The Upside of Downsizing: Part 1
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September 2011
In my 21 years of involvement in the real estate business, I’ve helped a lot of young people buy their first home. It’s really an exciting time for them. To think they are actually going to own their own piece of real estate! They can decorate the way they want, pursue a gardening hobby, and start a family. This is the stuff dreams are made of!
As exciting as owning your first property can be, those of us who have “been there, done that” know that along with homeownership come home-owner responsibilities: cutting the grass, a never-ending battle with weeds, cleaning the gutters, renovating, redecorating, fixing the fence, leaky faucets, replacing appliances, and of course, paying taxes.
From a senior’s perspective, you can probably look back and say that owning a home has served a worthwhile purpose. But now, the children have long moved out and have families of their own. You have more rooms in your house than you need. The stairs, if you have them, are becoming harder to negotiate. And you may be hiring and/or depending on a host of other people to do a lot of the maintenance and upkeep for you.
You may have started asking yourself important questions like: Do I really need all this space? Could I be spending my physical energy, my mental energy, and my money on a better way to live?
The concept of downsizing has been around for a while. It’s the whole idea of simplifying your life, shedding yourself of the big house, and all the extraneous belongings that no longer fit your current needs. It’s going from big to small, from many to few. Ultimately, downsizing translates into freedom. With freedom comes peace of mind. That really is what you are accomplishing when you appropriately downsize.
In the history of Canada, we have never had more options as to what kind of lifestyle we can live than we have now. Today you can downsize in increments that suit you to a tee. For instance, if you’re in a big house with stairs, you can opt to buy a smaller one-level rancher. If you want just a little garden but want to be free from exterior maintenance, then a one-level townhouse may be a good choice. Or you can choose to get rid of the yard work and exterior maintenance altogether by buying a condo. Now if you really want freedom, you can move into one of many beautiful retirement residences available today. No more yard work, house maintenance, housecleaning, big loads of laundry, grocery shopping, cooking or dishes to do!
The fact is, downsizing can be a road to freedom from the responsibilities of maintaining a lifestyle that no longer reflects your present needs or desires.
So what does the process of downsizing look like? What are the steps you should take to begin the process?
Have a clear goal in mind. It’s important to create a clear picture of what you want your new environment to look like. For instance, if you are still in the big family home, ask yourself, “Do I still want to garden? Do I still want that sense of separation and independence from other homeowners? Do I want to be able to just lock the door and travel for a few months? Do I just want to have a safe, comfortable, and social atmosphere to live in?” Asking yourself these and many other questions will help you discover what is right for you.
This is the time to start a conversation with a real estate consultant, particularly if they specialize in helping seniors. By asking thought-provoking questions, a real estate consultant can help you discover what is important to you about the new environment you want to live in. They can even arrange a preliminary tour of different types of properties to help you gain a first-hand experience of what potential properties and retirement residences feel like.
I guarantee, once you have clarity regarding your goal, all the other decisions you need to make along the way will become much easier.
Valerie Edwards
Sensitive Sales Solutions
RE/MAX Camosun
Cell: 250-477-9947
Email: valerie@valerieedwards.com
Website: www.valerieedwards.com