As Canadians, we are very fond of traditions. Time-honoured family celebrations and long-held customs often guide every step of our lives. One of these customs is when it’s considered the right age to downsize to a smaller home. Tradition says the time is after the children have grown up and left and you’ve since retired from your full-time job.

For many people, this timing makes sense. Not many people want to move into a smaller place with a large family still living under one roof! However, everyone has a different situation, and a one-size-fits-all is not always the best approach. One trend we have seen over the past few years is that many people are downsizing earlier in life. It turns out there is no “right” age that’s carved in stone. The right time is whenever it suits you best!

The Case for Downsizing Early

When should you consider downsizing early? One of the most unmistakable signs is that you find yourself thinking your home is too big or too much work for the amount of enjoyment you get out of it. Another sure sign is if you have one or more rooms you don’t use for anything but gathering clutter.

Having an unused room is normal when someone moves out. But if everyone still lives at home and you’re still not using all your space? A smaller house may be best for your entire family. It means less work for everyone and more money to spend on education, family vacations, or to put away for retirement. With enough savings, you may even be able to retire a year or two earlier!

Another benefit of downsizing while you are relatively young is that you’re more physically capable of handling the work involved with moving. If any or all of the above statements ring true, there is great news! The current real estate market is on your side. With a nearly unprecedented demand for family homes in Toronto, you are likely to enjoy a fast and successful sale.

Are you thinking of a move? Here are some resources to take the stress out of selling your house:

The Benefits of Downsizing Later

How do you know if you should wait to downsize? If your house already feels small and cramped, it is definitely not time yet. You love your family, but does it ever seem that someone is always in your space, and you never get a moment’s peace? Is there already a battle for the bathroom every morning during the mad rush to get ready? 

If these scenarios happen regularly, all signs indicate it is better to wait to downsize. If anything, an upgrade may be in order!

All joking aside, there are also several benefits to downsizing later in life. It means you get to spend even more time with your family in the home that has come to mean so much. From a financial standpoint, your home will appreciate in value the longer you hold it, and your equity will grow.

When the time comes to sell, you will stand to earn a significant profit, possibly enough to fund a comfortable retirement.

Alternatives to Downsizing

Downsizing may be the most traditional option after the children move out. But it isn’t always necessary. Some homeowners are getting creative with the use of their space and even turning their property into a source of passive income. 

New legislation makes it easier than ever to create secondary suites in Toronto. Transforming the basement into a legal apartment or building a nanny flat can be fantastic ways to hold on to your home while earning extra money. 

Alternatively, you can have a family member or close friend live there with you. Each of you will have your privacy and separate living space, but you’ll love having the company and will feel less isolated.

Adding a secondary suite does more than add potential income opportunity. It adds substantial resale value to your home and allows you to grow your equity even more as time goes by.

The David Batori Group is all about Midtown! Find out more about our neighbourhoods right here.

The Wisdom of Preparing Early

Do you want to know the best-kept secret for a successful downsizing experience? The trick is to start the process much earlier than you think you need to. Why? Over the years, it’s surprising how much stuff we collect. 

  • A souvenir and knick-knack here and there. 
  • Clothing that we didn’t really need, but had to have because it was on sale! 
  • Items we thought we needed but have yet to even open the package. 

It happens to all of us. And when it comes to downsizing, nearly all of it has to go. Sorting through your belongings and decluttering is the most tedious part of downsizing for most people. It’s not just time-consuming. It’s emotional having to decide what to throw away and what to keep for your new home.

The earlier you start, the less overwhelming it will be. It also allows you time to recruit friends and family members to help. You may even find yourself laughing and having fun as you sort through your memories!

Looking for the right real estate agent to represent your interest? Here’s How To Find The Best Midtown Real Estate Team.

How Your Local Realtor® Can Help

Perhaps the best advice of all when downsizing is to work with a local Realtor® who will guide you every step of the way. Even if you’ve bought and sold houses before, the real estate market changes rapidly. Housing values fluctuate, and regulations change.

A professional real estate agent stays informed of all the latest developments to help you enjoy a seamless and stress-free transition.

Do you have questions about buying or selling in Midtown Toronto? That is our area of expertise, and we are happy to show you the ropes. Reach out to us today at david@batorigroup.com or call (416) 485-7575 for more information.