Downsizing “by choice” or “by necessity” are the two main categories of reasons people downsize.
Downsizing by choice is always the preferred way since you have control over the timing and extent of the change. Examples of reasons in this category include:
- Changing your lifestyle.
(Retiring, then travelling* or enjoying new hobbies.)
- “Cashing out”.
(Taking advantage of the increased value in your home.)
- Matching your home to current needs.
(Empty nesters don’t need the extra space.)
- Cost & waste avoidance.
(Stop paying for space and features you no longer use.)
- Going “paperless”
- Changing your viewpoint (Becoming more environmentally conscious.)
Downsizing by necessity occurs when a home owner has limited control over the timing and/or extent of the downsizing. Examples of reasons in this category include:
- Financial reasons (You can no longer afford to live in the current home due to rising expenses or reduced income. Expenses include energy costs and property taxes.)
- Personal or family reasons such as the loss of a spouse
- Physical or health change in the homeowner such as:
- poor eyesight
- reduced mobility
- reduced strength
- poor balance
- increased joint pain
The above physical or health reasons are challenging because of: stairs, a multi-level home or the number of steps required to navigate the current home. Downsizing to a single-level home helps reduce time, effort and risk.
It is this second category of reasons that require the most compassion and sensitivity for the person going through this life-changing experience.
* You may notice some Canadian spelling in these posts. The words may look odd but that’s how we spell them. We’re used to it.
What is important about downsizing to you? Your comments are most welcome.
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Unless otherwise credited, all posts are happily authored in quill & pen by …
Paul Ferri, Broker, ASA (Accredited Senior Agent)
RE/MAX Unique Inc. Brokerage*, Toronto, Canada
*Each office independently owned and operated
Photo credit: Pixabay ~ Kanenori