Perhaps you are a couple whose children have all grown up and left home. Maybe you’re getting too old to use the stairs every day. Maybe you bought more house than you need or perhaps condo living is more your pace. Whatever your reasoning, downsizing your home can be an effective and efficient solution to all of your problems.
What Is Real Estate Downsizing?
Real estate downsizing is the act of buying a smaller property than the one you currently own, with the sole purpose of moving into a smaller place, or more maintenance free home. There are many reasons for doing this and the finished result can help you to reap a large number of benefits but downsizing can also have drawbacks.
Downsizing can be a stressful and ambitious venture but with the right resources, it can help you to live your ideal lifestyle.
Advantages of Downsizing
Downsizing is a great way to increase cash flow, especially if you’re struggling financially and need money quickly. It can also reduce the amount of maintenance and upkeep required for your home, which is perfect for people wanting to save time and physical energy when it comes to cleaning and renovating.
Furthermore, you will spend less money on utilities such as heating as there is quite literally less space to heat. It stands to reason that if you’ve been managing to afford the expenses of a larger home, moving to a smaller home will not only give you an immediate reimbursement on your investment but also increase your expendable finances for years to come.
This could be an attractive opportunity for people and families on a fixed income such as retirement, and a great option for empty nesters.
Disadvantages of Downsizing
If your children move out, then downsizing can be a great idea. However, if they come back permanently or just for a visit, then you’ll have less space for them. As a whole, you’ll have less room for visitors generally, which can be a major drawback.
Also, moving to a smaller property will mean that you will inevitably need to give away or sell some of your belongings. Trying to cram an entire house full of belongings into an apartment, for example, is entirely impractical.
So before you decide to make the big move, you should determine how willing you are to let go of some of your belongings and how many you feel comfortable parting with.
Davids & DeLaat Can Help You Find The Perfect Sized Home!
Are you looking to buy or sell a home in the Niagara Region? Whether it’s upsizing, downsizing or rightsizing a new home to fit your lifestyle, Davids & DeLaat are here to help! Our highly-regarded, local team of Niagara real estate agents has our clients’ best interests at heart and will help find the perfect home for you and your family.
Are you a senior or have a senior parent interested in downsizing? When it’s time to make a change to your home, you’ll want an experienced real estate team with a Seniors Real Estate Specialist (SRES®) by your side. From Niagara real estate market trends to economic issues, your SRES® is specially qualified to address the unique needs of a senior adult and can empower you to make the best decisions for your future. Contact us today for a FREE, confidential, no obligation consultation to find out more about what we can do for you.