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In This Case Study1, RBC Helped the Couple:

  • Consider all their options when deciding whether to downsize
  • Compare the pros and cons of renting versus buying a condo
  • Achieve the retirement lifestyle they both wanted

What Did this Couple Choose to Do?

Check out the Sophia and Raj Case Study to see which option they chose and how it affected their monthly cash flow.

Things to Think about Before Selling Your Home2

Here are 5 things to consider when deciding to move or downsize your home.

  1. Does your house still fit your lifestyle?

Do you want to close to the a business? Will you have the time and energy to maintain your current home? Knowing how you want to spend your days will help you decide where you want to live.

  1. How much space do you need?

Are you willing to part with some of your stuff if you downsize? If not, you may need to pay for storage, which can get expensive.

  1. Do you want to own or rent?

If you're expecting a comfortable retirement income, buying your next home may make sense as it gives you a future financial cushion. But, if you need the cash, renting could free up funds from the sale of your home to cover ongoing expenses.

  1. How much will moving really cost?

Selling your home and moving will include closing costs, real estate commissions, land transfer tax and more. Before you bank on using all of the money from the sale to fund your retirement, know what a move will cost, and set aside the funds you'll need.

  1. Will your current home work for the next 20 or 30 years?

Can you imagine being comfortable in your current home when you are 70, 80 or even 90? Will your home still fit your needs if you can't drive long distances or climb stairs as easily?

What to Check out Next

Five Tips for Soon-To-Be-Snowbirds

Client Story: Downsize and Down South

Don't Downsize Your Home, Right-Size Your Home

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