So, you’ve decided to move to a smaller place. (Or you think your parents may be ready) Did you know that over my career I've focused on 2 specialties? One is helping people downsize. The other is Real Estate Negotiation.
This post is written for people considering a downsize - and in this case I'll be talking specifically about issues related to health - both mental and physical. Firstly, there are a lot of reasons people consider a downsize...
• You’re tired of all the work you’re doing to maintain your current home
• You’re looking to simplify your life
• You think a move to a new place will help you focus on what’s really important and create a better lifestyle
• You want to move to a new town where the pace of life suits you better
• You’ve lost your spouse and your current home feels empty without them
• Health issues have made it difficult to continue living where you are now
• You want to move to an adult lifestyle or retirement community where you can meet new friends and stay active
• You want to move closer to your family
• You plan to use the proceeds from the sale of your home to help fund your retirement goals..for Toronto downsizers this could unlock a large amount of capital
When I meet clients for the first time, these things have been on their mind for a while.
It's my experience there are usually 2 main reasons that spur them into action
1. Health
2. Finances
In my opinion, health reasons can be both physical health and mental health
Health can be an anticipated change or a sudden change of circumstance. With an anticipated change, the most frequent thing I come across is difficulty managing stairs. The second is just a knowledge that gradually your home will become more physically challenging; so it’s better to make a move closer to family while it’s easier for you.
But, what other things should you consider that may be health related?
Driving – how convenient is your current neighborhood? If you need to stop driving can you keep your daily independence as long as possible? Are you ok taking public transit, taxi’s or Ubers? Are there neighbors you can pool resources with without being burdensome?
Laundry – It may be mundane, but it's necessary! Even if you are in a bungalow, your washer & dryer may be in the basement. Carrying a heavy laundry basket down basement stairs can be a fall hazard – not only that, it’s not everyone’s favourite job anyway. Yes, you may be able to renovate and move your laundry upstairs. But will the cost outweigh the benefit? And will the buyer of your next home like or dislike the renovation, costing you money on both ends?
Lawn & Garden care – if taking care of landscaping has been a source of pride, having someone else do it for you can not only be expensive but often not up to your standards.
Mental Health – you can often feel isolated in the very community you love so much, especially if your close neighbors are no longer there. Same goes if your spouse is not able to help you, or your children have moved away.
Your spouses health needs are different than yours - it's very common for spouses health to be different. I have seen a lot of couples (my family included) where one spouse turns into a caregiver for the other. And they probably delay a move longer than they should - after all there's a lot going on. But a move may improve everybodies lifestyle
Well, that turned into a bit of a downer, didn’t it!
The good news is….
If you start planning now and you're thinking of a downsize in Toronto, Durham or downsize in the GTA or Golden Horsehoe you will be pleasantly surprised at the options that might be available to you!
Based on what my clients have said (and I’ve helped countless through this)
“I wish I had done this sooner”
Don’t let circumstances determine your future choices. It’s easiest to do this when you’re active – you’ll be able to handle things much easier!
Call me today at 416-562-5002 if you're thinking of a downsize or email me at [email protected]
Other downsizing resources I have put together can be found here:
Real Estate Services for Toronto Seniors
Helping Family with a Downsize
Downsizing Seminar Recordings on YouTube
