There are many reasons homeowners may decide to downsize; retirement, empty-nesters (the kids have finally flown the coop:), or those joining the ranks of a growing number of hard-working, money-smart homeowners who just want to simplify their lives. For these individuals, downsizing is a savvy strategy that makes a lot of financial sense.
Downsizing is a huge financial and emotional decision, one that should include a lot of thought and careful future planning before you put the for-sale sign on your lawn. It’s a huge decision, but downsizing doesn’t have to mean giving up your lifestyle. When done right, you can end up with an even better quality of life, with time to enjoy other pursuits: family vacations, hobbies, grandchildren and new interests (take up that painting or yoga class, or climb that mountain you’ve always dreamt about). It also makes sense that downsizing means reducing expenses, which can now be used for other endeavours.
Timing is everything when you are contemplating downsizing. There are a lot of moving parts to consider in addition to your new lifestyle goals. Current Fort McMurray housing values, the ever-evolving real estate market and interest rates are all important factors that one of our Lore Group Realtors can discuss with you to help you plan. Downsizing out of Fort McMurray?? We have many great connections with experienced professionals in other communities Canada-wide, that can assist you with your home search and help make the move seamless.
There are a few simple steps that will help you move toward your goal of living smaller and living well.
- Focus on what you need: Take stock of what you really need by looking at how you live your daily life.
- Declutter and let go: Declutter your home by focusing on your new life and what you need to take with you. Sell, donate or gift items in your home and closets that you don’t use. Chances are if you haven’t used something in years you just don’t need it (except grandma’s china, and maybe your platform shoes-that will come back in style for sure!) Think of downsizing your things as a process, not a race. Enlist support from family and friends.
- Evaluate your current routine and hobbies: Think about the activities that are already a part of your daily routine and lifestyle, and those you’d like to add to your life when considering what type of home and the location you will move to. Do you enjoy outdoor activities, the foodie scene? Are you attending school?
- Transportation: Are you downsizing the number of vehicles you currently own, would living near public transportation be important to you? How many parking stalls or how large of a garage will your new scaled-down lifestyle require?
- Prepare for Selling Your Home: What do you need to do to get the highest possible price (painting, repairs, yard care, staging, etc.)? What is the right price for your home and why? How long will it take to sell your home, and when is the best time to list it? This is the perfect time to request a complimentary market evaluation from an experienced Lore Group Realtor who can answer all these questions. Don’t be afraid to do this well in advance of your lifestyle change. It is never too early to plan and get the information you need.
- Start your search for a new home early: While there are certainly many online options available to you for your home search, there is no substitution for talking with a knowledgeable Lore Group Real Estate Agent and touring houses yourself. This is the fun part!
- Crunch the numbers: Don’t forget to factor in the selling and buying costs. Include items such as mortgage fees, legal fees, commissions, moving costs, title insurance, RPR and the like. Ask your Lore Group Realtor to review closing costs with you to help keep you on the straight and narrow financially. Inquire with us how you can reduce your moving costs by using the Coldwell Banker Fort McMurray moving truck for free.
- Maintain a positive outlook: Downsizing your lifestyle and moving can be stressful. Be kind to yourself, take breaks from the packing and planning and enjoy.
There is no one-size-fits-all lifestyle. Down-sizing (just like up-sizing) is not the right choice for everyone! If you love your home and all the memories it holds, or you need the space that your larger home or yard affords, you may decide to stay – and that’s okay!