The real estate market of the Greater Toronto Area has provided its residents with the opportunity to sell their detached homes for $800,000, downsize to a condo for $300,000 or a bungalow for $550,000 and keep the difference minus mortgages and fees. This has empty nesters and seniors walking past the vacant rooms in their 4 bed – 3 bath homes asking themselves “Is it time to downsize?“ Making the decision to downsize has always been a hard one to make. Listed below are a few descriptions of a person or couple that may need to downsize, as well as suggestions to help you come to the conclusion.
1. Mowing the lawn or shoveling the driveway is starting to become physically challenging and dangerous, but you can’t afford landscaping/snow removal services.
Shoveling snow sends more than 11,000 people to the hospital each year (1). Don’t become a statistic.
2. There are rooms in your house you only go in to dust or clean.
3. You occasionally need the extra space for your children/grandchildren.
Is this actually true or just a new age custom? The facts show that since 1961 the average number of people per family has declined by over 25% (2), while the median square footage of single family homes has increased by over 18% (3). Many say that this is a large reason why families of previous generations were close knit. A smaller area could mean more family time and less “iPad in solitude” time. It could also mean more Exploring Time! With the six figure profit after the downsize, you could take your family on that vacation you always wanted.
4. You or your spouse are having difficulty climbing the stairs.
About one third of the elderly population fall each year. After 80, that number increases to over half (4) . Some say “But the stairs are good exercise!” My answer, “Go to Gym!” At least you have supervision.
5. Your lifestyle is declining and your financial obligations are increasing.
Your highest earning years are behind you (Canadians over 65 years old make about 40% less than those 45-54) (5) so you’re scaling back travel, hobbies, and the things you enjoy to keep up with the household maintenance/obligations.
6. The only problem is you don’t know where you will put your stuff. Ebay – Kijiji – Yard Sale! Get the cash, get out of debt, contribute to retirement, help others, invest, and enjoy it. Minimize Your Stuff, Maximize Your Life!
There are many options to choose from when considering downsizing. Speak to a professional for the proper guidance to discuss your options.
Contributor: D'Juvayne Christian , MBA
Certified International Real Estate Specialist
Phone: 647-828-2092
Email: realestate@djuvayne.com
D’Juvayne Christian has a BBA: Bachelor of Business Administration and a MBA: Master of Business Administration to back his Real Estate License when working for his clients. His Mortgage Agent License is a bonus that gives him an edge when it comes to real estate. Contact D’Juvayne via phone: 647-828-2092 or email: realestate@djuvayne.com for a Free Consultation!
1. http://www.webmd.com/news/20110120/snow-shoveling-injures-thousands-each-year 2. https://www12.statcan.gc.ca/census-recensement/2011/as-sa/98-312-x/98-312-x2011003_1-eng.cfm 3.http://eyeonhousing.org/2015/05/new-single-family-home-size-increases-at-the-start-of-2015/ 4.http://www.learnnottofall.com/content/fall-facts/how-often.jsp 5. http://www.statcan.gc.ca/pub/89-503-x/2010001/article/11388/tbl/tbl002-eng.htm