Downsizing represents freedom to most people who are doing so by choice since they have fewer demands on their time and money related to their current home. It opens the door to things they have wanted to do for years that have been “bottled up”.
1. More Time
When we look back to our own move from a traditional home to a condo three years ago, we feel a sense of relief from the responsibilities we used to have. We are free from maintaining all of the exterior elements of our home. We no longer need to shovel snow from the sidewalks, cut the grass, trim the trees, feed the shrubs, stain the deck or pay someone to do all of the above tasks. We didn’t have an in-ground pool, but if we did, we would now be free from pool cleaning too. Combined with a reduction in living space and stuff, we spend less time and effort organizing and cleaning. When we add this all up, it means we have more freedom to spend time with friends and family, especially grandchildren.
2. More Money
Depending on the difference in value between the current home and the next residence, downsizers will “cash out” to enjoy sale proceeds that range from modest to large. This allows them to consider a next-phase change such as retiring, then travelling* or enjoying new hobbies. One of my friends downsized to a sailboat and spends his days on the waters of the Eastern USA coastline, capturing photographs of anything that catches his interest. If you are looking for a good travel blog with some suggestions for destinations, you may enjoy Love Travelling by Little Miss Traveller.
A second monetary benefit of downsizing is (usually) a smaller budget for everything related to the downsized residence. This means more available funds for leisure or savings.
3. More Possibilities
The combination of more time and more money means more possibilities for considering a major lifestyle change that goes beyond the typical retirement stage. One of my Toronto clients downsized from a management job in the marketing field to become a partner in a successful, yacht-charter business on Vancouver Island. (A young buyer was happy to get her Toronto condo.) Not only was this a career change, it was a complete re-invention of her life at a new location on the West Coast. This is an example of “bottled up” dreams that can come true with downsizing.
If you downsized, what would you do with your time and money?
* 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.
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Unless otherwise credited, all posts are happily authored with a quill pen …
Paul Ferri, Broker, ASA (Accredited Senior Agent)
RE/MAX Unique Inc. Brokerage*, Toronto, Canada
*Each office independently owned and operated