Life changes after retirement as your financial situation and lifestyle are no longer the same. Downsizing is imperative at some point down the line. Most Canadians do it when a spouse passes away, children move out, or a medical situation makes their current place unsuitable.
But it is a big decision as your home has memories of a lifetime. Not to mention, the financial implications make it even more crucial. As a senior, you cannot rely on your instincts while making real estate choices. Here is some expert advice to make better ones while downsizing.
Consider the costing
Costing is perhaps the most crucial aspect of downsizing. Know the current cost of owning your home. It includes financial elements like mortgage costs, insurance, utilities, maintenance, and property taxes. Consider the cost of relocation, such as closing costs, realtor fees, and moving expenses.
Also, bear in mind the long-term costs like property taxes, insurance, and maintenance fees. The costs of downsizing depend on the area you plan to move to. Moving geographies means your food and transportation expenses may change. They may increase or decrease depending on the new location. Get a complete overview and consider the difference between the current and expected costs. It will help you shortlist the right option for downsizing.
Think about your lifestyle
The lifestyle you expect to maintain in the future is another significant element of your real estate decision. You may want access to outdoor space and amenities like golf, swimming, and exercise classes. Some want accessible and safe living spaces to plan for mobility issues and disabilities in the long term.
Likewise, you may want to move to a place that permits visits for grandchildren or family. Some age-restricted condominiums have specific rules regarding family visits, so check your facts beforehand. Fortunately, seniors can seek guidance from real estate agents in this context.
If looking for a property in Toronto, you can checkout this Toronto directory to find local real estate agents for seniors for help. Connect with an expert and discuss your expectations to get the best options to match them.
Know your alternatives
While your agent can show you several options, you must have clarity while downsizing. After all, the decision will uproot your lifestyle, so you must be really sure about your alternatives. Everything boils down to your primary driver for the move. You may want to live in a condo and enjoy the freedom and self-sufficiency it offers.
A single-family home is ideal for seniors who want to stay connected with the family. Assisted living communities bring the ideal mix of housing, meal preparation, and health-related services. You may even consider moving into a granny flat with your kids. It ensures privacy for everyone, yet the entire family can be together. Consider these options, and let your agent know your preference.
Downsizing can be immensely rewarding for seniors as it enables them to save money and reduce maintenance stress. But be sure to make wise decisions as they set you up for a happy and comfortable life ahead.