When it comes to your home, at a certain point in life, bigger doesn’t necessarily mean better. As one’s priorities and lifestyle changes, so can your home. The term “downsizing” can sometimes be attached with a negative connotation of moving into an inferior home but this couldn’t be further than the truth. In fact, members of our very own team have found both peace and freedom in downsizing. So if you’re looking around at your expansive home as you read this and find yourself wondering whether YOU are ready to downsize, consider these points…
You’re Not Using the Space
If you have kids, pets and all the activities and equipment that go along with that, a 4-bedroom house with a backyard might make perfect sense. At a certain point though, you might find yourself an empty nester and without having any intentions of training yet another puppy. Whatever the case may be, many of our clients, at one point or another, find themselves looking at empty guest beds, unused rec. rooms, dusty formal dining rooms and so forth and ask themselves, what do we have all this space for? If you’re not making the most of the square-footage or specific features of your home, then perhaps it’s time to put your house on the market so someone else can make the most of it! Spending money on the upkeep of a home that you only use a portion of, is hard to justify. Instead, it’s worthwhile to consider downsizing to a home with fewer rooms and a smaller (or even no) yard so that you can truly get your money’s worth. This is especially true if you are approaching or have already retired.
You’re Never There
These days we have more flexibility and options than ever before. You can work virtually anywhere, which means there’s more opportunity for travel. Or perhaps you’re a retired snowbird and spend the winter in a warmer climate, while others may choose to spend the entire summer at the cottage up North. In any of these cases, the result is the same. Your home is sitting empty and, to avoid maintenance disasters or burglaries, it’s often necessary to have someone make regular visits in your absence. If you find yourself at this point, you have to ask yourself whether it is worthwhile to spend money on a house you barely spend time in? Downsizing can not only drastically cut down on expenses but it can also potentially allow for even more travel or a larger home down South or up North. In these circumstances, condos with full-time concierge are a great alternative to a large home as all the maintenance and security is taken care of and you can simply turn the key and go. There’s a lot to be said for the value of peace of mind that comes with a well-run condo building!
You’re Feeling Overwhelmed
Gardens, pools, tennis courts, roofs, driveways (the list goes on and on) are all wonderful but also require a lot of care and maintenance. If you fall into the previously mentioned travel category or you’re simply sick of a lifetime of maintenance, you may find yourself overwhelmed with upkeep. The solution to this problem may just be a smaller home with a smaller yard or you can eliminate the concerns attached with a home altogether and make the move to a condo! With countless buildings in the city that offer beautiful balconies and terraces, ample square footage, convenient underground parking and extensive amenities, it’s easy to find a condo that will suit your needs. Even if you like to entertain large groups or family gatherings, most buildings have party rooms and catering kitchens that are more than adequate. In fact, many of our clients, once they’ve made the move, wonder why they didn’t do it sooner. In most cases, not only do they end up saving on maintenance costs but they also reduce stress and worry significantly.
Your Career No Longer Ties You to a Particular Location
Many people associate downsizing with older, retired, empty nesters and although they are the majority in this category, there are some exceptions. In some cases, our clients’ careers at one time may have required them to live in a certain area in order to be close to the office. As career positions and technologies advance however, a job doesn’t necessarily dictate location as it once did. This might mean that you now have the freedom to travel more. Alternatively, you may simply wish to explore the different lifestyles that various neighbourhoods around Toronto can offer, that weren’t realistic options before.