For a lot of homeowners, downsizing to a smaller home is sparked by some kind of change in one’s life. This could be becoming an empty nester, celebrating retirement, or anything in between. That said, there’s no predetermined timeline that you need to follow as a downsizer.
There are a lot of benefits to downsizing your home – too many for us to mention in a single blog post. With that being said, choosing to downsize early can make these perks even better.
In this blog, we’ll touch on some of the added benefits that can come when you choose to be proactive in downsizing your home.
Take Advantage of Your Equity
One of the best reasons to downsize is that it allows you to unlock the equity you’ve built in your existing home. If you’ve lived in your home for a long time, there’s a good chance that it has appreciated in value quite substantially. When you finally sell it, you’re essentially cashing out on the wealth that you’ve built.
Not only does selling put a great return in your pocket, but the costs of moving to a smaller home are typically lower. After paying off a smaller mortgage, and managing lower property taxes and other costs, you should have plenty of funds left over. You can then use this money however you like as you embrace the next chapter of your life.
As this said, the sooner you downsize, the earlier you’ll be able to take advantage of your equity – regardless of what you decide to do with it.
Considering a downsize in the near future? Explore these other resources for further real estate insights:
- Your Guide to Downsizing in Toronto in Style
- What is the Best Way to Sell a Vacant House?
- Should You Downsize When Your Mortgage Renews?
Cut Back on Maintenance
Not all of the benefits of downsizing are financial. For instance, when you make the move to a smaller home, it usually means having far fewer responsibilities related to property upkeep. Every homeowner knows about just how much work it takes to keep the house in good shape. From cleaning the interior top to bottom to moving the grass, shovelling the driveway, and everything in between, taking care of your home is a lot of effort.
However, when you downsize to a smaller home, you’re able to cut back on household chores – usually quite substantially. At the end of the day, less square footage means less area to clean. Plus, if you move into a condo, townhome, or rental apartment, you won’t have to worry about any outdoor maintenance responsibilities.
Once again, the earlier you downsize, the sooner you can enjoy a more convenient lifestyle.
Have More Time For Loved Ones
With more freedom and fewer responsibilities around the house, downsizing allows you to spend more time with family and friends.
However. when it comes to spending time with those who are most important to you, time is often of the essence. This can be especially true if you have grandchildren or even young ones of your own. The sooner you downsize, the greater availability you’ll have to be there when it matters most – whatever stage of life your loved ones may be in.
Do you want even more help with the downsizing process? Here are some resources you may find valuable:
- Where Do Toronto Downsizers Go?
- Should You Retire Near the Etobicoke Waterfront?
- Why Downsizers Should Consider Pre-Construction
Freedom to Travel (While You’re Still Young)
One of the biggest reasons people choose to downsize is because they wish to travel. When it comes to travelling without having to worry about your home while you’re away, downsizing can open up a whole world of opportunities. Maybe you want to travel around a different continent for several weeks, or perhaps you’d like to be a snowbird and spend the winter somewhere warm. Whatever your ideal adventures look like, downsizing can provide you with the freedom and disposable income to make it happen.
If you’re specifically looking forward to travelling after you downsize, it’s a good idea to be proactive and start the downsizing process while you’re young. While you can explore the world at any age, it can be more complicated or limiting if you wait until you’re much older. However, if you downsize while you’re young, you’ll have more freedom and flexibility on what you can do and see!
Thinking it may be time to downsize? We would be happy to help! Reach out today ana@asantos.ca or call us at 647.232.7317 for more information.