out on their own (hopefully), the big two-storey house seems a little cavernous, the stairs are a pain, the cleaning and maintenance work never seems to end, all the neighbours we used to like have moved, etc, etc.
Or, perhaps we can no longer afford a large home. We want something more manageable, less expensive, and with lower utility bills, insurance and taxes. Sometimes, we downsize for retirement savings or travel.
Whatever the reasons for downsizing, it brings a whole raft of decisions.
Should we buy a condo or another smaller detached home?
What size home do we really need?
What furniture should we keep?
How do we get rid of the stuff we don't need?
Can we manage with a lot less?
If something happens to one of us, will the other be able to manage?
These are very different decisions than we had to deal with in previous moves. Taking an organized approach and planning will help to alleviate the stress of decision making. Let's have a closer look at the questions.
1) Should we buy a condo or another smaller detached home? Can you deal with living in close proximity to others? If you're used to a large yard for privacy or love gardening, a condo might not be for you. Do you want complete control of your home expenses? Condos have association fees (that can change). Fed up with cutting grass, shoveling snow and exterior maintenance? There are trade-offs to each choice. For more information about whether a condominium is right for you, have a look at this free CMHC booklet.
2) What size home do we really need? Some people believe that they can make do with much less space than they really can. Will the house be large enough when the whole family comes home for the holidays? Will all your treasures fit in a smaller home? I suggest a good place to start is deciding how many bedrooms and baths you really want (allowing for out-of-town family, guests, grandchildren sleepovers, etc). After this first step, the decision-making process gets easier.
3) What furniture should we keep? I know people who bought homes half the size but kept all their furniture; they couldn't stand to part with anything. Only you can decide what furniture do we really need or want. If you have heirlooms that are dear, you'll probably want to keep them. However, if you find yourself thinking about storage facilities, you may want to give it more thought. Have a look in each room and see if there's furniture that you never use. Is there a chair in the living room that nobody ever uses? It should probably go. This may also be a great time to update and modernize your favorite old pieces. If you're downsizing, children are usually (sometimes) grateful for Mom and Dad's furniture.
4) How do we get rid of the stuff we don't need? There may be local charities that specialize in furniture, clothing or other items. You can also hold a garage sale. Ask the neighbors if they want to participate in a neighborhood sale. If you're storing things for your children, tell them to come and get it.
5) Can we manage with a lot less? If answered truthfully, most of us would have to say "yes". Perhaps a better question is, "Why have we kept all this stuff for so many years?"
6) If something happens to one of us, will the other be able to manage in our new home? This question is far more common than you might think. Typically, the older we get, the more we think about the difficulties of transition, proximity to friends and family, transportation needs, etc.
The clients I have helped to downsize love their new homes. Their lifestyle is better. The real keys are careful planning and taking the time to make good decisions. After all, downsizing isn't about restrictions or sacrifice... it's about living an easier and richer life.
budloughlin@royallepage.ca
Bud Loughlin, Realtor, A.S.A (Accredited Senior Agent)
Seniors real estate specialist helping boomers, zoomers and their families.
