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If you're thinking of downsizing your home, you have several options- perhaps more than you realize. Choose from the links below for helpful tips on:
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If you're planning to downsize your home in the near future, explore our Selling Your Home section for invaluable tips and information.
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Not sure whether you should downsize?
There are many practical, financial and emotional reasons for downsizing your home:
- Lower monthly expenses. If you downsize, you may save on property taxes, maintenance and utilities. You can also use the profits gained from the sale of your current home to reduce or eliminate an existing mortgage balance.
- Extra retirement income. You can put the profits from selling your home into income-producing investments that supplement your existing income.
- Too many empty rooms. Perhaps your children have left home and you're experiencing what's commonly known as "empty nest syndrome."
- A simpler lifestyle. If you're retired, travel a lot or own a vacation cottage, you may no longer want a big house or a yard to maintain.
- More safety, more security, more help. Health issues, difficulty keeping up maintenance or repairs, or just feeling uncomfortable in your current home (or neighbourhood) can be reasons to consider a retirement or assisted-living facility.
- Smaller home, better location. Selling your home could mean you can live in a place you love-perhaps closer to friends, family or your favourite pastimes.
- Smaller home, better home. Perhaps you've found a home with features and amenities you desire but don't currently have.
No matter why you're downsizing, think carefully about the kind of living arrangements you still need or want-including the expenses, location, available facilities and amenities.
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