Redefining Home -Downsizing
The Essential Building Block Questions:
What is downsizing? Downsizing or “living simpler” is another milestone in our cycle of life’s seasons. However, clearing out a home, preparing it for market and considering where to go next is a major transition filed with a multitude of decisions from start to finish.
For some folks the decision to downsize can simmer slowly for years before they actually feel ready to take the steps. For others, the decision comes like an epiphany and is immediate and clear.
While most of us have or will go through this process, HOW we go about this is a personal journey.
Humans are most often motivated to make change when their “why” is defined.
What’s Your Why?
There’s something in each of us that knows when we’re ready to move into a smaller space. Life events often trigger the thought process, such as realizing your children have officially flown the coup. Or perhaps as you move through your everyday you realize that you spend most of your time in your kitchen, bedroom home office &/or garden. Whatever the reason, the life events, or the season, you’ll know when it’s time to start exploring & researching your options.
Lifestyle Benefits include making room for hobbies, relaxation, travel, soaking in cultural events, etc. Is bigger really better or is it standing in the way of a better quality of life? Less maintenance = more freedom!
Financial Benefits include locking your home’s equity, which in turn may result in erasing your mortgage.
The next question to arise is whether or not to Buy or Rent after Downsizing?
This is an important question not only because of our basic need to have a roof over our heads but also because the next step should yield a financial benefit. If you intend to stay in your area and rents exceed your current mortgage, it may not be the best financial move.
If you’re planning on purchasing a smaller home, a condo perhaps, and can pay for it fully out of the proceeds from the sale of your home, then by erasing your mortgage, even with a moderate condo fee, you’ve simplified successfully.
What’s Your Where?
Active Adult Community
Continuing Care Retirement Community
Moving closer to your children & grandchildren, in-state or out-of-state
Downtown/ City Life
Suburban area with urban amenities
There are many considerations around this decision. Being able to discern which is best for you requires examining your financials (what you’ll sell vs. what you’ll buy/rent) and how to align that with your personal desires.
Sometimes just getting ready to be ready requires guidance. Contact a trusted REALTOR who works with Seniors and they will take you through the process in alignment with your needs.
HOW TO KICK START THE PROCESS?
Contact Mahtani RE for a complimentary, no-obligation consultation.
“Privileged to be a resource”