How Do I Know When It’s Time to Downsize?

While the answer will vary according to your unique situation, there are a few key signs it may be time to downsize. These include: 

• An empty nest – Now that the children have flown the coop, you’re finding yourself with a lot of unused rooms and spaces
• You’re retired (or close to retirement) – You want to boost your retirement fund 
• You’re tired of maintenance – Your current home is becoming a burden in terms of repairs, cleaning and general upkeep 
• You want to age in place – You’re worried your current home may not meet your needs as you grow older  

What Are the Benefits? 

While we understand it’s hard to give up your older family home, downsizing comes with great benefits! Here are just a few of the many perks you can look forward to: 

• A more affordable mortgage 
• Reduced utility bills 
• The ability to move closer to friends and family
• The opportunity to travel 
• Little to no maintenance 
• More money to do what you love 

What Will I Do With All My Stuff?

Admittedly, one of the most difficult parts in the downsizing is having to decide what stays and what goes. Here are a few suggestions to make the process easier: 

• Decide what you can (and can’t) live without – Start by making a list of items you’re set on keeping and items you’re comfortable getting rid of 
• Take stock of the largest things first – Assess what furniture and appliances you will need in your new home (and what you won’t)
• Go room to room – Starting in one room (then moving to the next only once you’ve finished) will prevent unnecessary stress and overwhelm 
• Make three piles – As you go, sort items according to “keep”, “sell” or “donate” in order to help keep things organized 
• Storage is always an option – Remember, you don’t have to get rid of anything if you’re not ready 

Will I See a Good Return on My Current Home? 

While your home’s value is subject to current Edmonton market conditions, you’ll be in a much better position to sell quickly (and for top dollar) when partnering with an experienced Edmonton REALTOR®. A good agent will not only provide you with a free home evaluation, but they’ll also help you navigate the market, improve your home’s value and attract buyers.

Will My Current Home Require Much Work? 

Here again, your REALTOR® will suggest ways to improve your home’s value for the least amount of time, effort and money. Low-maintenance suggestions may include: 

• A thorough cleaning (inside and out) 
• A fresh coat of paint
• Improving curb appeal
• Value-boosting repairs and upgrades
• Home staging

*See our previous post, Sell Your Edmonton Home Faster With These Easy (and affordable!) Home Staging Tips

Keep in mind, you don’t have to do this on your own. A good Edmonton agent will have the resources you need to get the job done quickly and easily.  

Can I Buy and Sell at The Same Time? 

While your current home equity, mortgage flexibility and personal finances are sure to play a role in whether or not you buy before you sell, this is absolutely possible. Options may include a home equity loan (HELOC), bridge loan or porting your mortgage, to name a few. Be sure to talk to your REALTOR® about which strategy is best for your downsizing goals. 

How Do I Pick the Right Home? 

Establishing your wants and needs is key to finding your new home. For this reason, it helps to know what style of home you’re looking for (i.e. a smaller single-family home, condo etc.), your budget and features you’d like to have. Here again, having a REALTOR® on your side will be an added bonus as they’ll help you align your wants and needs with your future goals. 

Do I Really Need a REALTOR®?

The truth is, while you don’t NEED a REALTOR®, we know partnering with one can make things much easier. With downsizing especially, having someone on your side to help you navigate the Edmonton market, sell your home quickly (and for top dollar) and find the perfect forever home can make your transition simple and enjoyable. 

Didn’t find the answer you were looking for? We can help! Contact the Terry Parancyh Real Estate Group today and we’ll be happy to answer any questions you might have.

Categorised in: Downsizing

This post was written by Terry Paranych Real Estate Group