Downsize Your Home – Many people automatically associate downsizing with retirees or empty nesters.
While there is no doubt that now is an excellent time to consider downsizing options, people of all ages and lifestyles are choosing to downsize for a variety of reasons and with a variety of goals in mind. Whether you want to free up extra cash, lower monthly expenses, or reduce the amount of space in your home to fit your current needs, keep in mind that this is not a one-size-fits-all project, and there are many downsizing solutions for everyone.
There is no hard and fast rule for how your family should downsize; however, it is critical to understand your motivations for making the decision in order to understand the options available to you. Downsizing appropriately will be a refreshing journey into the next chapter of your life if you have a reasonable end goal in mind. To get you started, here are some of the ways and reasons why people in Brampton and the surrounding areas are thinking about downsizing right now:
FINDING A SMALLER HOME THAT SUITS YOUR NEEDS
When many of us think of downsizing, we envision “empty-nesters” saying goodbye to a large home in search of a new, smaller home to live in and pocketing the extra cash generated by the home sale to supplement any retirement savings. You do not, however, have to be an empty-nester to choose this option. In fact, many small families prefer smaller living spaces in which to grow and enjoy life together.
It is critical to consider your needs when selecting this option, as sacrificing space may imply sacrificing possessions that you will no longer be able to store. Before you start your search for a smaller, more manageable home that meets your lifestyle needs, make sure you know what you’re looking for.
REDUCING COST OF LIVING
When it comes to saving money, reducing daily expenses and spending more wisely are excellent strategies. Many people have abandoned their home phones as cellular devices have become the new norm, reduced television services in the wake of streaming apps, are more conscious of how they use energy, and have mindfully reduced their waste in recent years. All of these methods are excellent for lowering home costs, but have you ever considered lowering your mortgage payments?
One of the reasons people are looking to downsize today is to save money on housing. Selling your home to move into a smaller or less expensive house requires you to put more money down and lower your monthly mortgage payments.
Retirement or lifestyle communities for people over the age of 50 are gaining popularity in Brampton. They provide a wide range of housing options, such as bungalows, townhouses, and apartments. These downsizing options are smaller in size, but still have enough space for a couple. They also lack more typical suburban features such as playgrounds and other amenities geared toward younger families. Although the neighborhoods are generally quieter, the social atmosphere among neighbors is vibrant. If you want to trade the hustle and bustle of a family neighborhood for a sense of community and belonging with a 50+ crowd, this is a great option.
BUYING A CONDOMINIUM
Many downsizers prefer to forego the workload of owning a single-family home in exchange for the maintenance-free lifestyle and numerous other benefits that come with condo living. Downsizers prefer this type of homeownership because it provides a level of luxury that single-family homes do not. With features like swimming pools and saunas, theaters, security, and white-glove service, living at home will take on a whole new meaning. This option is also suitable for people who travel frequently for work or pleasure.
RENTING A CONDO OR APARTMENT
Selling your home to rent may seem strange, especially after being a homeowner for so long, but it is a viable option for those looking to downsize. Choosing not to buy after selling frees up equity in your home, which may make more financial sense for some people. With this money in your pocket, you can make other investments, achieve financial fitness, and live off the income generated by your investments in the meantime. This option also allows for a maintenance-free lifestyle because the landlord will cover major repairs and renovations. Depending on where you want to live, there may be rental units with amenities similar to those found in upscale condominium communities at no extra cost.
Before making the decision to downsize, make a list of your specific needs and understand why this is a necessary step. This is critical to avoiding downsizing into something that does not meet your needs. Contact a member of our team today for assistance. Navigating this next adventure will be a walk in the park with our help – hopefully the park of your new neighborhood!
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