There is a time for everything, and timing is everything. When is it time to Downsize?

When it comes to downsizing, no truer words could be spoken.

The Big House Has Been Great

When you’re raising a growing family, working from home, and earning at your peak, a big family home is a wonderful asset.

It’s a place to bond, relax, and recharge.  Home is a place of pride and security for everyone who lives there.

Like everything, though – there is a time to have the big house, and often, there is an ideal time to sell it.

How will you know when it’s time to downsize, and enjoy not only the profits, but also the freedom that comes with the move?

Here are 6 indications that it’s time to consider downsizing.

You’ll Know It’s Time When: 

1. The features of your home no longer serve your lifestyle

When you bought your house, you were probably looking for lots of room to spread out and grow: Extra bedrooms, a rec room or play room, multiple bathrooms, and tons of storage space.

If you find yourself with rooms whose doors you never open, bathrooms you never use, and closets filled with things that belong to people who don’t live in the house…it may be time.

2. Monthly expenses have become burdensome

While you’re working full-time, with regular increases in income, housing costs may fit easily into the family budget.

However, if you’re starting to scale back your working hours – even fully retiring, this may change.

Being on a fixed income can make you start to feel house-poor and cause undue financial stress.  This is another indication that it’s time to think about downsizing.

3.  You are approaching retirement – but have no pension plan

According to the Toronto Star, two-thirds of working Canadians do not belong to an employer pension plan.

This means you are in good company if the equity in your home makes up most or all of your retirement savings.

Another report by Scotiabank shows that the average Canadian expects to need around $700,000 to retire comfortably.

Would you like to venture a guess at what the price of the average home in the Hamilton/Burlington area is these days?

If you’re approaching retirement, this could be a clue that it’s time to think about downsizing.

4. You find it hard to keep up with the maintenance

Even the most well-kept home needs regular maintenance.  Between regular repairs every-so-many years and day-to-day upkeep, you may be finding it harder to stay on top of things.

If mowing the lawn seems to take longer than it used to, weeding the flowerbeds leaves you aching, shoveling snow takes your breath away, or regular housework seems overwhelming – that could be a sign that it’s a good time to find a place that’s easier to keep up with.

5.  Stairs are a challenge

While the kids are young and the house is full, the staircase to the upstairs bedrooms offers a layer of separation between the generations.  Sending them upstairs to play or to sleep is an easy way to get grown-up time; peace and quiet.

But if you find yourself choosing to move your bedroom to the main floor and avoiding the stairs, or if you are afraid of going to the basement for fear of falling, this could be an important red flag.

Don’t wait until there’s an accident or emergency to consider looking for a one-storey floor plan that makes your life safer and easier.

6.  You dream of all the fun things you could do with the equity that’s tied up in your house

Especially if you are healthy and able, and you are in a position to live in a smaller home, whether a rental or owned, why not enjoy the fruits of your labour?

If downsizing will allow you to live out some of your dreams, why not consider it?

What does that look like for you? Would you travel? Move closer to the grandkids? Pursue a hobby? Move to a warmer climate?

If your retirement dreams and plans excite you – consider whether the time to downsize is now!

Timing Really is Everything

Homeowners in Hamilton have never seen a better time to cash out, if that’s the stage of life they are at.  We have never seen home values so high or demand for real estate so robust.

Of course, for people who are just starting out or who are raising young families, the conversation is different.   But if you have worked hard and are ready to cash out and start your next chapter, we would love to help!