Downsizing your home in 2020 may seem like a daunting process. Should I sell now or wait? Where should I move? How are we going to go through decades of our belongings!?!
Yikes! That’s a lot to think about!
While trading down may seem both emotionally and physically challenging, the advantages far outweigh the stress and turbulence of your move. Regardless of whether you’re moving from a suburban house to a downtown condo or moving from a bigger house to a smaller house, downsizing offers many opportunities and benefits. Here’s my take on what you should consider if you’re thinking about downsizing this year.
Downsizing Doesn’t Mean Downgrading
While the ‘bigger is better’ mentality may have you in no hurry to sell, there are some real financial benefits that come with owning a home or condo with less square footage. If you want to upgrade your lifestyle in 2020 without spending a dime, downsizing could be the ticket to help you reach your financial goals!
Downsizing Upside: Lower Housing Expenses
Are you living in a home with more bedrooms than you need just so an occasional family member or guest has a soft place to rest their head when they visit three times a year? If so, it may be time to reevaluate whether tying up hundreds of thousands of home equity to store your things or house the occasional guest is worth it. Of course, downsizing doesn't make sense for everyone and is ultimately a very personal decision that should be taken with great care. That being said, many empty nesters nearing retirement don’t always consider the financial freedom and long-term benefits of smaller monthly mortgage payments.
Downsizing Upside: Easier Maintenance
Let’s be honest, the day-to-day demands of owning a larger home can take its toll on your physical and mental health. Transitioning to a condo means you can say goodbye to chores like lawn care, cleaning, roof maintenance, snow shoveling, weeding, or taking out the garbage! Another bonus of condo living is the peace of mind that comes with having a 24-hour concierge to keep you feeling safe and secure in your living space. The time and freedom that comes with a smaller square footage gives you more time to enjoy your life and focus on the things that really matter to you! Who wouldn’t want that?
Downsizing Upside: Fun and Freedom
Transitioning to condo life or a smaller home gives you more time and freedom to travel the world, visit family, and take up new hobbies! While you might have to sacrifice backyard BBQs or having family stay the night, imagine being able to use that time and cold hard cash to take your family on vacation or treat yourself to something special. If you’ve always lived in the suburbs, moving to a more vibrant downtown neighbourhood allows for a more convenient lifestyle where on-site amenities and local cafes, restaurants, and theatres are just a short walk away. More importantly, condo life gives you the freedom to leave for weeks at a time (hello, warmer weather!) without having to worry about having to check the mail or shovel the driveway while you’re away.
It’s a Great Time to be a Seller in the GTA
If you’re sitting on a home in the GTA that has appreciated considerably in the last few years, 2020 would be a great year to list! The Toronto real estate market is a seller’s dream at the moment, which means the odds of capitalizing on your sell are better than ever! Not only will downsizing in a seller’s market provide you with more cash after closing, clients nearing retirement might consider downsizing into a smaller home or condo and investing the rest of the proceeds.
If you’re hoping to downsize this year, please reach out! When it comes to houses and condos in the GTA, I’m an expert at pricing it, staging it, marketing it, and SELLING IT. Call me, text me, email me today... let me help you achieve similar results. firstname.lastname@example.org | 416-903-7653