Many people are struggling with the same question… is now the right time to downsize? How can we be sure? While others may have thoughts and opinions on your situation, only you can decide if it truly is the right time in your life. Of course, sometimes there are external factors, such as divorce or unemployment that may force your hand but for most people, the kids are out of the house now and they don’t want to spend their retirement mowing a huge lawn or cleaning way more square footage than is necessary.
Westport Properties Inc. has written down a few things to keep in mind/questions to ask yourself when considering making the move.
What You Can Live Without
While downsizing doesn’t necessarily mean that you’ll have fewer bedrooms, it is likely that you won’t have as much room to host. If you have adult children, is it likely that will not be returning home? Do you need space for grand kids? These are important things to ask yourself or at least take into consideration. Just remember though, just because you’re downsizing, it doesn’t mean you must go from a five-bedroom home on a large lot to a 1 bedroom and den condo. There are beautiful and spacious townhomes that will mean less cleaning and no yard work that are significantly less than single family homes.
What You Want/Need in a Home
What are your needs and wants in a new home and what can you sacrifice? Perhaps you’d like to retire and travel, a condo may be the best fit in that you can just pack your suitcase and lock the door. But what other factors are important about that condo? An ocean view? Walkability? Proximity to work, hobbies, parks, beach, etc? These things can improve your quality of life and should be thought through. Speak with your Realtor about properties that fit your criteria so you know what comparable properties are being sold for and can determine your budget.
This fits closely with the previous point… where do you see yourself spending your time? Perhaps you have grandchildren now but family lives elsewhere, this might be the time to move closer! Or have you decided that the suburban lifestyle doesn’t suit you anymore and you’d like to be in the energy of downtown Vancouver. Or perhaps you’re thinking of selling your home and buying in a sun destination such as Phoenix or Palm Springs! Selling your current allows you the freedom to dream big and open yourself up to many different possibilities!
Current Market Value of Your Home
While the market has seen a slow down in the past couple of months, if you’ve owned your home for an extended period, the value is likely up after the meteoric rise in the market over the past year. Ask your Realtor to do a Comparative Market Analysis to best determine what you might expect to sell your house for so that you can make an informed decision.
Cost of Moving
There are a lot of costs involved in downsizing that should be considered when looking at your financial situation. Remember that there are many other costs to budget for.
- Closing Costs
- Legal Fees
- Junk Removal
- Furniture for Your New Space
If you think now may be the right time for you, contact Westport Properties Inc. now and let us help guide you through this transition!