Your Complete Guide to Downsizing Your Home in Canada

For those of you who no longer feel the need to own a large home, downsizing has probably crossed your mind at some point. What exactly does downsizing entail though? Typically speaking, downsizing involves selling a current home to purchase a smaller residence. It’s a popular decision for seniors, travellers, and small families. However, the process is no walk in the park and like any move, it requires a good amount of dedicated time and energy. You may want to consider why you should downsize, how it will work, and what options are available to you. Fortunately, with a good plan in place and some help with organizing, decluttering, purging, and navigating the dynamic Kelowna market, your downsizing journey can go off without a hitch! 

 

What to Keep in Mind

As we briefly mentioned before, downsizing your home is nothing to sneeze at. It’ll take time, research and effort on your part. There are many factors to consider, such as: home renovations, storage, and moving costs. Moving can be a strenuous or emotional process making it important that you go into it with a plan prepared to alleviate any associated stress.

 

At this point, your home may need a few renovations or touch-ups here and there. Any costs associated with your current home’s renovations should always be kept in mind, taking into consideration which will produce the best Return on Investment. Consider cost effective upgrades like a fresh coat of paint, upgraded light fixtures, or bathroom and kitchen renovations that really allow your home to “POP”, and improve its wow-factor.

 

Decluttering your home is also something that you’ll have to get around to if you’re downsizing. You’re going to need to determine what you need to bring to your new, smaller home and what you won’t need to bring and weed through your belongings accordingly.

 

Should You Downsize?

There are many reasons why you would consider downsizing your home, and it all boils down to your personal situation. Is travelling finding its way onto your to-do list? Is there too much empty space in your home to maintain? Have you recently become “empty-nesters”?  Are you looking to save some money? These are just a few potential reasons that downsizing may be a good option for you. 

 

Options

There are a wide variety of options that are terrific when it comes to downsizing, such as: a downtown condo, a townhouse, a bungalow, or a smaller-sized home. If you are looking for something a little more maintenance free or turn-key, condo-living could be just what you are looking for. However if it is just square-footage you are looking to reduce, and you can handle associated home maintenance and repairs, you may be more suited towards other types of freehold properties available. It all comes down to your personal lifestyle, making it best to research your options to determine what suits you best.

 

Pros and Cons

Everything comes with a set of pros and cons, so it’s no surprise that a major decision like downsizing has its own unique list. 

 

Pros:

• With a smaller home, you can money with lower monthly bills.
• There’s a lot less stress and responsibilities with a smaller home, such as with lawn maintenance and snow removal, particularly in a condominium.
• After you’ve sold your home and opted for a smaller one, you may have some extra money.
• Discourages hoarding and cluttering.

 

Cons:

• The process may be time consuming and emotional. 
• Moving expenses can be costly.
• Oftentimes, dealing with your clutter and possessions can be tricky. 

 

Downsizing is a tough decision to make and there is a lot to think about before you decide to commit. However, if you go into it with enough knowledge and preparation, it’ll make the process a whole lot easier, and you will be able to enjoy your new home to the fullest.