Page 26 - July-Aug 2022_LB

The Low Down on Downsizing

Ainsley Smith courtesy REALTOR.ca
f you’re retiring, looking to cut back on expenses, or perhaps have a bit too much extra space now that the kids have
flown the coop, downsizing to a smaller home might be a smart choice. Regardless of your reasons for downsizing,
Iit’s enough to make you wish there was someone who could do the hard work for you and make the whole process
that much easier (like, say, a REALTOR®).
Whether you or your older relatives have decided it’s time for you to move to a smaller home,, or you’re just curious
to learn more about the process, read on to get the low down on downsizing.

When is it time to downsize?

Making the choice to downsize can be complicated, but identifying the tell-tale signs—and understanding the new
freedom and lifestyle that comes with living in a smaller space—can make your decision easier.

Time to cash in. If you’ve owned a larger home for an extended amount of time, your property has likely appreciated
considerably over the years, and moving from your large house to a smaller home or condo more suitable to your
current and future needs can help provide financial freedom.
Too much upkeep. If you’ve noticed maintaining your larger home is beginning to take its toll on you, it may be time
to consider downsizing. Whether you’re tired of cleaning rooms and fixing or attending to aging appliances or home
finishes regularly – or overpaying someone else to do it for you – moving to a smaller home can lessen the workload.
Empty nest. As your children grow up and move out, they leave behind their unused rooms and old belongings.
While it’s certainly hard to leave a family home due to sentimental attachment, downsizing to a smaller place means
you can spend less time cleaning and doing maintenance, while also saving money. Besides, given how limited
housing inventory is in some parts of the country these days, you’d be giving another growing family an opportunity
to fill out the space you’re leaving behind.
Retiring. People often consider downsizing as they approach retirement. Decreasing the cost of property taxes,
homeowner’s insurance, maintenance expenses, and house utilities frees up cash flow so your retirement savings
stretch further. Downsizing can allow those who are retired to relax more and enjoy their time off from work with
ease.

What’s the difference between downsizing and decluttering?
When it comes to moving, you might think you simply need to declutter your personal belongings to make packing
easier. But there’s a difference between decluttering and downsizing. Karen Shinn, president of Downsizing Diva,
explained decluttering focuses on appearance while downsizing focuses on functionality.

“Let’s say you have a number of vases and 12 full China settings on display, but you really only ever use one, and you
also don’t want to part with any of them either. So, rather than getting rid of them completely, you would pack them
up and put them away into storage only leaving out what you want people to see,” said Shinn.

26 | REAL ESTATE NOW | LB@LoraleeBurns.com