A TD Canada Trust Boomer Buyer study recently reported that 86% of all Ontario Baby Boomers say their next move will be to a smaller home.
Downsizing can make dollars and sense, but the decision to downsize can be daunting.
How do you know if it’s the right time to make a move?
Start by asking yourself these questions: Do you…
- Have substantial equity in your home that could be generating income for you? For example, if you sold your home, would the dollars it brings help you live more comfortably elsewhere?
- Have vacant or unused rooms in your home?
- Have health issues that make your present home more difficult to live in? Are the stairs just too hard to climb or is the laundry in the basement inconvenient now?
- Find your present home more than you want to manage with the lawn, the gardens, the snow shovelling, maintenance and upkeep?
- Do you want to be closer to family and friends?
- Have an interest or need for other housing options that could allow for more freedom (such as travel)?
If you’ve answered YES to the majority of these questions, then you are likely ready to start thinking about downsizing.
While moving, let alone downsizing, may feel like too large a job to take on for you and your family right now, there are Transition Specialists who are dedicated to move management and making this process simple and streamlined for you and your family.
If you answered NO to most of the questions, it’s probably not time to downsize yet.
It’s entirely possible that you’re where you should be.