Your family home is where you’ve made lifelong memories to cherish forever. The fact is, though, that when Canadians reach an age at which they’re set to retire and their kids have flown the coop, they may be thinking their home is just too much for them.
Making the decision to move to a smaller home is not an easy one. It can be fraught with all kinds of emotions. You might be thinking that selling your larger home may give you the nest egg you need for your golden years. Maybe you’d like the extra cash to do a little travelling. If this is the case, downsizing may be the right decision for you.
Your Situation
If you’re still paying a mortgage, you might have to really go over the positives and negatives of downsizing. If you have a large amount of equity built up in the home, downsizing could be an option. You might be able to use that equity to purchase a smaller home more suited to your needs.
Making a room-by-room assessment of your current home could help you to make up your mind. It may be that some of those rooms are no longer being used and you might come to the realization that you do, indeed, need a smaller space.
Less to Maintain
Having a smaller home means less work for you. The upkeep would definitely be easier on you physically and easier on your wallet. The older you get, the more difficult it may be to maintain a larger home.
Let’s face it, Canada has some harsh winters and it might be that you’re considering spending those cold months in a warmer climate. If you’re considering becoming a snowbird, saying goodbye to your large family home may make a lot of sense.
A Change in Lifestyle
Some Canadian retirees have put a lot of thought into what kind of lives they would like to lead as they age. If you see yourself in an active retirement community where there will be a social aspect to your life, moving into a seniors’ condo complex or a seniors’ gated community may be more up your alley.
When you’re deciding on a new home, it is best to take some time to think about how you see your life. For instance, if you want to continue to do some gardening or have outdoor hobbies, a condo may not be the wisest choice for you.
Weighing the Pros and Cons
As with any buying or selling of real estate, weighing the pros and cons of your potential decision is a must. When you do that, you’re more apt to make the right decision for your circumstances and you’ll be happy in your retirement.
