Life changes – kids grow up and leave home. Suddenly, you don’t need as much space, and your financial needs may also change. These reasons may prompt you to think about house down-sizing, reducing your belongings, and moving to a smaller place. If you’re considering such a change, take the time to assess the many factors involved. It’s a big transition.
It’s essential to calculate a realistic breakdown of your expenses, such as property taxes, mortgage payments, transportation and utilities. House down-sizing is likely to reduce these, as well as future maintenance expenses. Moreover, money saved by moving to a smaller home could be used elsewhere, like creating a new active lifestyle or supplementing your retirement savings. A smaller home will also help reduce your repair costs and energy bills.
For seniors who often stay in their homes longer than they should, down-sizing can be a very emotional experience. While it can be difficult to let go of prized possessions accumulated over a lifetime, it can be a cathartic experience to clear the basement, drawers and closets of things you no longer use or need.
The great thing about house down-sizing is that it will give you more time to do the things you enjoy most. When you consider the amount of time you spend maintaining and cleaning your home, the chance to increase your leisure time is extremely appealing.
If you’re looking to sell or buy real estate on the magnificent Southern Georgian Bay Waterfront, contact us, Nancy-Jo and Iain Gurr. We specialize in retirement and waterfront properties, luxury homes, cottage real estate, and first-time buying.