While raising a growing family, the luxury of space with multiple bedrooms and ample storage is practically a necessity. But as those children become adults, building lives and homes of their own, you may find yourself with more space than you truly need or want, or perhaps a desire to live closer to them, in busy urban centres. This is a good time to start thinking about downsizing your home.
Downsizing comes with an array of excellent benefits. It’s an opportunity to live more simply, ridding yourself of the clutter that has accumulated throughout the years. It’s also a great way for you and your partner to live in more intimate quarters, allowing for more enjoyment of each others’ company.
Beyond that, downsizing comes with a dramatic reduction in the maintenance of a home required, freeing up precious time to pursue more pleasurable hobbies and interests.
The time and money saved on the cleaning and upkeep of a large home may now go towards something like an extravagant vacation, a vow renewal ceremony, or perhaps set aside for present and future grandchildren.
Many adults 55 and older are choosing to move from the suburbs into condos or lofts in downtown cores. These homes are easier to maintain and places them in the centre of a vibrant, walkable community full of great amenities like shopping, entertainment, and dining.
Calculating your total costs – including any hidden costs – is an important step in making the downsizing (or not) decision. Consider factors like condo fees, the cost of furnishing a new place, moving expenses, and a potentially higher cost of living depending on where you relocate.
As experts in helping individuals and couples downsize their home, we at Hammond International Properties would be happy to take you through the process and help ease the transition, bringing our wealth of experience to every step.