Operation DOWNSIZE. How to know when the time is Right?
Downsizing. It’s an ugly word, really, but these days we’re hearing it more and more. According to Merriam-Webster, the first known use of the word downsize occurred in 1975. In 2020, it seems to be everywhere.
Today, couples in their 50s and 60s recognize that the once-perfect home they purchased for their growing family is now full of empty, dusty rooms. But how can you be sure the time is right to downsize?
Here are Estate Sales Ontario’s top 5 signs that it might be time to downsize:
5. You’re spending less time at home.
Maybe you have a family cottage or other vacation home, or now that the kids are gone, you’re free to travel more, and you’re doing it more often. Why have a big, beautiful home if you’re spending less time in it? The money spent on mortgage payments, taxes, utilities, and seasonal maintenance work might feel wasteful now. Maybe it might make more sense to relocate to a smaller home that requires fewer payments?
4. Home Equity: it’s really a ‘thing’.
Have you had a market assessment done on your property lately? Maybe you should. Depending on when you purchased your home, its value may have climbed increasingly over the years. Why not take advantage of your biggest asset? Whether you want to cash out to cross off some of the items from your bucket list or to invest, instead of having cash tied up, convert your home equity into income and make it work for you in a more meaningful way?
3. You’ve Experienced a Major, Life-Changing Event
Retirement, loss of employment, divorce, or death; a life-changing event of this magnitude encourages downsizing. Whatever the reason, if you find yourself in the midst of a transformational change in your current life situation, maybe it’s time to consider whether your existing home is still a good fit for you financially?
2. Emotional Distress
For some, a home can be a constant reminder of a loss they’ve experienced. It could be time for those who have lost a partner or child, have recently divorced, or are new empty nesters to move on. If the home you’re in is causing you more heartache than happiness, think for a moment of what it might be like to live elsewhere? If that thought cheers you up, even in the slightest, it’s probably time to bid farewell to your present home.
1. Home Maintenance is Becoming Overwhelming
Big or small, every home requires maintenance. But if you regularly find yourself struggling to keep up - physically or financially - with the chores needed to maintain your present home, downsizing is definitely in your future. And if sentimentality is tempting you to hang on to your home as it slowly but surely deteriorates, you’ll have even less cash to spare when it comes time to retire.
We at Estate Sales Ontario know that making the decision to downsize is tough. Deciding on the best time to downsize is even more of a challenge. But if you play your cards right, moving into a less-expensive home can not only save you money, but make you money too.
Receiving advice and assistance from the professionals at Estate Sales Ontario can help reduce the stress and burden of downsizing. If you’ve determined that the time is right, contact us for a free, no-obligation consultation so YOU can decide if an estate sale is right for you.