Tag Archive for: retire

As a retiree, you are faced with several decisions about what to do with your finances, where to live, and what kind of property to own. One of the most common practices amongst retirees is to downsize into a smaller home. This often affords more freedom and flexibility for homeowners looking to soak up their golden years. However, is downsizing always the best option? And, what should you consider before making the choice to downsize? Answering all of these questions is critical as you work towards determining the best course of action for your housing plan. In this article, we will be providing you with insight into why you might consider downsizing and some of the questions you should ask yourself before taking action. Follow along below to learn more!

Questions to Consider Before Downsizing to Homes for Sale in the Comox Valley

One of the first things to consider before downsizing is if your current home fits the lifestyle you want. For retirees who are still living in a single-family home, it is important to ask this question. Having your ideal retirement lifestyle in mind will help you come to this conclusion. Are you interested in traveling…living closer to family…being somewhere walkable or transit-friendly? All of these factors can impact your decision to downsize or remain where you are. Once you get a better idea of how you envision your retirement, you’ll have a clearer sense of what home is right for you.  

Another question that you should keep in mind when deciding whether or not to downsize is how much space you need. Downsizing often means selling off some of your belongings to accommodate a smaller living arrangement. If you don’t choose to sell, you will likely have to pay for additional storage space to house your things. For example a storage locker or shipping container. Similar to this, if you frequently have guests stay with you, downsizing could make it harder to entertain family and friends. 

Thinking toward your future in your current home, can you imagine the property being suitable when you are 70, 80, or 90? This question is paramount in understanding how to proceed with your housing goals. If you can’t see yourself being able to maintain the yard, go up and down the stairs, or keep up with general housework, downsizing could be the right move. Moreover, can you see yourself being able/wanting to move in the next few years if you realize that you want to live somewhere smaller or more accessible? If you’re not sure about these questions, it’s important to carefully consider what your future self will need. 

Why Should You Downsize?

There are numerous reasons why retirees choose to downsize during their retirement. A prime example is to offer more freedom for hobbies and travel. If your plans involve extensive travel or spending minimal time at home, downsizing usually makes the most sense. Not to mention it can help you save money and put more towards the trips you’ve always yearned to go on. Furthermore, you won’t need to worry about the maintenance and upkeep of your home while you’re gone. Especially, if you downsize into a stratified building/community. 

Downsizing can also be an effective way to ensure a better quality of life as you age. Owning a smaller space with elevators in the building can help you keep your independence throughout your retirement. It also enables you to live with fewer daily chores, clutter, and stress. When you downsize into a smaller home you’ll get the opportunity to eliminate belongings that took up too much space in your old home and make room for what matters most. This will create a better sense of organization and make it easier to move homes if you decide to relocate again. 

Lastly, the most common reason to downsize as a retiree is to do away with the constant maintenance of owning a single-family home. As you grow older, the energy and time you have to spend on home maintenance diminishes. Many seniors often find it challenging to shovel snow and tend to repair tasks as time passes. While it is possible to hire others to do these things, it can cost a lot of money and end up eating through your retirement savings. Moving somewhere where you don’t need to worry about taking care of these tasks can be more cost-effective and less stressful. 

Contact us Today!

Now is the time to get a move on your 2024 goals in real estate! If you are curious about buying or selling real estate for sale in Comox Valley, we encourage you to contact us today! Moreover, if you have any questions about downsizing as a retiree, be sure to reach out to us! We are excited to get your retirement dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content!

Our Comox Valley real estate team looks forward to working with you!