If you are planning your retirement and looking to simplify and free-up time for new things, downsizing your home can give you the time and resources to make this possible.
For many retirees, this phase of life can mean moving somewhere new and exciting. If you are planning to downsize and relocate we have three tips to help you make this a success:
Consider a location that fits with your ideal lifestyle
Before moving, consider where you want to be and how you want to spend your time in retirement. We suggest asking yourself the following questions:
- Do you want to be close to family?
- Are you looking to be in a large city centre, or a smaller town?
- Do you want to have access to activities, privacy, or the best of both?
- Do you want to be surrounded by people your own age, or a mix of retirees and families?
Considering these types of questions will help you narrow down your options. Downsizing and relocating can be an emotional process, so you want to make your move rewarding.
Calculate the cost of selling and buying
Remember, even if you plan to purchase a smaller home, it does not necessarily mean it will cost less than your current place. The location of your new home will have a huge impact on price.
For example, a small apartment in a large city could cost millions, while a larger home in a smaller town could cost half the price. One of the benefits of relocating is that you can remain close to your current city but spend less on a new home. This can be especially important in retirement when you have a set income coming in.
If you are hoping to make money by selling your current home and then downsizing, make sure to ask your realtor how much it will cost to sell your home. Costs include closing fees, legal fees, moving costs, and more. Keeping these selling costs in mind, you will want to consider buying a property that the profits will cover, or at least help you come in under budget.
Review your floor plan
Whether you have decided on a new home or are in the consideration stages, we suggest that you review the floor plan. By studying the floor plan you can determine if you have the space you desire, and map out where your personal items will go. By pre-arranging your personal items and furniture, you will be able to determine what you will not need to move from your old home — this will help with a smoother cleanout of your old home and make for an easier move to your new home.
If you are considering a new build home, you will typically have the option to choose from a few floor plans and the ability to customize some design elements. When working directly with a builder, you can express particular lifestyle elements you want incorporated, like low and wide doorways, or a single-level floor plan. If you are planning to make this move your final home, make sure you get exactly what you want — you deserve it.
As one of Ontario’s leading home builders, we understand that planning for retirement is an overwhelming but exciting time. We are committed to supporting people in each new stage of life, and will create a home that is customized for your lifestyle.
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