Just like retirement, downsizing your home is a milestone. Although it’s not uncommon for these two journeys to happen around similar times in one’s life, there are significant upsides to making them at the same time.
Downsizing can make all the advantages of retirement even better – and vice versa! So, for many homeowners, the transition to retirement is also an ideal time to find a new place to call home.
As a real estate agent with more than 3 decades of experience working with downsizers, I know a thing or two about this unique process. In this blog, I’ll go over everything you need to know about downsizing your home for retirement.
Curious about the costs of downsizing? Click here for insights on the costs of moving to a smaller home.
Unlocking New Freedoms
Retirement is all about making time for what matters most. This could be spending time with loved ones, traveling, discovering a new hobby, or whatever else you’re into.
With that in mind, downsizing is also about embracing new freedoms in your next chapter of life. While it’s easy to think about downsizing as just a change in residence, it’s a whole lot more than that in practice. Owning a house comes with a lot of work. From mowing the lawn and shovelling snow to spending your days-off cleaning and looking after maintenance tasks, taking care of your home can feel like a part-time job.
Downsizing to a smaller home means spending less time on these kinds of chores. There are also maintenance-free communities, like condos, that can eliminate most of your responsibilities as a homeowner. In turn, you get more free time to spend however you choose.
Looking for more advice about downsizing your home in Oakville? Read these related blog posts next.
- How to Downsize Your Oakville Home
- Should I Retire in Burlington or Oakville?
- How to Find the Best Oakville Real Estate Agent to Sell Your Home
Financial Benefits of Downsizing After Retirement
When you retire, managing personal finances becomes even more important. Since you’ll be operating on a fixed level of income, you need to be strategic in planning for everyday short-term costs while also leaving some room for future expenses. Downsizing can help with this.
Along with the lifestyle benefits, downsizing comes with its financial perks as well. As a homeowner, your largest monthly expense (in terms of housing costs) is your mortgage. To that end, a smaller home usually means a smaller mortgage. This can translate to major savings in terms of monthly expenses.
The same goes for all the add-on costs associated with owning a house. From insurance and utilities to property taxes and repairs, owning a detached family home can be expensive. However, when you make the move to a smaller home, you’ll also be downsizing these expenses.
Am I Ready to Downsize?
Major life transitions, downsizing and retirement can complement each other in a number of ways. However, both are big decisions that warrant deep thought and consideration in their own right.
As a homeowner, you may run into some telltale signs that it’s time to downsize. For instance, you’re not using several rooms in your house, and it’s become harder to take care of the property. Or, maybe you’re feeling isolated in your larger house and would like to try living in a well-connected condo community. If your home is simply no longer meeting your needs, there’s a good chance that you’ll benefit from rightsizing. This is true whether you’re approaching retirement or not.
Do I Need to Downsize When I Retire?
It’s also important to think about what your wants and needs really are. Just because you can downsize your home doesn’t mean you have to (or that you should feel rushed to do so). At the end of the day, downsizing should improve your life – not add more stress. While some homeowners will enjoy downsizing before retirement, others will be better off waiting.
Thinking about downsizing in Oakville, Ontario? You may find these blogs helpful!
- Should You Move to Oakville if You Work in Toronto?
- Steps To Buying A Home in Oakville, Burlington, or Mississauga
- Is Oakville a Good Place to Live?
Ready to Downsize Your Home?
Downsizing your home is exciting, but there are important real estate transactions involved. When the time comes to begin your downsizing journey, you’ll want to partner with a dedicated real estate agent who specializes in supporting downsizers – like me!
As a knowledgeable industry professional, I can help you make the most of your sale and upcoming purchase, ensuring maximum results with minimal stress.
When you’re ready to downsize, I’m ready to help.
Get in touch with me at stacey@staceyrobinson.com or call 905-346-8188.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
