A friend of yours is getting ready to move from the house she’s lived in for 35 years to a condo. After all, her children have long since left the nest, her neighbourhood has changed and her long-time acquaintances have moved away. What about you, have you ever considered that maybe your home was no longer suitable for your needs? Read our article as we look at how to know if it’s time to downsize to a condo or smaller home.

The decision to downsize is neither easy nor simple. It’s hard to leave the home you know and love, to sort through years and years of belongings and memories, and to decide what will follow you into this new phase of your life. Because changing to a smaller place means that you will have to get rid of many things and these choices are often heartbreaking.

But there are many good reasons for retirees to consider downsizing. From a financial standpoint, they often forget to consider the considerable expense of maintaining a home. During our working years, we accept this maintenance as an obligation and build it into our budget. But when income becomes less, as it does in retirement, it is worth considering whether the financial and physical costs of home maintenance are a wise use of our resources.

On the other hand, allowing a home to deteriorate reduces its value and, therefore, reduces the return you can get on your investment. Let’s not kid ourselves: a home is a beautiful place to raise your children and create memories, but buying a home is first and foremost a real estate investment.

If you recognize yourself in this situation, ask yourself the following questions:

• Why are you staying in your home? Is the fact that your children visit once a year enough reason to stay in an oversized home?
  What is the real cost of maintenance? Does your retirement income mean that you are neglecting some of the repairs you would have made in the past?
  Are you reluctant to stay near your children? Families often end up geographically dispersed. Living away from family can be a burden for children whose lives may be disrupted by the needs of elderly parents who live miles away. Downsizing while we are still healthy, clear-headed and active solves this problem before it even arises.

Ultimately, the decision is yours so choose the best option for you. Take the time to meet with a financial planner who can advise you on taxes and investments and help you ensure that the profit from the sale of your home can be invested wisely. Assess your lifestyle and decide if a smaller home or condo will meet your needs and desires just as well.

If you are considering moving, don’t hesitate to call on our inspectors for a pre-sale inspection of your current home and avoid future legal complications. Also, our inspectors are here for the pre-purchase inspection of your next home for an informed transaction!