Downsizing has become a popular term for homeowners who find their current home is no longer the right size for them. But as we get older and our lives change, sometimes making the decision to buy a new home is about more than just the size. You may have found yourself newly divorced, or perhaps your grown children have moved out or you want to be closer to the grandkids.
Instead of downsizing, we prefer to help our clients rightsize! Choosing the right home is all about finding a home that adapts to your changing lifestyle.
When making the decision to rightsize, it’s important that you evaluate your lifestyle by asking yourself the following questions:
Is your home equipped for your future? Whether or not you currently have any mobility or health issues, you may want to consider the possibility that this could happen in the future. Ask yourself if your home is adaptable to any changes you may see in your physical health. If you currently own a two-story home, this may mean looking for a bungalow instead.
Does your home require a lot of maintenance? As you get older, you may not want to spend hours every week keeping up with the maintenance on your older home. And if you don’t want to pay someone to do it for you, you should consider moving to a lower-maintenance option like a new build or one with less outdoor space.
Does your home have the space you need? How many bedrooms does your current home have? Is that enough for your needs, or do you require more to accommodate your children and grandchildren when they come to visit?
Does your home have all of the amenities you need? Which amenities are important to you? Do you need a two-car garage, especially if you’re downsizing to one car? Would you like a large dining room that can fit your growing family comfortably at holidays? Do you need a large kitchen if you’re doing less entertaining? Be realistic about the things you want and need.
Do you want to save money on mortgage payments? If you’re recently retired or divorced, it may be important to you to own a home that costs you less money. If you’re no longer able to afford your mortgage payments, or if you want to have more disposable money for things like travel or investments, consider making the move to a less expensive home.
Does your community or neighbourhood fit your needs? If you have grownup children, you may have chosen your neighbourhood based on the quality of its schools and proximity to outdoor recreational places for them to play. If they’ve flown the nest, re-evaluate what it is you want out of your neighbourhood.
Do you have adequate access to transportation? Retirees often choose to sell their cars, whether it’s out of necessity to save money or if they’ve lost their license due to eyesight or other health issues. If you see this happening in your future, consider how close your home is to other modes of transportation like city buses or whether it’s within walking distance to shops and restaurants.
If you’re ready to rightsize, contact David Halls and the Lifestyle Real Estate team in Guelph! With over 50 years of combined experience in the real estate business, we can help you find the right home for your lifestyle.