Downsizing is a topic that a lot of our clients have been inquiring about. With the state of Vancouver’s Real Estate Market, considering selling your current home and cashing in on your investment seems like a great idea but there is more to downsizing than simply selling your home and moving into a small abode. So, how do you know if downsizing is the right decision for you? Read on!

To Downsize or Not

There are a few things that you have to consider when thinking about downsizing. See 6 Tips to consider below….

SPACE

When downsizing, one of the biggest questions you have to answer is the amount of space you are willing to give up and the amount of space you absolutely have to have. Besides, the whole idea of downsizing is moving from your spacious detached home into a small condo unit. The thing with bigger homes is that we tend to acquire more stuff to fill up the space, ending up with more stuff than we really need. Also because bigger homes have more rooms, moving from a 5 bedroom house into a 2 bedroom condo can be a huge adjustment for you.

FINANCES

What do you get out of downsizing? Our home is one of the biggest investments that we make throughout our lifetime so  if you could use the extra money you’ll make out of selling your home and acquiring a significantly smaller condo unit, then downsizing could be the best option for you. This is especially true if you don’t use or need the bigger space your home has.

MAINTENANCE

We’re sure you’re quite aware of the amount of maintenance involved with keeping a huge home. From mowing the lawn to raking the leaves, some of these things can get pretty labor intensive especially if you have to do it yourself. If you’re done doing it yourself and you’re not keen on hiring somebody to do it, then downsizing is the next best thing. When you live in a condo or townhouse, your strata will take care of all the maintenance needed. Living in a condo now ourselves, it’s a total timesaver not to have to worry about all of the maintenance outside our unit.

NEIGHBOURHOOD

When you’ve lived in the same home for decades, you’ll notice the amount of change your neighbourhood has gone through. Sometimes these changes do not match the neighbourhood that we want to continue to live in. So here comes the exciting part about downsizing, you get to choose the neighbourhood where you live next! Match it to the kind of lifestyle you’re looking for, is it peaceful and quiet - away from the craziness of the city or lively and vibrant - right smack in the middle of downtown? 

HEALTH

Our health should always be top priority. When your home is just not idea for what your body needs, some changes has to be made. Unfortunately, you can’t simply remove stairs or bring bedrooms onto the ground floor of your home. There’s also the option of installing a lift but what that can do to the aesthetic appeal of your home might not be something you prefer plus it can be quite costly. If the physical strain of going up and down the stairs is beginning to be too much for you, consider downsizing into a condo with an elevator or one that’s on the ground floor.

LIFESTYLE

Have you been travelling a lot or intend to travel more? Are you a recent empty nester? Would you like to live in a neighbourhood that’s closer to (or father away from) all the action downtown? Based on our experience, some of our clients chose to downsize because they want to embrace the kind of lifestyle they’ve always dreamed of. Think about what your plans are for the next 5-10 years. This should help you decide whether to downsize or not.

There are a lot of things involved when deciding whether or not downsizing is the next best option for you. Need help weighing the pros and cons of downsizing? We’ll be glad to help! Contact us here or simply send us an email at homes@murphytimmis.com.