Thinking of Downsizing? Things to Consider: KMRealhomes

Thinking of Downsizing? Things to Consider:  KMRealhomes

There comes that time when the big house seems like a lot of work and no longer serves you. Downsizing can be a great idea... but it's good to consider some of these things to make sure you're making choices that fit your life and future goals.

Assess Your Needs and Goals: Evaluate why you're downsizing. Is it for financial savings, less maintenance or just for a change? What are your priorities in a new home (e.g., location, features). This will help guide your search and ensure your new home fits your lifestyle.

Start Decluttering Early: Begin the process of sorting through your belongings well in advance. Decide what to keep, sell, donate, or discard. There are so many options to repurpose items that you don't think you'll keep and avoid landfills. Downsizing is an excellent opportunity to declutter and simplify your life.

Consider Your Future Lifestyle:  Think about how you want to spend your time in your new home. If travel, hobbies, or spending time with family abroad are priorities, look for low-maintenance properties that align with those activities.

Financial Planning: Review your financial situation with a professional. Downsizing can free up substantial equity from your current home; however, when calculating your affordability for different scenarios, be sure you have accounted for all costs involved in moving (e.g., real estate commissions, lawyers, closing costs, moving services) and setting up a new home, including condo fees if you're considering a condominium.

Research Different Housing Options: There are so many different options for downsizing - from condos and townhomes to bungalows. Each has its pros and cons, so consider what type of property will best suit your needs and preferences.

Explore Different Neighbourhoods: One great idea is to go and spend time in potential areas to get a sense of what it would be like to live there. Walk the streets, go to restaurants, try some grocery shopping, see where the fitness centres are - see what a regular day might feel like. 

Understand the Market:  Work with a real estate agent who understands the local market and who can guide you through the process of selling your current home and buying a new one. Timing can be crucial, especially in a dynamic market where there are quick fluctuations.

Plan for the Move: Moving from a larger to a smaller space is done best with careful planning. Consider hiring professional movers who can help with packing and unpacking and sending items to the appropriate donation, auction site or marketplace. Sometimes it's hard to know where to begin and so a professional mover will organize your process.

Make Your New House a Home: Personalize your new space with items that bring you joy and comfort. The goal is to make your new, smaller home feel welcoming and perfectly suited to your new phase of life.

Stay Flexible and Open-minded: Without a doubt, downsizing can be an emotional journey. Be open to new possibilities and remember that adjusting to a smaller space might take time, but it can also bring a sense of freedom and incredible new opportunities for a fulfilling lifestyle.

Feel free to reach out for more information about downsizing or for assistance in starting this incredible process - great things await!