Life changes! Events such as, divorce, employment changes, empty nesters, the loss of a loved one, loneliness, retirement, or even the simple act of growing older can prompt us to look for a smaller home that best suits our shifting needs and lifestyle.

What ever the reasons are for downsizing, the process can seem overwhelming. Sorting through a lifetime of possessions can be emotionally and well, physically exhausting. In today’s blog we provide an overview of the process as well as a look into the pros and cons of downsizing your home, important points to consider when moving to a smaller home as well as some valuable downsizing tips. And in the end, I hope you’ll find that less is more … more comfort, more security, and more time and energy to spend on the activities and the people that you love.

When downsizing, you will want to consider:

• Your reasons for moving to a smaller home. Is the move necessary? Are you looking forward to the move? Are there any alternatives?
• If you are excited about the thought of downsizing, think about where you would like to move to. Do you want to stay in the same area or are you looking for a change?
• Look at the type of properties that would be suitable for you and determine whether you can afford them. Will you need to make compromises? Or, is there a large inventory of homes to choose from?
• Look at the financials- Do you have an existing mortgage? Will a move eliminate or decrease that mortgage? What will the monthly expenses be in the smaller property? and Does it make financial sense to downsize?
• Moving to a smaller home will also require the need to declutter. Start going through your home and throw away, donate, or gift items that are not needed.
• If you are considering downsizing, you can be pro-active and begin pre-paring your home for sale. We have a great free resource- A Guide to selling your home. Click the link to get immediate access.

When contemplating any lifestyle change and move, you will want to weigh in on the pros and cons. So, what are the positive and negative implications of a downsizing move?

DISADVANTAGES OF DOWNSIZING

You maybe asking yourself- “should I move to a smaller house?” Let’s look at the disadvantages of downsizing.

1. Moving from a home that you have lived in for many years is an emotional experience. Your home is filled with memories and relationships. When considering a downsize move, think about why you are making a move and how the move will affect your life moving forward. Will your move bring you closer to family? Or provide you with financial freedom? How does the move make you feel? A move is always stressful, think long term- will this move be a long-term advantage to your quality of life?
2. Moving to a smaller home will mean, a loss of space. You will have to mentally prepare for less space. Think about how much space you need. Consider what types of spaces are essential to the way in which you live- think in terms of: entertaining space, space for overnight guests, office, or hobby space. As an example, if you like entertaining, you will need to ensure that the new home provides enough space to do so. Consider how often you will need that extra space? Is it a regular occurrence or an occasional event? Are there any alternative arrangements that can be made- such as utilizing an open concept floor plan, a lower-level living area or is there a entertaining or banquet space available in the neighbourhood or complex? Determine what is too small a space and ensure that your downsize move is to a space that is functional and not too small.
3. Having a smaller home may mean less privacy. Think about who you will be living with and how you like to spend your “alone time” is there enough space to accommodate.
4. A smaller home will also mean less storage space, so decluttering, organizing, and prioritizing your belongings will be essential.
5. You can’t have it all, so think about what really matters to you. Some may think about “lack” and “keeping up with the Joneses” but in the grand scheme of things what really matters to you, and will the downsize move put you in a better position?

The advantages of downsizing are being increasingly recognized. A “tiny house movement” has gained passionate advocates who appreciate the benefits of living simply at any age and stage of life.

BENEFITS OF DOWNSIZING
There are numerous benefits to downsizing.

1. PROFIT_ You will likely make a profit if you are selling a larger home and moving to a smaller one.
2. EXTRA CASH_ If you have a mortgage and are moving to a smaller less expensive home, the result will likely be, having no mortgage in the new home or a smaller mortgage- and this results in extra cash. What would you or could you do with the extra cash each month? And how would it allow you to live your life? Think in terms of: Money to invest; less financial stress or the ability to travel?
3. LESS MAINTENANCE & UPKEEP COSTS If you are downsizing, moving to a smaller house may just be “right-sizing” your needs for less space, less maintenance and less in upkeep costs both financially and physically. One of the biggest pros to downsizing is having less of a burden in terms of home maintenance. A smaller home means there is less to clean, less to upkeep, less in terms of utility costs, and less of an overall financial burden.
4. QUALITY: When you are living in a smaller home and you are thinking of upgrades- the cost to do so is less compared with doing so in a larger home, well simply because you need less. For example, if you wanted to change the flooring in a 1200 sq ft home compared to a 2500 sq ft home the cost is considerably less, so you can even splurge on higher quality materials.
5. ACCESSABILITY_ If you are older, downsizing to a smaller home that is a one level property, will make the home more accessible in terms of movement as you age in place. Having a home with no stairs and a smaller yard will be more accessible as you age.
6. STAY THE COURSE_ A smaller home, even if you are currently young is one that you can likely grow old in and stay the course for your entire life.
7. DECLUTTERING_ Downsizing from a larger home to a smaller one, will necessitate the need to declutter. The purging and organizing of our personal space is somehow satisfying. The move forces us to do the work that was most likely on our minds over the years. Decluttering our personal space is freeing, it opens our minds, allows us to focus and enjoy those items that truly have meaning and bring joy to our lives.
8. SMART DECISIONS_ Have limited space will help us making better decisions in terms of what we bring into the space. Focusing on items that are truly important and necessary will also help you save money by no longer wasting money on unneeded items.
9. HELP THE KIDS_ Downsizing can put you in a stronger financial position and may also provide you with extra funds so that you can help your children to be in a better financial position. In recent yeas we are seeing may first time buyers being “gifted” money by their parents so that they can enter the market.
10. The shift in your income that accompanies retirement se lower you will either Extra cash can be Not only does a smaller home typically cost less, it also takes less time and effort to maintain.

As you contemplate your downsize move, keep these points in mind. Weigh the pros and cons of moving to a smaller home and see what is right for you. Have questions? Want to find out exactly home much your current home will sell for in todays market, and what a downsize home in your desired area might look like and cost? Having “real” numbers to work with will help you make an informed decision. Simply scan the QR code or call me direct to schedule a free discovery call. My Name is Evelyn Lopes with the Evelyn Lopes Realty Team with iPro Realty Brokerage serving Caledon, Peel Region, Orangeville, Erin, Halton Hills, and surrounding communities and I’m here to help.