There are many pivotal times in your life where change is inevitable. Those times usually centre around family and the addition and deletion of them. When your kids move out of the home and onto more independent lives, it can be a very bittersweet time. It is at this point where you realize your home may be too large for you (and your partner if you have one) and it may be time to consider downsizing. There are many benefits to buying a smaller home or condo once your kids have moved on, like paying less for your mortgage (or not having one at all), paying less in property taxes and other home expenses, and having a home that is easier to care for. When you are ready here is how you do it.
Whether you are upset at the new stage in your life or thrilled to move on, your emotions should not play a role in your decision to downsize. What should play a role is what you need and how you are going to get it. Allow yourself to feel what you need to and then get a clear mind while going into this important financial transaction.
The next step to take when downsizing is to take inventory of what you have. If you have lived in your home for many years, you will inevitably have a lot! Unless you are super organized and have been getting rid of items as you do not need them, this is going to take some work on your part.
Now that you know what you have, decide exactly what you need. This should be in terms of a new home and your belongings. If you will be living or alone or with a partner, decide how much space you truly need. Will your kids and their kids be visiting you regularly? Will guests need a place to sleep? Do you have hobbies or work that you do from home and need a committed space for those? As well, think towards the future and decide how long you want to live in this home. If you plan to live there for the rest of your life, you may want to consider mobility and health issues and get a home with one storey.
Knowing that you will have much less space that you had before, you will have to rid yourself of the things you will not need. Ask your family and friends for help if you need it. Tell your children to pick up all of their belongings (and maybe a few extra things) so it takes it off your hands because you will not need it in your new home.
Once you know what you want and want to find your newly downsized home, it is time to find a real estate professional who can help you do this. Buying real estate and living in South Georgian Bay can take away the hustle and bustle of the city, but allows you to remain close enough for family to visit. The number of recreational opportunities and things to do for empty nesters are numerous in the South Georgian Bay area. What are you waiting for?
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