When Is It Time To Downsize To A Condo?
Tuesday Apr 07th, 2020
Several studies have found that many Canadian boomers don’t have plans to downsize anytime soon. National data showed that as more seniors stayed in the workforce, they reported higher levels of income and therefore were able to keep and maintain their houses.
On an emotional level, it can be a drastic change to suddenly move out of your house and into a condo. But the reality is that downsizing to a condo may be the best option for homeowners who are transitioning into a new phase of their lives. An Ipsos study from 2018 revealed that 91 percent of people who downsized were happy with their current living situation and few regretted the decision. That’s why some prefer to see it as “right –sizing” instead.
Not sure if it’s time to switch to a condo? Here are some common signs that a change is needed.
It’s getting harder to care for your house
Taking care of a big house gets harder as you get older. Day-to-day house cleaning can become uncomfortable, lawn maintenance can become arduous, and snow and ice removal can be downright dangerous. Sure, you can pay professionals to get the job done, but that could put a dent in your bank account and thwart your retirement savings plan. When you downsize to a condo, the building takes care of all the common elements, including sidewalks and hallways. The only thing you have to worry about is the upkeep of your suite. You’ll spend less time, energy, and money taking care of your space, which is better for your overall health and quality of life.
There are unused spaces in your house
If you have empty bedrooms and basements that have slowly turned into dusty storage rooms, then you most likely have too much house. Empty nesters often find themselves with unused space once their children have moved out. If there’s no chance your children will be moving back home, then it might be time to consider moving into a condo. You’ll be forced to declutter your house and get rid of items you no longer need, which can come with an immense sense of relief and satisfaction.
You need to unlock some home equity
If you need to cash in your property investment, then downsizing could be your ticket to financial freedom. You may need that money to pay off personal debt, boost your retirement savings, pay for long-term care, cover children’s tuition. If you sell your house and buy for less expensive condominium unit, you’ll still be building equity and have a source of income to rely on down the road.
Your house has negative emotions attached to it
If your house has become a place surrounded by negative feeling, it might do you some good to move on. There are many reasons why a house has unwanted baggage: It could remind you of bad memories, it could feel unsafe or unpleasant, or the neighbourhood may have changed to your dislike. Whatever the reason, there’s no sense in staying in a place that no longer feels good to you. Downsizing to a condo can give you a fresh new start.
You want to be near friends and family
If being close to your loved ones is most important to you, downsizing is a good opportunity to make that happen. There are many benefits to being near your friends and family. You’ll get to spend more time with friends and watch young ones grow up. You’ll have help close by if you ever need assistance. Most importantly, you’ll have a more active social life. Studies have shown that maintaining healthy relationships can lead to longer life, more happiness, and stronger sense of security.