Thinking of Downsizing / Right Sizing?

When most of us hear the word "downsizing", also called "right sizing", we think of individuals who are about to retire. Though this might be the most likely group to move out of the large family home and into a smaller home, there are other reasons to downsize.

Because retirement is the common reason to change homes, let's look at that first. Retirees often want to reduce their living space because their kids have left home. A large spacious family home requires more cleaning and yard work than some retirees are capable of doing or affording, never mind the cost of larger repairs and maintenance. Simple solution, move to a smaller home, right? Maybe, but maybe not.

Living in the same home for a number of years means there are plenty of memories in the home, and, lots of stuff. Possessions which may be a challenge to get rid of, furniture that won't fit a smaller home, and most importantly the amount of space you are accustomed to living in are all factors you need to consider when downsizing. Before jumping into the search for a smaller home it is important to take stock of what you have now (possessions, space, neighbourhood, amenities etc.). If you are ready to declutter and give things you don't need any longer a new home, and you can envision a smaller home suiting your needs, it is time to call your Real Estate agent. Working with an experienced realtor will provide you with the correct guidance needed for the next stage.

“A large spacious family home requires more cleaning and yard work than some retirees are capable of doing or affording, never mind the cost of larger repairs and maintenance.”

Retirees don't have the concept of downsizing cornered. Financial consideration is another reason downsizing might be an attractive option. Are monthly payments for a mortgage, taxes, utility costs, or credit debt becoming overwhelming? Consider your current budget. Would living smaller help to reduce expenses, clear up debt, and maybe put some money in savings? A smaller residence can mean reducing expenses, including a smaller mortgage, lower property tax, and reduced utility costs. It is a good idea to visit a financial advisor or financial institute for advice on whether or not downsizing would improve household finances. If downsizing is a necessary step, contact your trusted Calgary Real Estate agent. Smaller homes can cost more if you don't know what to look for, so it is important to work with an agent who can show homes that will meet your needs and keep you on budget.

Sometimes life just gets too complicated. Weekends are spent doing yard work or house work, everyone in the family watches TV in a different room of the home, or there is no extra money for holidays. Deciding to live simpler is another reason to downsize, or in this case, truly “right sizing”. How much space does your family really need? Taking a realistic account of your needs and deciding to move to a smaller home will require real commitment, but it is an opportunity to reduce the workload and the cost of running a larger home. More time for family and realizing financial gain is an attractive prospect. When the decision is made to change to a "right size" home, call your trusted Real Estate Agent.

No matter the reason for downsizing your home, keep in mind:

Hidden costs:

  • Will your current home need repairs before selling?
  • Will there be bank charges for paying the mortgage too soon?
  • Will your furniture have to be replaced?
  • Can possessions be de-cluttered or will you need a storage unit?
  • What is the cost to move your things?

Downsizing too soon: will you need the space for a child returning or an ailing relative?

Have you considered what a new home will mean: walkability, neighbourhood, getting to work? Will there be costs or savings associated with a change of location and lifestyle?

Purchasing and moving in to a new home is a very big deal, and it is very important to work with someone you can trust. Today's real estate agent is knowledgeable, capable and experienced. Choosing an agent such as THE PHIL LEPAGE TEAM helps to make the decision easier. Not only do they know Calgary’s home market and neighbourhoods, they understand the emotions homeowners go through, the financial implications, and the small details that make the process smooth.If you are considering downsizing, call a trusted Calgary realtor today.

Share this Post